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Article: El Paso Corporation Announces $138 Million Asset Sale Closing and Timely Retirement of $1-Billion Limestone Electron Trust Notes.
- Article from:
- PR Newswire
- Article date:
- March 17, 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 it has closed the sale of its interest in the San Juan Basin Rosa production properties to the Sacramento Municipal Utility District for $138 million.
El Paso also announced the retirement of $1 billion of notes associated with the Limestone Electron Trust financings. The notes were retired on schedule using cash on hand. El Paso has recently generated significant cash from asset sales and from its recently closed $1.2 billion secured loan financing. A portion of the secured loan proceeds were used to repay the $825 million Trinity River financing on March 13, 2003.
These successful transactions further ...