PG&E National Energy Group completes $550 million credit transaction

BETHESDA, Md., June 21, 2001 — PG&E National Energy Group has completed its transaction for a new $550 million senior unsecured letter of credit and revolving credit facility.

The facility, which closed on June 15, will be used primarily for letters of credit to support trading and for working capital requirements.

J.P. Morgan Securities Inc. led the transaction as bookrunner and lead arranger. Societe Generale and Citibank participated as arrangers with Dresdner Kleinwort Wasserstein, ABN AMRO and Credit Lyonnais acting as co-arrangers. The all-in drawn pricing is 1.625 percent over LIBOR at the BBB level.

"This transaction marks the conclusion of the National Energy Group's effort to establish a credit identity that is independent of PG&E Corporation and signals the National Energy Group's re-entry into the commercial bank market to support our trading and development efforts," said John Cooper, the National Energy Group's senior vice president of finance.

Headquartered in Bethesda, Md., PG&E National Energy Group - a subsidiary of PG&E Corporation — develops, owns and operates electric generating and gas pipeline facilities and provides energy trading, marketing and risk-management services.

Sponsored by FLSmidth

Related Articles

PG&E discloses more emails with state regulators

California's largest power utility released a dozen more emails Monday that it said showed improper back-channel discussions between the utility and top state regulators.

Eos Energy Storage receives $2.1Mn from California Energy Commission for battery demo

As part of California’s Electric Program Investment Charge (EPIC), through the California Energy Commission (CEC), Eos Energy Storage was awarded $2.1 million for an advanced battery storage system demonstration.

Follow Power Engineering on Twitter

Latest News

[Image Gallery]

 Enbridge’s Texas wind project reaches commercial operation

Enbridge’s Texas wind project reaches commercial operation

Enbridge’s 110-MW Keechi Wind Project has reached commercial operations in Jack County, Texas.
 Entergy names new board of directors

Entergy names new board of directors

Entergy Corp. (NYSE: ETR) has elected Patrick J. Condon and Karen A. Puckett to the company’s...
 Iran & Russia to produce nuclear fuel

Iran & Russia to produce nuclear fuel

Iran and Russia signed a deal to jointly produce nuclear fuel in Iran.

 Nuclear power deal between Hungary, Russia to be secret for 30 years

Nuclear power deal between Hungary, Russia to be secret for 30 years

Details of a nuclear power expansion deal between Hungary and Russia will be kept under wraps...
 Kansas' largest electric company seeking $152M rate increase

Kansas' largest electric company seeking $152M rate increase

The largest supplier of electricity in Kansas is asking state regulators to increase its rate...
 Energy company says it has secured funding for wind farm

Energy company says it has secured funding for wind farm

The energy company planning an offshore wind farm near Block Island says it has secured more ...
 Duke Energy says it will drop nuclear fee off Florida bills

Duke Energy says it will drop nuclear fee off Florida bills

One of Florida's largest power companies says it will go ahead and drop a nuclear power fee n...

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

BioCNG, LLC Announces Expansion of St. Landry Parish Solid Waste District BioCNG(TM) System to Include Mother-Daughter Fuel Station

BioCNG, LLC Announces Expansion of St. Landry Parish Solid Waste District BioCNG(TM) Sy...

Letter From CGE Energy President Bryan Zaplitny

Letter From CGE Energy President Bryan Zaplitny

UGE International and OTEPI Renewables Selected to Supply Solar Energy Systems for Retail Chain's Portfolio of Facilities

UGE International and OTEPI Renewables Selected to Supply Solar Energy Systems for Reta...

LandWorks Tightens Integration With Esri in Land Management Software Upgrades

LandWorks Tightens Integration With Esri in Land Management Software Upgrades

MV Products Vacuum Pump Exhaust Filters Remove Oil Mist From Work Environments

MV Products Vacuum Pump Exhaust Filters Remove Oil Mist From Work Environments

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>