Ouch on that? LOL! You better relook...
Illinois Power Exercises $300 Million Credit Facility
DECATUR, Ill.--(BUSINESS WIRE)--May 17, 2002--Illinois Power announced today that it has exercised its option to "term-out" a $300 million revolving credit facility, which was set to expire on May 20, 2002, in lieu of accepting a $200 million commitment by its bank group.
According to Illinois Power President Larry Altenbaumer, "With this move, we will maintain liquidity at Illinois Power at very comfortable levels, while working quickly to restructure the facility.
"This is an appropriate and prudent move for Illinois Power," he added. "Given the uncertainty affecting the markets today, it provides us the flexibility and time to address our longer-term financial requirements, including certain debt maturities this summer."
Illinois Power, an energy delivery company based in Decatur, Ill., serves electricity and natural gas to more than 650,000 customers in a 15,000 square-mile territory across Illinois. Illinois Power is a subsidiary of Dynegy Inc. (NYSE:DYN - News). |
