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Article: El Paso Corporation Closes Two Transactions for $198 Million.
- Article from:
- PR Newswire
- Article date:
- October 5, 2004
CopyrightCOPYRIGHT 2004 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 two transactions resulting in total proceeds of $198 million. First, El Paso closed the sale of four power plants to Northern Star Generation, LLC for $147 million. El Paso has now closed on the sale of 21 of the 25 domestic power plants that the company previously announced in January it had agreed to sell to Northern Star Generation, LLC. With the close of this transaction, El Paso has received approximately $569 million and eliminated approximately $39 million of non-recourse debt from this group of power plants.
This sale is part of El Paso's plan to sell its domestic power portfolio as part of its ...