The bank debt of Edison Mission Midwest Holdings has broken through the 90s glass ceiling and is now said to be trading in the 90-92 range. Market players speculate that the company will have to present a plan soon to deal with $911 million in bank debt coming due in December. No concrete details for a plan could be obtained.
Earlier this fall, Edison Mission Energy, the parent of Edison Mission Midwest Holdings, retired a $275 million loan using proceeds from a senior note offering. The loan was set to expire in September. The remaining $212 million "B" loan at this level expires on September 2004. A company spokesman declined to comment.