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BULLETIN: Xcel Energy Clears Short-Term Refinancing Hurdles
Standard & Poors, Nov 2002
Abstract
Standard & Poor's Ratings Services notes that Xcel Energy Inc. (BBB/Watch Dev/--) received a temporary waiver from the SEC's requirement that it maintain at least a 30% equity ratio. In addition, Xcel successfully paid down its $400 million bank facility that matures on Nov. 8, 2002. The SEC has temporarily reduced the 30% equity to total capitalization ratio requirement to 24% through March 2003, allowing Xcel to complete its financing plans. Xcel has repaid the existing $400 million bank facility from cash on hand and a borrowing under a new facility. While the borrowing costs of the new financing are higher than the expiring bank facility, the borrowing rate is not as onerous as what other companies have been forced...
Companies mentioned in this report are: Xcel Energy Inc.,NRG Energy Inc.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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