SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): June 30, 1997
THE AES CORPORATION
(exact name of registrant as specified in its charter)
DELAWARE 333-15487 54-1163725
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
1001 North 19th Street, Suite 2000
Arlington, Virginia 22209
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code:
(703) 522-1315
NOT APPLICABLE
(Former Name or Former Address, if changed since last report)
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ITEM 2. ACQUISITION OF DISPOSITION OF ASSETS
On June 30, 1997, AES acquired the international assets of Destec Energy, Inc.
("Destec"), a large independent energy producer with headquarters in Houston,
Texas, at a total price to AES of approximately $436 million, which price is
subject to adjustment to reflect net cash flow adjustments. NGC Corporation
("NGC"), working in conjunction with AES, was selected as the winning bidder in
an auction for all of Destec at a total acquisition price of $1.27 billion. AES
acquired the international assets of Destec immediately following NGC's
acquisition of Destec. Destec's international assets acquired by AES include
ownership interests in the following five electric generating plants (with
ownership percentages in parentheses): (i) a 110 MW gas-fired combined cycle
plant in Kingston, Canada (50 percent); (ii) a 405 MW gas-fired combined cycle
plant in Terneuzen, Netherlands (50 percent); (iii) a 140 MW gas-fired simple
cycle plant in Cornwall, England (100 percent); (iv) a 235 MW oil-fired simple
cycle plant in Santo Domingo, Dominican Republic (99 percent); and (v) a 1,600
MW coal-fired plant ("Hazelwood") in Victoria, Australia (20 percent). Each of
such plants is currently in operation, except for the plant in Terneuzen which
is under construction. The acquisition by AES of Destec's international assets
also includes Destec's non-U.S. developmental stage power projects, including
projects in Taiwan, England, Germany, the Philippines, Australia and Colombia.
AES funded its acquisition of Destec through cash on hand and borrowings under
its $425 million revolving credit facility (the "Revolver") provided by Morgan
Guaranty First Company of New York and a syndicate of banks.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
a. Financial statements of Businesses Acquired
The required audited financial statements, if any, of Destec's
international assets will be filed on or prior to September 12, 1997.
b. Unaudited Pro Forma Consolidated Financial Information
The required pro forma financial information, if any, for Destec's
international assets will be filed on or prior to September 12, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE AES CORPORATION
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(Registrant)
Date: July 14, 1997 By /s/ Barry J. Sharp
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Barry J. Sharp
Chief Financial Officer
