Enogex Inc., Oklahoma City, sold $400 million of 10-year senior unsecured notes with an 8.125% coupon priced to yield 8.194%, a spread of 154 basis points over comparable U.S. Treasury notes. The debt, which will mature on Jan. 15, 2010, was sold to qualified institutional investors under Securities and Exchange Commission Rule 144A. Lehman Brothers Inc. led the offering syndicate, with Banc of America Securities LLC; Banc One Capital Markets Inc.; Bear, Stearns & Co. Inc.; CIBC World Markets Corp.; First Union Securities Inc. and Warburg Dillon Read LLC as comanagers. Interest on the debt will be paid on July 15 and Jan. 15 each year. The natural gas pipeline may call the notes at any time at the greater of par or par plus a premium, determined by discounting the remaining cash flows at comparable-maturity U.S. Treasury rates plus a spread of 0.25%. The OGE Energy Corp. (NYSE: OGE) subsidiary will use proceeds from the offering primarily to repay outstanding short-term borrowings incurred in connection with the 1999 acquisition of Transok LLC and for general corporate purposes. Petsec Energy Inc. (NYSE: PSJ), Lafayette, La., signed a new $30-million secured credit facility with Foothill Capital Corp. The new credit line makes up to $30 million available to the independent under a borrowing base calculation. The Petsec Energy Ltd. (Australia: PSA) subsidiary will draw down the credit line to retire Petsec Energy Inc.'s existing secured debt with Chase Manhattan Bank, Bank of America and Credit Lyonnais, and for general working capital. Terms of the new credit line prohibit Petsec Energy Inc. from paying interest on its $100 million of 9.5% senior subordinated notes due 2007. In a move that improves the crude oil pipeline and storage partnership's overall liquidity significantly, Plains All American Pipeline LP (NYSE: PAA), Houston, announced that one of its subsidiary operating partnerships entered into a $65-million senior secured term credit facility with Banque Paribas. The facility, which will mature on March 24, is secured by a portion of the 5.2 million barrels of crude oil line fill that the partnership is selling and by receivables from certain related sales contracts. Plains All American will draw on the credit line for working capital. "This financing enabled us to accelerate the realization of a significant portion of the previously announced crude oil line fill sale," said Phil Kramer, executive vice president and chief financial officer of Plains All American Inc., which holds a 54% interest in the partnership and is its general partner. "Additionally, we will receive an aggregate of approximately $36 million in January and February from line fill sales contracts that were not a part of this financing." Plains All American started to sell the crude oil line fill on Dec. 1, 1999.
SM Energy Announces $0.15/Share Quarterly Cash Dividend
2023-03-30 - SM Energy's board of directors announced the quarterly cash dividend of $0.15/share of common stock outstanding will be paid out to stockholders on May 5.
Brazil's Ministry Asks Petrobras to Reassess Decision on Suspending Signed Sales
2023-03-29 - Considering the election of a new management team appointed by CEO Jean Paul Prates and the preliminary analysis, the ministry requested the firm to take "the necessary measures for a better evaluation of the issue."
Validere Brings Onboard Karen Marsh as Senior Advisor of Carbon Strategies
2023-03-28 - A former senior environmental engineer for the EPA, Karen Marsh brings 15+ years of experience to her new role as Senior Advisor, Carbon Strategies for Validere.
Ecopetrol Names Alberto Consuegra as Interim CEO
2023-03-27 - Colombia state energy giant Ecopetrol has appointed COO Alberto Consuegra Granger as interim CEO, effective April 1, to replace Felipe Bayón Pardo who steps down on March 31.
Energy Transition in Motion (Week of March 24, 2023): Advancing Projects, Investment
2023-03-24 - Here’s a look at some of this week’s renewable energy news, including a $2.6 billion wind farm final investment decision.