DPL to Sell $425 Million of 8.25% Senior Notes Due 2007.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--Feb. 24, 2000 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 signed a purchase agreement with an investment bank for the sale to institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. of $425 million of 8.25% Senior Notes due 2007. This sale is subject to customary closing conditions and is expected to close on March 1, 2000. The Senior Notes will not be 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 such registration or an applicable exemption. Proceeds of the sale will be used (i) to continue the Company's planned expansion of its generation capacity, (ii) to retire short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. , (iii) to fund a portion of the proposed repurchase by the Company of up to 25 million shares of the Company's common stock pursuant to a self tender offer and (iv) for other corporate purposes. The tender offer, commenced by the Company on February 4, 2000, is currently scheduled to expire on March 3, 2000. This announcement appears as a matter of record only and does not constitute an offer to sell any Senior Notes described herein. DPL Inc. is a diversified energy company supplying energy services to customers in the Midwest through its subsidiaries, The Dayton Power and Light Company and DPL Energy. |
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