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NiSource completes sale of water company. (Newsline: for the latest industry developments).

The City of Indianapolis and NiSource Inc. has closed the sale of the Indianapolis Water Company and other assets of NiSource's IWC Resources (IWCR) Corp. and its subsidiaries for $540 million. This includes the assumption of approximately $160 million in IWCR debt.

NiSource said it will apply the $380 million in net proceeds from the sale to debt reduction. NiSource also announced that it sold its interest in the White River Environmental Partnership, which operates wastewater treatment plants, to the other partners for $8 million. NiSource also will apply these proceeds to debt reduction.

NiSource was allowed three years to sell its water assets as part of the order by the U.S. Securities and Exchange Commission approving the NiSource-Columbia merger, which was completed Nov. 1, 2000. The Public Utility Holding Company Act of 1935 requires utility holding companies to divest operations not integral to their primary operations.
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Publication:Underground Construction
Date:Jun 1, 2002
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