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Bank Loan Analysis on Allegheny Energy Is Published Oct 03
Standard & Poors, Oct 2003
Abstract
NEW YORK (Standard & Poor's) Oct. 16, 2003--In February 2003, Allegheny Energy and subsidiary Allegheny Energy Supply Co. LLC entered into agreements with lenders for new and restructured credit facilities totaling about $2.4 billion, according to a report published today by Standard & Poor's Ratings Services. Proceeds from the financing were largely used to refinance existing debt and provide the company with much-needed liquidity. 'The majority of Allegheny Energy Supply's restructured debt is secured by substantially all of its unencumbered assets. The new credit facilities at Allegheny Energy are unsecured and will refinance existing debt and LOCs,' said Standard & Poor's credit analyst Tobias Hsieh. Standard & Poor's assigned the rating of the first lien debt ($420 million of new...
Companies mentioned in this report are: Allegheny Energy Inc.,Allegheny Energy Supply Co. LLC
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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