Shearman & Sterling represented Morgan Stanley & Co. LLC, as representative of the several underwriters, in connection with The AES Corporation’s offering of $500 million of its 4.875% Senior Notes due 2023. In a subsequent reopening of the notes, the firm represented Morgan Stanley & Co. LLC, as sole underwriter, in AES’s offering of $250 million of its 4.875% Senior Notes due 2023. The proceeds from both offerings were used to fund concurrent tender offers for four series of AES’s outstanding senior notes identified below.

Shearman & Sterling also represented Morgan Stanley & Co. LLC as dealer-manager in connection with a tender offer by AES for any and all of its 7.75% Senior Notes due 2014 and up to $660,174,000 aggregate principal amount of its 7.75% Senior Notes due 2015, 9.75% Senior Notes due 2016 and 8.00% Senior Notes due 2017.

AES is a Fortune 200 global power company that provides sustainable energy to 23 countries through its diverse portfolio of distribution businesses, as well as thermal and renewable generation facilities.

The following Shearman & Sterling team advised on the transactions: partners David Beveridge (New York-Capital Markets), Russell Sacks (New York-Financial Institutions Advisory & Financial Regulatory), and Michael Shulman (Washington, DC-Tax); counsel Harald Halbhuber (New York-Capital Markets) and Jason Pratt (New York-Real Estate/Environmental); and associates Thad Pitney (New York-Capital Markets), Quentin Wiest (New York-Capital Markets), Leo Wong (New York-Corporate) and Jeffrey Tate (Washington, DC-Tax).