AES Panamá Generation Holdings

AES Panamá Generation Holdings S.R.L. (the "Issuer") issued on August 14, 2020 a total of USD $1,380,000,000 Senior Secured Senior Notes (the "Notes") at a rate of 4.375% maturing on May 31, 2030. The Notes were recorded accordingly to the guidelines of the Superintendency of the Panama Stock Market and registered in the Panama and Singapore stock exchanges.

The Issuer is a limited liability company, organized under the laws of the Republic of Panama, domiciled in Panama since March 25, 2020, in the commercial section of the Public Registry of Panama, Folio No. 155692836 with commercial address of Panama Pacifico, International Business Park, Building 3855, Office 206, Township of Veracruz, District of Arraiján, Province of Panama Oeste, Republic of Panama. Its indirect majority shareholder is AES Corporation, a company registered on the New York Stock Exchange, with a presence in 14 countries on 4 continents. Also, it is listed by Fortune magazine as one of the 500 largest companies in the energy industry.

The issuance of the Notes was used to completely repay the existing debts of AES Panamá, Gas Natural Atlántico and Costa Norte LNG Terminal and partially repay the AES Changuinola notes (the “Operating Companies”). This allowed for the Operating Companies to diversify their individual risk and capitalize the diversified portfolio of assets that AES in Panama has to generate electricity. The Issuer transferred to the Operating Companies, via intercompany debt contracts, the corresponding amount of debt so that they could repay their individual debts. The notes are guaranteed by the intercompany debt contracts that the Issuer signed with each of the Operating Companies, the money within the trust created as part of the financing structure and the AES shares that were pledged to the trust.

AES Changuinola

AES Changuinola, S.R.L. (hereinafter the “Issuer”), on November 25, 2013 achieved the issuance of Corporate Bonds (hereinafter, the “Bonds”), for a nominal value of $ 420,000,000.00, registered in the Superintendence of the Securities Market of Panama and listed in the Panama Stock Exchange. The Bonds were issued in two (2) Series: Series A for $ 200,000,000.00 and Series B for $ 20,000,000.00. The term of the Bonds is 10 years. The Series A Bonds have a fixed rate of 6.25% with an amortization profile incorporated during the 10-year period. The Series B Bonds have a fixed rate of 6.75% and 100% of their capital matures in 2023.

On August 14, 2020, AES Changuinola signed a debt contract with its affiliate AES Panama Generation Holdings to obtain a financing of $ 231,688,825.60, with which $ 170,671,000.00 corresponding to Series B was repaid, after an offer process with current holders Series B. It is expected that in 2021 the remaining portion of Series B will be repaid. Series A of the AES Changuinola Local Bond remains intact and will continue to amortize until maturity in 2023.