DPL LLC Announces Launch of Consent Solicitation for its 4.35% Senior Notes due 2029

Core Viewpoint - DPL LLC has initiated a consent solicitation to amend the indenture governing its 4.35% Senior Notes due 2029, in connection with a merger agreement involving its parent company, AES Corporation, and an investor consortium led by Global Infrastructure Partners and EQT [1][2]. Group 1: Consent Solicitation Details - The consent solicitation aims to amend the indenture to clarify that the upcoming merger will not constitute a "Change of Control" and to define affiliates of GIP and EQT as "Permitted Holders" [1]. - DPL is offering a consent fee of $1.00 per $1,000 in principal amount of the Notes for holders who validly deliver their consents before the expiration time [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 Context - The merger agreement involves AES merging with Horizon Merger Sub, a subsidiary of an investor consortium, with AES surviving the merger [1]. - The consummation of the merger is not contingent upon the consent solicitation or the proposed amendments becoming operative [1]. - The merger is expected to close in late 2026 or early 2027, and the consent fee will be paid concurrently with the merger's consummation [1][2]. Group 3: Company Background - DPL LLC is a regional energy provider and a subsidiary of AES Corporation, serving over 541,000 customers in West Central Ohio [2]. - AES Corporation is a Fortune 500 global energy company focused on delivering innovative energy solutions [2]. - Global Infrastructure Partners manages over $193 billion in assets, specializing in infrastructure investments, while EQT has €270 billion in total assets under management [2].