IPALCO Enterprises, Inc. Announces Launch of Consent Solicitation for Senior Notes

Core Viewpoint - IPALCO Enterprises, Inc. has initiated consent solicitations to amend the indentures governing certain series of its outstanding notes in connection with a merger agreement involving its parent company, The AES Corporation [1][2]. Group 1: Consent Solicitations - The consent solicitations aim to amend the indentures to clarify that the upcoming merger will not constitute a "Change of Control" and to designate affiliates of Global Infrastructure Partners and EQT as "Permitted Holders" [1][2]. - The consent fee offered is $1.00 per $1,000 principal amount of notes held by consenting holders, with a total outstanding principal amount of $475 million for the 4.25% Senior Notes due 2030 and $400 million for the 5.75% Senior Notes due 2034 [1][2]. - The consent solicitation will expire on March 11, 2026, and holders of record as of February 27, 2026, are eligible to participate [1][2]. Group 2: Merger Agreement - The merger agreement involves AES merging with Horizon Merger Sub, Inc., with AES surviving the merger, and is backed by an investor consortium led by Global Infrastructure Partners and EQT [1][2]. - The consummation of the merger is not contingent upon the consent solicitations being completed [1][2]. - The merger is expected to close in late 2026 or early 2027, and the proposed amendments will only become operative upon the merger's completion and payment of the consent fee [1][2]. Group 3: Company Background - IPALCO Enterprises, Inc. operates primarily through its subsidiary, Indianapolis Power & Light Company, providing electric service to over 533,000 customers in Indianapolis, Indiana [2]. - The AES Corporation, a Fortune 500 global energy company, owns IPALCO and is focused on delivering innovative energy solutions [2]. - Global Infrastructure Partners manages over $193 billion in assets and specializes in infrastructure investments, while EQT has €270 billion in total assets under management [2].