Monday, Dynegy Inc. (DYN) said its wholly-owned subsidiary, Dynegy Holdings Inc. has completed its previously announced repurchase of 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, on December 31.
The Houston, Texas-based provider of electric energy said the repurchase makes 83% of its Senior Unsecured Notes due 2011 and 2012. The total consideration to effect the transaction, inclusive of consent fees, was about $875 million.
BofA Merrill Lynch acted as exclusive repurchase agent to Dynegy. Locke Lord Bissell & Liddell LLP acted as legal counsel to Dynegy.
In middle December, Dynegy said its Dynegy Holdings subsidiary will repurchase 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 from a fixed-income investor.
While announcing the debt reduction initiative, Holli Nichols, executive vice president and finance chief of Dynegy Inc. then said, "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."
DYN is currently up $0.06 or 3.31% and trades at $1.87.
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