The aes corporation accelerates debt reduction by prepaying $443 million of recourse debt

The aes corporation announced that in september it voluntarily prepaid $443 million of recourse debt. as a result, the company’s long-term recourse debt balance has been reduced to $3.2 billion as of september 30, 2019. the company previously planned to reduce its recourse debt by $300 million through 2022, including $150 million in 2019. with this prepayment, the company has achieved investment grade levels on the two primary credit metrics as of september 30, 2019. the prepayment, which was funded with cash on hand, includes $343 million of the company’s senior secured term loan due in 2022 and $100 million of its 4.875% senior unsecured notes due in 2023.
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