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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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