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[AES LOGO]
NEWS RELEASE
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Contact: Kenneth R. Woodcock
(703) 522-1315
FOR IMMEDIATE RELEASE
AES INCREASES PRICE IN GENER OFFERS
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ARLINGTON, VA, DECEMBER 12, 2000 -- The AES Corporation (NYSE: AES) announced
today that as a result of negotiations with Provida, Habitat, Bansander and
Cuprum, AES had determined to make certain amendments to its offers for Gener
American Depositary Shares and Gener Shares. AES is increasing the price in its
offer to exchange all American Depositary Shares of Gener S.A. for AES common
stock to a value of US $16.50 per ADS. AES is also making a corresponding
increase in the price pursuant to its offer to purchase in Chile 3,466,600,000
shares of Gener common stock to the Chilean peso equivalent price of
$0.242647059. AES also announced that it was modifying the AES share price
condition of its offers. The offers will now be subject to the condition that
the average of the high and low selling prices of AES shares, as reported on
the New York Stock Exchange Composite Transaction Tape, for the ten New York
Stock Exchange trading days ending on the second New York Stock Exchange
trading day immediately prior to the date on which the exchange offer expires,
not be less than $45.
AES also stated that in the event it acquires control of Gener, Gener will
propose an amendment to the terms of Gener's 6% senior convertible notes due
2005, relating to adjustments of the conversion price in the event of certain
distributions of dividends to provide that the conversion price of the notes
will be subject to adjustment upon the terms set forth in such notes in the
event of a distribution of dividends from accumulated profits and capital
reserves as of September 30, 2000. The Gener convertible notes currently
require such adjustments only in the event of the distribution of dividends
corresponding to fiscal years prior to 1998.
The expiration date of the U.S. exchange offer has been extended so that the
U.S. exchange offer is now scheduled to expire on Tuesday, December 26, 2000 at
12:00 midnight. Except as modified by these changes, the terms and conditions
of the exchange offer and the Chilean offer remain in effect and unmodified. As
of the close of business on December 11, 2000, 8,485,568 ADSs had been tendered
and not withdrawn pursuant to the exchange offer.
AES is a leading global power company comprised of competitive generation,
distribution and retail supply businesses in Argentina, Australia, Bangladesh,
Brazil, Canada, China, Colombia, Dominican Republic, El Salvador, Georgia,
Hungary, India, Kazakhstan, the Netherlands, Mexico, Pakistan, Panama, Sri
Lanka, the United Kingdom, the United States and Venezuela.
The company's generating assets include interests in one hundred and thirty
nine facilities totaling over 49 gigawatts of capacity. AES's electricity
distribution network has over 920,000 km of conductor and associated rights of
way and sells over 126,000 gigawatt hours per year to over 17 million end-use
customers. In addition, through its various retail electricity supply
businesses, the company sells electricity to over 154,000 end-use customers.
AES is dedicated to providing electricity worldwide in a socially responsible
way.
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investor relations at [email protected]. The list aes-pr-announce is an
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The AES Corporation o 1001 North 19th Street o Arlington, Virginia 22209
