AES Dominicana Whispers Bond Price

AES Dominicana has been whispering in the high 9%s yield for a new 10-year NC5 bond expected to price as soon as today. The subsidiary of US-based power company AES is looking to raise funds to cover a bond buyback of up to $258m, and was due to finish investor meetings today. The issuer is refinancing more expensive debt and has launched a tender for any and all of the $156m in outstanding AES Dominicana 11.000% of 2015 bonds and $102m outstanding of 10.875% of 2013 bonds issued by its Itabo unit. It is offering holders $1,031.25 per $1,000.00 for the AES bonds and $1,030.50 per $1,000.00 for the Itabo bonds, plus a $30 premium on each if tendered prior to the November 10 early deadline. The offer expires November 26. Credit Suisse and Deutsche Bank are managing both the new bond sale and the tender offer. The last Dominican corporate cross-border issue was a $175m 10-year from EGE Haina in April 2007, according to Dealogic.