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Article: El Paso Corporation Announces Completion of Subsidiary Notes Offering.
- Article from:
- PR Newswire
- Article date:
- May 27, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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El Paso Corporation announced today that its wholly owned subsidiary, El Paso Production Holding Company, has closed a private placement of $1.2 billion of 7.75-percent, 10-year senior unsecured notes with registration rights. The proceeds of the offering were used to repay intercompany obligations to El Paso Corporation. El Paso then used the proceeds to repay early its $1.2-billion, 9.75-percent, two-year secured interim term loan that was completed in March 2003.
"This financing is another important accomplishment in El Paso's 2003 Operational and Financial Plan," said Dwight Scott, executive vice president and chief financial officer. "This transaction ...