December 18, 2017 / 12:11 PM / a month ago

BRIEF-AES To Sell Equity Interest In Businesses In Philippines

Dec 18 (Reuters) - Aes Corp:

* AES AGREES TO SELL ITS EQUITY INTEREST IN BUSINESSES IN THE PHILIPPINES FOR $1.05 BILLION; PROCEEDS TO BE USED TO ACCELERATE PARENT DEBT PAY DOWN

* SAYS ‍SALE PROCEEDS TO BE USED TO ACCELERATE PARENT DEBT PAY DOWN​

* SAYS SALE INCLUDES AES’ 51% EQUITY INTEREST IN 630 MW MASINLOC COAL-FIRED POWER PLANT IN OPERATION, AMONG OTHERS

* SAYS CO‘S 2008 ‍ACQUISITION OF INTEREST IN MASINLOC WAS FUNDED WITH EQUITY BY CO, IFC AND $635 MILLION OF NON-RECOURSE DEBT​

* SAYS “‍ESTABLISHING A GOAL TO ATTAIN INVESTMENT GRADE RATINGS BY 2020”​

* SAYS SMC GLOBAL POWER ALSO PURCHASING REMAINING 49% EQUITY INTEREST IN SAME ASSETS, HELD BY ELECTRICITY GENERATING PUBLIC COMPANY LIMITED FOR $850 MILLION​

* SAYS SALE ALSO INCLUDES 51% INTEREST IN 335 MW MASINLOC 2 COAL-FIRED POWER PLANT UNDER CONSTRUCTION, 10 MW MASINLOC ENERGY STORAGE PROJECT Source text for Eikon: Further company coverage:

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