DPL Completes $175 Million Private Placement; Company on Schedule to Redeem $500 Million of Senior Notes on April 6, 2004.Energy Editors/Business Editors DAYTON, Ohio--(BUSINESS WIRE)--March 25, 2004 DPL (Digital PowerLine) An earlier technology for transmitting a 1 Mbps data signal over electric power lines from Nortel Networks. It was developed in the late 1990s, but later abandoned due to implementation difficulties. See broadband over power lines. Inc. (NYSE NYSE See: New York Stock Exchange :DPL) announced today that it has completed a private placement of $175 million aggregate principal amount of senior notes. Together with other available corporate funds, the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the financing will be used to repay DPL's Senior Notes, 6.82% Series due 2004 at maturity. "This transaction, combined with our existing liquidity, will be used to redeem $500 million of existing senior notes on April 6, 2004. The strong performances of DPL's core utility operations and the financial asset portfolio will enable DPL to achieve its previously announced debt-reduction target of $300 million by the end of 2005, nearly two years and $25 million ahead of plan," said Caroline E. Muhlenkamp, Group Vice President and Interim Chief Financial Officer. The senior notes are unsecured, carry a coupon of 8 percent payable quarterly and will mature on March 31, 2009. The senior notes will not be redeemable prior to maturity except for a make-whole call at the adjusted treasury rate plus 0.25 percent. Zimmer Lucas Partners was the lead investor and was advised by Lazard. Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Co.
Incorporated acted as financial advisor to DPL.
"We made a commitment last May to strengthen DPL's capital structure and this transaction underscores our determination to achieve that goal," added Muhlenkamp. The senior notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any securities. About DPL DPL Inc. is a diversified diversified (di·verˑ·s , regional energy company. DPL's principal subsidiaries include The Dayton Power & Light Company (DP&L) and DPL Energy. DP&L provides electric services to over 500,000 retail customers in West Central Ohio. DPL Energy markets over 4,600 megawatts of generation capacity throughout the eastern United States. DPL Inc., through its subsidiaries, ranks among the top energy companies in generation efficiency and productivity. Further information on DPL Inc. can be found at www.dplinc.com. Certain statements contained in this release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Matters presented which relate to events or developments that are expected to occur in the future, including management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters constitute forward-looking statements. Forward-looking statements are based on management's beliefs, assumptions and expectation of the Company's future economic performance, taking into account the information currently available to management. These statements are not statements of historical fact. Such forward-looking statements are subject to risks and uncertainties and investors are cautioned that outcomes and results may vary materially from those projected due to many factors beyond DPL's control. Forward-looking statements speak only as of the date of the document in which they are made. We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. |
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