Midwest Generation, LLC, Completes Refinancing
27 April 2004 - 11:40PM
PR Newswire (US)
Midwest Generation, LLC, Completes Refinancing ROSEMEAD, Calif.,
April 27 /PRNewswire/ -- Midwest Generation, LLC, a subsidiary of
Edison Mission Energy, announced today the completion of the
refinancing of its indebtedness and the related termination of the
lease of its Collins Station facility. The refinancing consists of
$700 million of first priority secured institutional term loans due
in 2011 and the issuance of $1 billion aggregate principal amount
of its second priority senior secured notes. These notes, issued
through a private offering, carry an interest rate of 8.75% and are
due in 2034, although holders may require Midwest Generation to
repurchase these notes on May 1, 2014 and on each one year
anniversary thereafter at 100% of their principal amount, plus
accrued and unpaid interest. Midwest Generation used the proceeds
of the financings to refinance $693 million of indebtedness (plus
accrued interest) guaranteed by it and owed by its direct parent,
Edison Mission Midwest Holdings Co., which was due in December of
this year, and to make termination payments under the Collins
Station lease in the amount of approximately $970 million. Midwest
Generation also entered into a new $200 million working capital
facility that replaced a prior facility. This new working capital
facility will share the first lien priority with the term loans.
The term loans, working capital facility and senior notes are
secured by, among other things, liens on substantially all of the
coal-fired generating plants owned by Midwest Generation. The
secured institutional term loans were placed in the institutional
term loan market. The notes were sold pursuant to Rule 144A and
Regulation S under the Securities Act of 1993, as amended (the
"Securities Act"), and may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements. This press release shall not constitute
an offer to sell or a solicitation of any offer to buy such notes
and is issued pursuant to Rule 135c under the Securities Act. This
press release includes forward-looking statements. Midwest
Generation has based these forward-looking statements on its
current expectations and projections about future events based upon
knowledge of facts as of the date of this press release and its
assumptions about future events. These forward-looking statements
are subject to various risks and uncertainties that may be outside
Midwest Generation's control. Midwest Generation has no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
This press release should be read in conjunction with Midwest
Generation's 2003 Annual Report on Form 10-K and Current Reports on
Form 8-K filed this calendar year. DATASOURCE: Midwest Generation,
LLC CONTACT: media, Kevin Kelley, +1-626-302-1033, or investor
relations, JoAnn Goddard, +1-626-302-2515, both of Edison Mission
Energy, for Midwest Generation, LLC
Copyright