Moody’s Investors Service placed Gas Transmission Northwest Corp.’s (GTN) B2 senior unsecured ratings under review for possible upgrade after the company on Wednesday announced its proposed sale to TransCanada Corp. for $1.5 billion, including assumption of $500 million in debt. TransCanada PipeLines Ltd., which has agreed to acquire GTN from bankrupt National Energy & Gas Transmission Inc., holds an A2 senior unsecured rating. GTN is not in bankruptcy, but the sale will have to be approved by the bankruptcy court and by federal regulators. “NEGT’s bankruptcy proceedings — the court-sanctioned auction process and the approval of the NEGT plan of reorganization — lend uncertainties, including whether another bidder will prevail in the auction, what the final sale price will be, and if and when the requisite approvals will be granted,” Moody’s noted. “The conclusion of the review will depend on the timing of these processes, which are expected to extend into this summer at the earliest.”

Williams has completed an amendment that provides more favorable terms for $497.5 million of secured, subsidiary-level financing. The amendment reduces the floating interest rate 125 basis points from 3.75% over the London InterBank Offered Rate to 2.5% over the London InterBank Offered Rate and extends the maturity by one year from May 30, 2007, to May 30, 2008. Williams anticipates savings of $6 million per year as a result of more favorable terms. The amendment also provides for an additional reduction in the interest rate by 25 basis points if certain credit-rating requirements are met.

Devon Energy Corp. announced that its board has doubled its quarterly dividend to 10 cents/share. The dividends are payable on March 31. “Our decision to increase Devon’s quarterly dividend reflects the significant progress we have made in building financial strength,” said Chairman J. Larry Nichols. “We are committed to delivering value to our shareholders, and we view dividends as an important part of that strategy.” Devon also announced that its board of directors declared a quarterly cash dividend on its 6.49% cumulative preferred stock, series A. The dividend rate is $1.6225 per share and is payable on March 31. Devon is North America’s second largest independent gas and oil producer behind EnCana Corp. and is the largest U.S.-based independent.

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