Historic high fossil fuel commodity prices have prompted San Diego, CA-based Sempra Energy to consider selling or refinancing all of its Texas power generation assets, including two large coal-fired plants. With continued favorable market conditions, Sempra said it would complete the transactions next year. At stake are more than 2,000 MW and hundreds of millions of dollars.
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Articles from Refinancing
Dynegy Re-Audit Shows $242M Overstatement in ’01
With the ink from its refinancing agreement dry, Dynegy Inc. on Friday filed its complete re-audit for 2002 and its amended 2001 financial statements with the Securities and Exchange Commission, which indicate the company overstated its earnings by $242 million in 2001.
April 14, 2003
Aquila Refinances $630M, But S&P Frowns on Challenging Restructuring Plan
Aquila Inc. completed a $630 million refinancing package on Friday, including a one-year $200 million loan to its Australian subsidiary, UtiliCorp Australia Inc., but its corporate credit rating was downgraded to “B” from “B+” by Standard and Poor’s (S&P), reflecting concerns about the company’s heavy reliance on asset sales to reduce debt levels and its projected weak cash flows from operations. S&P assigned a “B+” rating to Aquila’s three-year $430 million senior secured credit facility.
April 14, 2003
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