Aquila Completes Sale of Canadian Utility Operations.Energy Editors/Business Editors KANSAS CITY, Mo.--(BUSINESS WIRE)--June 1, 2004 Aquila, Inc. (NYSE NYSE See: New York Stock Exchange :ILA ILA abbr. insulinlike activity ) announced today that it has completed the sale of its Canadian utility operations to Fortis Inc., a Canadian energy company based in Newfoundland (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :FTS FTS facteur thymique sérique. ) for approximately $1.08 billion (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $1.476 billion), including the assumption of $113 million of debt (CDN$155 million) by Fortis. The closing proceeds include $85 million (CDN$116 million) of preliminary adjustments for working capital and capital expenditures as provided under the sales agreements. These proceeds are subject to final adjustments, which are expected to be determined in the third quarter of 2004. Prior to the closing of the sale, Aquila retired debt related to its Canadian utility operations of $215 million under a 364-day credit facility and $15 million (CDN$20 million) under a revolving bank credit facility. The remaining proceeds are expected to be used to retire $400 million of Aquila's senior notes due in July and October 2004, pay transaction costs and taxes related to the sale, and strengthen Aquila's balance sheet. Based in Kansas City, Mo., Aquila operates electricity and natural gas distribution utilities in Colorado, Iowa, Kansas, Michigan, Minnesota, Missouri and Nebraska. The company also owns and operates power generation assets. More information is available at www.aquila.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion