Edison completes debt refinancing |
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Mon, 07 May 2007 21:08
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ROSEMEAD, Calif. (AP) - Electric utility operator Edison International said Monday one of its business units completed an offering of $2.7 billion in senior notes, and used proceeds from the offering to retire previous debt.The company said Edison Mission Energy, an indirect subsidiary of its Edison Mission Group subsidiary, sold the notes in a private offering.Edison Mission Energy used the proceeds to purchase approximately $587 million of its outstanding notes due 2009; to purchase almost $1 billion in notes due 2034 issued by its indirect subsidiary, Midwest Generation LLC; to repay $327.8 million of Midwest Generation's debt under a loan facility; and to pay a dividend of $899 million to its parent company, Mission Energy Holding Company, enabling MEHC to purchase $795.7 million of notes due 2008.MEHC and EME will record a total pre-tax loss of $242 million on early extinguishment of debt during the second quarter, the company said.Shares of Edison rose 39 cents to $54.33 in late afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Edison unit prices $2.7B in senior notes 