Dynegy Inc. (DYN) said its wholly-owned unit, Dynegy Holdings Inc. or "DHI", has negotiated an agreement to repurchase from a fixed-income investor about $420 million of its outstanding 6.875% senior unsecured notes due 2011 and about $410 million of its outstanding 8.75% senior unsecured notes due 2012, representing 83% of the company's senior unsecured notes due 2011 and 2012.
The total consideration to effect the transaction, inclusive of consent fees, will be around $875 million and the transaction is expected to fund by December 31, 2009.
"This transaction will significantly reduce the company's debt obligations in 2011 and 2012, while also reducing interest payments and eliminating refinancing risks associated with our near-term debt profile," commented Holli Nichols, executive vice president and finance chief of Dynegy Inc.
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