Dynegy Inc. last week began climbing out of its deep debt-filled hole, launching a major junk bond refinancing project as well as a stock restructuring deal to pay off a credit line with ChevronTexaco Inc., its largest shareholder. If the transactions are completed as envisioned, Dynegy’s debt maturities would be “significantly” reduced over the next few years, including a portion of its recently restructured $1.66 billion credit facility and the secured financing of its Midwest generation assets.
Hole
Articles from Hole
Storm Concerns Lift Futures Out of Early Hole
Natural gas futures eked out its eighth-straight daily gainyesterday as traders erased early foray into negative territorywith storm-related buying in the afternoon. The September contractled the charge, advancing 4.9 cents to finish at $4.468. Estimatedvolume was light as only 58,956 contracts changed hands.
August 11, 2000
Massive Storage Withdrawal Triggers 6-Cent Gain
The groundhog must have chewed a hole into a CNG storagefacility, judging from the massive withdrawal that the American GasAssociation reported last week. At 242 Bcf, the withdrawal ranks asthe third largest since AGA started its survey six years ago. Itwas the largest for the last week in January.
February 3, 2000
Storage Injections Punch Hole in Futures Bubble
Futures got crushed again yesterday. After settling at $2.737,down 8.8 cents on the day, the October contract plunged to the mid$2.60s during the after hours Nymex Access trading session,following what was perceived to be a very bearish gas storagereport by the American Gas Association. Just one week ago, theOctober contract reached a high of $3.15/MMBtu.
September 2, 1999
SEC Blows a Large Hole in PUHCA Rules
While Congress continues its unending debate over repeal of thePublic Utility Holding Company Act (PUHCA), the Securities andExchange Commission (SEC) just about did the deed last week with anorder allowing a subsidiary of the California-based Sempra Energyto have controlling interest in a North Carolina partnership thatwill construct, own and operate a gas utility distribution systemin North Carolina. (Rel. 35-26971)
February 22, 1999
Duke Lands UPR’s GPM Assets for $1.35 Billion
With the $2.2 billion Duke Energy will get for the sale ofPanhandle Eastern and Trunkline pipelines burning a hole in itspocket, the company’s field services division has agreed to buy thegas gathering, processing, fractionation and natural gas liquids(NGL) pipeline business of Union Pacific Resources (known asUPFuels) and UPR’s gas and NGL marketing activities for $1.35billion.
November 24, 1998
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