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DYNEGY SHARES DIVE AHEAD OF CONVERTIBLE OFFERING
Reuters ^
| 31 July 2003
Posted on 07/31/2003 1:19:39 PM PDT by MeneMeneTekelUpharsin
NEW YORK, July 31 (Reuters) - Shares of U.S. power company Dynegy Inc. (NYSE:DYN - News) fell more than 12 percent on Thursday on investor fears that an upcoming convertible note offering could cost the company more than expected. "People are concerned about the pricing of the convertibles," said James Elliot, a portfolio manager with ELCO Management.
Dynegy earlier this week said it will sell $300 million in new convertible debt as part of a plan to restructure $1.5 billion in convertible preferred shares held by oil company ChevronTexaco Corp. (NYSE:CVX - News). Dynegy said it will also issue $1.2 billion in senior secured notes. Dynegy fell 45 cents to close at $3.17 Thursday on the New York Stock Exchange
TOPICS: News/Current Events
KEYWORDS: calpine; dynegy; elpaso; mirant
This one is probably going to turn out like Mirant. Lights out.
To: MeneMeneTekelUpharsin
And Anadarko Petroleum laid off 400 employees today and may sell itself to BP, Shell, or ExxonMobil.
A whole lot of shaking going on in the energy business...
2
posted on
07/31/2003 1:22:21 PM PDT
by
Dog Gone
To: Dog Gone
And Anadarko Petroleum laid off 400 employees today and may sell itself to BP, Shell, or ExxonMobil.Do you have a link to the story you could post here? Thanks in advance.
To: MeneMeneTekelUpharsin
4
posted on
07/31/2003 1:35:19 PM PDT
by
Dog Gone
To: MeneMeneTekelUpharsin
Well, no wonder. Who wants a convertible without a blonde in the front seat?
To: Dog Gone
It won't be Valero. They've got 14 refineries and are still slimming down from all the acquisitions.
To: Dog Gone
Thanks for the link.
To: Dog Gone
Share price fell to 3.06 this a.m. Over 13 million shares traded already today...incredible. Wild price swing...now trading around 3.16 a share. The volatility in this market is phenomenal. Watch this one suck in a lot of traders and then do the Chapter 11 thing, just like Mirant. Here's the story on the convertibles:
Click here for Dynegy convertibles offer.
To: The Radical Capitalist
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