AES Corp. has an ambitious plan in the works to obtain a new $1.6 billion secured credit facility and exchange $500 million in notes, which would basically push all of its maturing debt, including notes due this year, to 2005. However, the announcement did not sit well with investors or credit ratings agencies, and by the end of the week, the Arlington, VA-based utility had suffered two credit downgrades and another sharp drop in its share price.
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Dynegy Restructures but Fails to Sway Ratings Agencies
Despite launching an ambitious restructuring plan to boost liquidity by $2 billion and carry it safely into 2003, Dynegy was hit with further downgrades by all three credit ratings’ services, and its stock dipped precipitously low as the week progressed.
Canadian Superior Targets Offshore Nova Scotia
Driven by a vision of Nova Scotian production more doublingwithin four years, an ambitious junior Canadian natural-gas hunterhas set out to prove that offshore targets are no longer just theplayground of the industry majors.
California Seeks Input on Prepaid Gas Purchase Plan
An ambitious plan to prepay for large volumes of gas under amulti-year contract is under consideration by the California agencyresponsible for procuring natural gas for state facilities.Staffers of Natural Gas Services, a unit of the state’s Departmentof General Services, would like to hear ideas about implementingsuch a program from potential suppliers.