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
Winners and losers in Clean Power Plan Associated Press

Who wins and loses under Obama's stricter power plant limits

President Barack Obama is mandating even steeper greenhouse gas cuts from U.S. power plants t...
Olkiluoto 3 construction delay claims increased

Companies update claims over Finnish nuclear project delays

The Areva-Siemens consortium and Finnish utility Teollisuuden Voima Ovj (TVO) have both incre...
DOE opens funding for advanced nuclear reactor R&D

DOE opens funding for advanced nuclear R&D

The U.S. Energy Department (DOE) released a funding opportunity for research, development and...
Rosatom to build nuclear power plants in Vietnam

Rosatom plans construction of nuclear power units in Vietnam

Russia state-owned Rosatom signed a general framework agreement with Electricity of Vietnam (...
Regulators approve modified plans for Carlsband Energy Center

Regulators approve modified natural gas-fired power plant plan

The California Energy Commission (CEC) approved amendments for construction of a planned natu...
DTE Energy to build solar power project at Metro airport

DTE Energy building airport solar power project

DTE Energy (NYSE: DTE) started construction on a solar power array at Detroit Metropolitan Ai...
On site power manufacturer buys distribution equipment company

On-site power manufacturer buys distribution equipment company

Pioneer Power Solutions Inc. (Nasdaq: PPSI) announced that its Pioneer CEP subsidiary acquire...
Pattern Energy Group owns 100% of Texas wind energy project

Pattern owns 100% of Texas wind energy project

Pattern Energy Group Inc. (Nasdaq: PEGI) completed the acquisition of the remaining ownership...

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

Lubricants Market to Reach $68.54 Billion by 2022: Grand View Research, Inc.

Lubricants Market to Reach $68.54 Billion by 2022: Grand View Research, Inc.

TX Holdings Reports Third Quarter 2015 Results

TX Holdings Reports Third Quarter 2015 Results

Magnum Hunter Resources Declares Monthly Cash Dividend on Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock

Magnum Hunter Resources Declares Monthly Cash Dividend on Series C Preferred Stock, Ser...

Emerald Oil Announces Venture With Koch Exploration, Results of Southern McKenzie County Wells & Midstream Joint Venture

Emerald Oil Announces Venture With Koch Exploration, Results of Southern McKenzie Count...

Fortress Opens $2.5 Million Frac Tank Wash Out and Truck Wash Facility to Serve Eagle Ford Shale Unconventional Oil & Gas E&Ps That Need Streamlined and Affordable Salt Water Disposal Services

Fortress Opens $2.5 Million Frac Tank Wash Out and Truck Wash Facility to Serve Eagle F...

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 >>