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Stock Market & Financial Investment News

News Breaks
August 22, 2014
07:01 EDTDYN, DUKDynegy to acquire assets from Duke Energy and Energy Capital Partners
Dynegy (DYN) has signed two separate definitive sets of agreements to acquire the ownership interests in certain Midwest generation assets from Duke Energy (DUK) and EquiPower Resources Corp and Brayton Point Holdings, LLC from ECP. The Duke portfolio includes its retail business and ownership interests in the following plants: Killen, Stuart, Conesville, Miami Fort, Zimmer, Hanging Rock, Washington, Fayette, Lee and Dicks Creek. The ECP assets include these generating facilities: Milford, Lake Road, Dighton, Masspower, Liberty, Elwood, Richland, Stryker, Kincaid and Brayton Point. Upon closing both transactions, Dynegy will own nearly 26,000 megawatts of generating capacity nationally and provide retail electricity to residents and businesses in Illinois, Ohio, Pennsylvania and Michigan. Dynegy has committed financing in place for both the liquidity facilities and the transaction purchase prices and expects to access the capital markets in advance of closing to raise the permanent financing for the transactions. Dynegy Inc. intends to issue approximately $5 billion in new unsecured bonds and $1.25 billion in equity and equity-linked securities. Included in the equity figure is $200 million of Dynegy common stock that will be issued to ECP as part of the transaction consideration at closing. To support the collateral and liquidity needs of the combined enterprise, the Company has secured two incremental corporate-level revolving credit facilities totaling $950 million, bringing total revolver capacity at Dynegy Inc. to $1.425 billion. Additionally, approximately $300 million in working capital and cash collateral postings will be transferred to Dynegy with the acquired portfolios at closing. The purchase price is $2.8 billion for Duke assets and $3.45 billion for ECP assets. The transaction’s financing structure is consistent with the Company’s focus on balance sheet management, value-creating capital allocation, and sufficient liquidity to weather changes in commodity markets. The new assets will be incorporated into Dynegy’s existing first lien structure to support the Company’s hedging and collateral management programs.
News For DYN;DUK From The Last 14 Days
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November 13, 2014
09:02 EDTDUKDuke Energy to begin removing coal ash from four North Carolina sites
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November 12, 2014
09:11 EDTDYNDynegy management to meet with Deutsche Bank
Meeting to be held in Dallas on November 12 hosted by Deutsche Bank.
November 10, 2014
15:16 EDTDUKEdison Electric Institute to hold a conference
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09:31 EDTDUK, DYNDynegy receives early termination of HSR Act waiting period
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