IRVINE, Calif., July 20 /PRNewswire/ -- Edison Mission Energy (EME) and
its parent Edison International (NYSE: EIX) today announced that EME had
entered into an agreement to sell its 51.2 percent holding in Contact Energy
Ltd. to Origin Energy Limited for NZ$5.67 per share, or total consideration of
NZ$1,674.7 million, which includes the assumption of NZ$535 million of
indebtedness. EME will receive approximately US$750 million at current
exchange rates.
EME intends to use the after-tax proceeds from the sale to repay in part
the three-year, $800 million secured loan at Mission Energy Holdings
International, Inc., a direct subsidiary of EME.
The sale is the result of a previously announced process to sell EME's
portfolio of international energy assets, which are located in Europe, the
Asia Pacific region and in Puerto Rico. Closing of the Contact Energy
transaction is subject to a limited number of conditions, including action by
the New Zealand Takeovers Panel, and is expected in the third or fourth
quarter of 2004. As previously announced, EME is continuing to evaluate the
bids it received for its other international assets.
New Zealand-based Contact Energy is a publicly traded integrated energy
company with approximately 522,000 electricity customers and 97,500 natural
gas customers in New Zealand. Contact Energy controls approximately 2,490 MW
of generating capacity in the region.
Origin Energy is a major Australian integrated energy company focused on
gas and oil exploration and production, energy retailing, power generation and
utility network management. Origin Energy is one of Australia's largest
energy retailers.
Lehman Brothers and Credit Suisse First Boston are acting as financial
advisors to EME on the sale of its international assets.
Based in Rosemead, Calif., Edison International (NYSE: EIX) is the parent
company of Southern California Edison, Edison Mission Energy, and Edison
Capital.
SOURCE Edison International
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CONTACT:
Kevin Kelley of Edison International,
+1-626-302-1033
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