ChevronTexaco Dynegy agreement
Posted: 15 July 2003
ChevronTexaco Corp announced that it has reached an agreement in
principle with Dynegy Inc. to exchange its Series B Preferred Dynegy
Stock for an aggregate of $850 million in cash and new Dynegy securities.
ChevronTexaco acquired the preferred shares in November 2001 for
$1.5 billion. In the proposed restructuring, ChevronTexaco will
receive from Dynegy Inc. $225 million in cash, $225 million of Junior
Unsecured Subordinated Notes due 2016 and $400 million of Series
C Convertible Preferred Stock.
The exchange is subject to certain approvals of ChevronTexaco and
Dynegy, execution of definitive documentation, the consummation
by Dynegy of a proposed recapitalization, and other terms and conditions
to be set forth in the definitive documentation governing the transaction.
For more information see http://investor.chevrontexaco.com.
Posted by Richard Price,
Editor Pipeline Magazine
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