In one of the energy sector’s biggest initial public offerings (IPOs) this year, Bill Barrett Corp., the three-year-old Denver-based exploration and production (E&P) company, raised $325 million — more than expected — on Thursday after the oil and natural gas company’s shares priced above the expected range.
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Dynegy’s Public Offerings to Add $325M to Balance Sheet by Tuesday
Dynegy Inc.’s power subsidiary plans to raise $325 million by Tuesday (July 23) through two mortgage bond offerings, as part of the energy merchant’s strategic plan to build liquidity and restore investor confidence, which Friday was at an all-time low. With the close of the public offering, Dynegy will have raised more than $1 billion of its $2 billion goal, and has already eliminated two credit ratings triggers and slashed capital expenses. Illinois Power Co., headquartered in Decatur, IL, priced $100 million worth of bonds due in 2007, and $225 million due in 2012; both carry a 10.625% rate.
Dynegy’s Public Offerings to Add $325M to Balance Sheet by Tuesday
Dynegy Inc.’s power subsidiary plans to raise $325 million by Tuesday (July 23) through two mortgage bond offerings, as part of the energy merchant’s strategic plan to build liquidity and restore investor confidence, which Friday was at an all-time low. With the close of the public offering, Dynegy will have raised more than $1 billion of its $2 billion goal, and has already eliminated two credit ratings triggers and slashed capital expenses. Illinois Power Co., headquartered in Decatur, IL, priced $100 million worth of bonds due in 2007, and $225 million due in 2012; both carry a 10.625% rate.