Dynegy Ticks Up With Financing Plan
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Dynegy Ticks Up With Financing Plan

Dynegy's bank debt enjoyed a slight uptick after the company announced that bank debt holders would receive a fair share of the proceeds from an offer of approximately $1.2 billion of second priority senior secured notes and approximately $300 million of new convertible debentures. The company is hoping to pay back bank debt holders roughly $850 million, less financing fees, said a Dynegy spokesman, noting that the potential paydown is contingent upon the new financing announced last Tuesday. He said it has not been determined how the proceeds will be distributed across the different tranches. Dynegy's pro rata was quoted as high as the 971/ 2 - 981/2 range and its "B" loan was in the 971/2 ­ 973/4 context.

The spokesman declined to comment on the banks involved with the transaction. In conjunction with the new financing, the company is also looking to tender all of its outstanding 2005 and 2006 bonds. Through the tender offer, Dynegy is looking to purchase $650 million in principal amount of debt for roughly $643 million.

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