Securities and Exchange Commission
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act 1934
Date of Report March 11, 1999
(Date of earliest event reported)
MidAmerican Energy Holdings Company
(Exact name of registrant as specified in its charter)
Iowa 0-25551 94-2213782
(State of other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
666 Grand Avenue Des Moines, Iowa 50309
(Address of principal executive offices) Zip Code
Registrant's Telephone Number, including area code: (515) 242-4000
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
On March 11, 1999, the Registrant announced that based on
the pending consummation of its acquisition, the Company has
received investment grade ratings on its senior debt securities
from all of the securities rating agencies which issue ratings on
their securities. A copy of the press release issued by the
Registrant is attached hereto as Exhibit 1 and is incorporated
herein by reference.
Certain information included in this report contains forward-
looking statements made pursuant to the Private Securities
Litigation Reform Act of 1995 ("Reform Act"). Such statements
are based on current expectations and involve a number of known
and unknown risks and uncertainties that could cause the actual
results and performance of the Registrant to differ materially
from any expected future results or performance, expressed or
implied, by the forward-looking statements including expectations
regarding the future results of operations of Registrant. In
connection with the safe harbor provisions of the Reform Act, the
Registrant has identified important factors that could cause
actual results to differ materially from such expectations,
including development uncertainty, operating uncertainty,
acquisition uncertainty, uncertainties relating to doing business
outside of the United States, uncertainties relating to
geothermal resources, uncertainties relating to domestic and
international (and in particular, Indonesian) economic and
political conditions and uncertainties regarding the impact of
regulations, changes in government policy, industry deregulation
and competition. Reference is made to all of the Registrant's
SEC Filings, including the Proxy Statement and the Registrant's
Report on Form 8-K dated March 6, 1998, incorporated herein by
reference, for a description of such factors. The Company
assumes no responsibility to update forward-looking information
contained herein.
Item 7. Financial Statements and Exhibits
Exhibit 1 - Press Release dated March 11, 1999
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
MidAmerican Energy Holdings Company
By: \s\ Douglas L. Anderson
Douglas L. Anderson
Assistant Secretary and
Assistant General Counsel
Dated: March 16, 1999
<PAGE>
EXHIBIT 1
FOR IMMEDIATE RELEASE
Brian Hankel - Vice President and Treasurer 402-341-4500
Patti McAtee - Director, Corporate Communications 402-341-4500
CalEnergy Upgraded to Investment Grade Ratings
OMAHA, NEBRASKA, March 11, 1999 --- CalEnergy Company, Inc.
("CalEnergy" or the "Company") (NYSE: CE; PCX; London) announced
today that, based on the pending consummation of its acquisition
of MidAmerican Energy Holdings Company which is scheduled to
occur on March 12, 1999, the Company has received investment
grade ratings on its senior debt securities from all of the
securities rating agencies which issue ratings on their
securities: Moody's Investors Service ("Moody's"), Standard &
Poor's ("S&P") and Duff & Phelps Credit Rating Co. ("DCR").
Moody's has raised the ratings on the Company's senior
unsecured obligations from Ba1 to Baa3 and on the Company's
preferred securities from Ba2 to Ba1. S&P has raised the ratings
on CalEnergy's senior unsecured obligations from BB+/positive to
BBB-/stable and the preferred securities from B+ to BB. DCR has
raised the ratings on the Company's senior unsecured obligations
from BB+/Ratings Watch-Up to BBB- and on the Company's preferred
securities from BB to BB+.
With the improvement in CalEnergy's ratings, S&P has taken
the additional action of raising the ratings on the long-term
senior debt of the Company's wholly-owned subsidiaries,
CE UK Funding Company and Northern Electric plc from BBB+ to A-.
CalEnergy's Chairman and Chief Executive Officer, David L.
Sokol, stated, "The achievement by our Company of investment
grade ratings on our senior debt securities is the realization of
a long stated goal and we think appropriately reflects the
strength and diversity of our cash flows. It also validates the
global energy services strategy we are executing."
CalEnergy Company, Inc. is a global energy company that
manages and owns interests in approximately 5,000 net megawatts
of power generation facilities in operation, construction and
development worldwide. The Company develops and produces energy
from diversified fuel sources including geothermal, natural gas
and hydroelectric. Through its subsidiary Northern Electric,
CalEnergy supplies and distributes electricity and gas to
approximately 2.0 million customers in the United Kingdom.
CalEnergy conducts business in the U.S., U.K., the Philippines,
Indonesia, Poland and Australia and employs more than 4,400
people worldwide. For the year ended December 31, 1998,
CalEnergy generated revenues of nearly $2.7 billion and at
December 31, 1998 had assets of approximately $9.1 billion.
This press release contains forward-looking statements that
are based on current expectations and involve a number of
uncertainties. Reference is made to all of each company's SEC
filings including CalEnergy's Report on Form 8-K dated March 6,
1998, incorporated herein by reference, for a description of such
uncertainties.
www.calenergy.com
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