NiSource subsidiary tenders for 7.875% notes due 2010

By Susanna Moon

Chicago, March 31 - NiSource Inc. said its finance subsidiary, NiSource Finance Corp., began a cash tender offer for up to $300 million principal amount of its outstanding 7.875% notes due 2010.

The notes are fully and unconditionally guaranteed by NiSource Inc.

The tender offer is scheduled to expire at midnight ET on April 28.

NiSource said it will pay par for each $1,000 principal amount, including a fee of $30 for notes tendered by the early tender date of 5 p.m. ET on April 14.

The company also will pay accrued interest to the purchase date.

As of March 31, $932.43 million principal amount of the notes was outstanding.

NiSource said it is not soliciting consents to modify any of the covenants in the indenture governing the notes.

Citi (800 558-3745), JPMorgan Chase & Co. (800 866-4666 or collect 212 834-4802) and Wachovia Securities are the lead dealer managers. Banc of America Securities LLC, Credit Suisse and UBS Investment Bank are co-dealer managers.

Global Bondholder Services Corp. (866 873-7700 or 212 430-3774 for banks and brokers) is the information agent and depositary.

NiSource is a Merrillville, Ind., company engaged in natural gas transmission, storage and distribution as well as electric generation, transmission and distribution.

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