The AES Corporation (NYSE: AES) announced today its intention to offer to sell, subject to market and other conditions, 10,000,000 Equity Units, each with a stated amount of $100. The Company expects the Units will initially consist of an aggregate of 1,000,000 shares of Series A Cumulative Perpetual Convertible Preferred Stock, with an aggregate liquidation preference of $1.0 billion, and contracts to purchase, for an aggregate of $1.0 billion, shares of the Company's common stock. The Company expects to grant to the underwriters an option to purchase up to an additional 1,500,000 Units, solely to cover over-allotments. The offering will be made pursuant to an effective registration statement filed with the Securities and Exchange Commission.

The Common Stock is expected to be delivered upon settlement of the purchase contracts on February 15, 2024 (subject to early settlement in certain circumstances).

The Company expects to pay, quarterly in arrears, contract adjustment payments on the stated amount of each Unit and cumulative dividends, when, as and if declared by the Company's board of directors, on the $1,000 liquidation preference per share of Convertible Preferred Stock, in each case, at a rate to be determined in connection with the offering. The Company may pay such contract adjustment payments and dividends in cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company's election, unless the Company has previously irrevocably elected a contract adjustment payment method or dividend payment method, as the case may be, to apply. The Company may also, in its discretion, defer contract adjustment payments on the Units.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.