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Dynegy steady to stronger with acquisition news; EquiPower Resources flat on buyout
By Sara Rosenberg
New York, Aug. 22 – Dynegy Inc.’s term loan B-2 was unchanged to higher in the secondary market on Friday after two acquisitions were announced, and EquiPower Resources Corp.’s term loans also held strong on news that it is one of the assets being sold to Dynegy.
Dynegy’s term loan B-2 was steady to stronger following news that it will buy ownership interests in certain Midwest generation assets from Duke Energy for $2.8 billion and EquiPower Resources and Brayton Point Holdings LLC from Energy Capital Partners for $3.45 billion, according to traders.
One trader had the loan at 99¾ bid, par ¼ offered, up from 99½ bid, par offered, and another trader had the loan unchanged at 99½ bid, par ¼ offered.
The Houston-based energy company’s bonds, however, were down about a point and a half at levels of 96 bid, 96½ offered, another trader remarked.
EquiPower’s term loan B and term loan C debt was also flat on the day, even with the news that it is being purchased by Dynegy, a trader remarked.
One trader had the term loans quoted at 99 3/8 bid, par 3/8 offered, and another trader had the loans quoted at 99 7/8 bid, par ¼ offered, with both traders claiming the loans were unchanged from prior levels.
EquiPower is a Hartford, Conn.-based competitive power generation company.
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