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BULLETIN: Unocal Corp. To Sell Investment in Tom Brown Inc. Jul 03
Standard & Poors, July 2003
Abstract
NEW YORK (Standard & Poor's) July 17, 2003--Standard & Poor's Ratings Services said today that Unocal Corp.'s (BBB+/Stable/A-2) ratings would be unaffected by potential sale of its investment in Tom Brown Inc., as filed in a recent SEC Form 8-K, and the recently announced sale of its Sarulla geothermal project in Sumatra, Indonesia. Based on Tom Brown's July 14, 2003, closing common stock price, total after-tax cash proceeds are estimated to be $135 million for Unocal's 14.71% interest, although the timing of any potential sale is unknown at this time. The sale price for the Sarulla project, which is being sold to PLN, the Indonesian state electricity company, is expected to be U.S. $60 million, and is anticipated to close...
Companies mentioned in this report are: Unocal Corp.
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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