While there are no loan guarantees or other direct subsidies, Canada’s Arctic natural gas project is studded with extras spawned by political aspects of opening up a new supply region with a touchy population.
Loan
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Transportation Notes
Effective Friday, Sonat will not be accepting daily nominations for injections into interruptible accounts (ISS or Park and Loan) that rely on storage. The pipeline noted that it will not schedule due-pipeline imbalance makeups “on any day and cycle when we are limiting any nominations for injections under services that rely on interruptible storage.”
Industry Briefs
Dynegy Inc. said it would use the net proceeds from the sale of an additional $50 million of debentures on Tuesday to repay a portion of its $244 million Term B loan outstanding under its restructured credit facilities. Dynegy recently completed the private placement of $175 million of its 4.75% convertible subordinated notes due in 2023, and the initial purchasers of the debentures exercised their option to purchase the additional debentures on the same terms.
Transportation Notes
Due to inspection of Unit #4 at the Kemmerer (WY) Station, there will be no Park or Loan service available Monday through Friday this week, Northwest said.
Williams Stock Hits 20-Year Low after 2Q Losses Reported
Williams stock fell to a 20-year low in trading Monday after the Tulsa-based energy company reported plans to post a recurring loss for the second quarter, largely due to failing conditions related to its energy marketing and trading business, sparking speculation that cash-strapped Williams could become the target of a takeover. The company said it would slash its dividend by 95% to one cent a share from 20 cents to conserve cash, and was “moving quickly” to complete a new secured financing arrangement to shore up its balance sheet.
Williams Stock Hits 20-Year Low after 2Q Losses Reported
Williams stock fell to a 20-year low in trading Monday after the Tulsa-based energy company reported plans to post a recurring loss for the second quarter, largely due to failing conditions related to its energy marketing and trading business, sparking speculation that cash-strapped Williams could become the target of a takeover. The company said it would slash its dividend by 95% to one cent a share from 20 cents to conserve cash, and was “moving quickly” to complete a new secured financing arrangement to shore up its balance sheet.
SoCal Edison Gets $1.8 Billion Loan, Pays Creditors
California’s second largest private-sector utility, Southern California Edison Co., on Friday obtained $1.8 billion in secured financing and along with cash on hand that had been steadily increasing since the mid-part of last year paid off all of the past-due part of its outstanding $5.5 billion to its creditors. The utility detailed the transaction in an 8-K filing with the Securities and Exchange Commission.