EEX plans $350 mln via J.P. Morgan, awaiting better market

By Paul A. Harris

St. Louis, Mo., Sept. 25, 2001-Sources close to EEX Corp.'s pending sale of $350 million of seven-year senior unsecured notes, via J.P. Morgan, say that they are awaiting more favorable market conditions to price the deal.

Prior to the Sept. 11 terrorist attacks on New York City and Washington D.C., the deal was slated to price during September.

"It's currently postponed, as is everything else, until further notice," the source said.

Proceeds from the notes will be used to repay outstanding borrowings under the company's senior revolving credit facility, to pay for the termination of forward-gas sale obligations and for general corporate purposes.

EEX is an oil and natural gas exploration and production company with activities currently focused in Texas, Louisiana, the Gulf of Mexico and Indonesia.

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