Dec 23, 2003
Texas Genco subsidiary closes on $75 million bank credit facility
Texas Genco subsidiary closes on $75 million bank credit facility
HOUSTON - December 23, 2003 - Texas Genco Holdings, Inc. (NYSE:TGN), a majority-owned subsidiary of CenterPoint Energy, Inc. (NYSE: CNP), announced today that its subsidiary, Texas Genco, LP, closed on a 364-day, $75 million bank credit facility with a seven-bank syndicate.
Proceeds from the revolving credit facility will be used to meet ongoing working capital requirements and for general corporate purposes. The rate for borrowings under the facility will be LIBOR +150 basis points. The facility is secured by a mortgage on certain fixed assets of Texas Genco, LP.
Texas Genco Holdings, Inc., based in Houston, Texas, is one of the largest wholesale electric power generating companies in the United States with over 14,000 megawatts of generation capacity. It sells electric generation capacity, energy and ancillary services in one of the nation's largest power markets, the Electric Reliability Council of Texas (ERCOT). Texas Genco has one of the most diversified generation portfolios in Texas, using natural gas, oil, coal, lignite, and uranium fuels. The company owns and operates 60 generating units at 11 electric power-generating facilities and owns a 30.8 percent interest in a nuclear generating plant. Texas Genco currently is a majority-owned subsidiary of CenterPoint Energy, Inc. (NYSE:CNP). For more information, visit our web site at www.txgenco.com.
Proceeds from the revolving credit facility will be used to meet ongoing working capital requirements and for general corporate purposes. The rate for borrowings under the facility will be LIBOR +150 basis points. The facility is secured by a mortgage on certain fixed assets of Texas Genco, LP.
Texas Genco Holdings, Inc., based in Houston, Texas, is one of the largest wholesale electric power generating companies in the United States with over 14,000 megawatts of generation capacity. It sells electric generation capacity, energy and ancillary services in one of the nation's largest power markets, the Electric Reliability Council of Texas (ERCOT). Texas Genco has one of the most diversified generation portfolios in Texas, using natural gas, oil, coal, lignite, and uranium fuels. The company owns and operates 60 generating units at 11 electric power-generating facilities and owns a 30.8 percent interest in a nuclear generating plant. Texas Genco currently is a majority-owned subsidiary of CenterPoint Energy, Inc. (NYSE:CNP). For more information, visit our web site at www.txgenco.com.
For more information contact: Media: Leticia Lowe, 713.207.7702 Investors: Marianne Paulsen, 713.207.6500