Securities and Exchange Commission
Washington, DC 20549
Form 8-K/A
Current Report
Pursuant to Section 13 to 15(d) of the
Securities Exchange Act 1934
Date of Report November 17, 1995
(Date of earliest event reported)
California Energy Company, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-9874 94-2213782
(State of other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
302 South 36th Street, Suite 400, Omaha, NE 68131
(Address of principal executive offices) Zip Code
Registrant's Telephone Number, including area code:(402) 341-4500
N/A
Item 5. Other Events
On November 17, 1995, the Registrant announced that it's
affiliate, Bali Energy Ltd. had signed definitive contracts to
build, own and operate a geothermal power facility at the Bedugal
geothermal field on Bali, Republic of Indonesia. Development is
expected to begin in early 1996.
On November 27, 1995, the Registrant announced that CE Casecnan
Water and Energy Company, Inc. ("CWEC"), a partially owned
indirect subsidiary of the Registrant, announced that it had
completed its debt offering for its combined irrigation and 150
MW capacity hydroelectric project in the Philippines. Proceeds
from the issuance of the debt securities will be used, together
with equity contributions of $124 million, to fund the
development, construction, testing, and start-up of the project.
Item 7. Financial Statements and Exhibits
Exhibit 1 - Press Release dated November 17, 1995.
Exhibit 2 - Press Release dated November 27, 1995.
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.
California Energy Company, Inc.
By: \s\ Douglas L. Anderson
Douglas L. Anderson
Assistant Secretary
Dated: December 19, 1995
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.
California Energy Company, Inc.
By: ______________________________
Douglas L. Anderson
Assistant Secretary
Dated: December 19, 1995
FOR IMMEDIATE RELEASE
David L. Sokol - Chairman and Chief Executive Officer(402) 341-4500
John G. Sylvia - Senior Vice President, Chief Financial Officer(402) 341-4500
Dale R. Schuster - Vice President, Administration (402) 341-4500
Exhibit 1
CALIFORNIA ENERGY EXECUTES ITS THIRD
INDONESIAN ENERGY SALES CONTRACT
OMAHA, NEBRASKA, November 17, 1995 -- California Energy Company,
Inc. (NYSE, PSE and LSE symbol: CE), a leading independent power
producer, announced today that its affiliate, Bali Energy, Ltd.,
has signed definitive contracts to build, own and operate a
geothermal power facility at the Bedugal geothermal field on Bali,
Republic of Indonesia (the "Bali Project").
CE executed a Joint Operation Contract for the development and
operation of the geothermal steam field with Pertamina (the
Indonesian national oil and natural gas company) and a "take or
pay" Energy Sales Contract with both Pertamina and PLN (the
Indonesian national electric utility).
The Bali Project is structured as a Build-Own-Operate-Transfer
("BOOT") project under which CE and its joint venture partner, P.T.
Pandanwangi Sekartaji, will construct a series of geothermal power
production facilities in phases up to an initial aggregate output
of 220 megawatts (MW), (with the ability of increasing such
aggregate output over time up to 400 MW). Under the agreements,
Bali Energy will own and operate power facilities for a 30-year
cooperation period and, following repayment of the project debt and
recovery of invested capital during the cooperation period, will
transfer the facilities to Pertamina at no cost. CE will maintain
a majority equity interest in the project and will be the managing
partner of the joint venture. P.T. Pandanwangi Sekartaji has the
option to participate in the Project for up to 40%. Field
development is expected to begin in early 1996 and well drilling is
expected to commence in late 1996.
CE Chairman and Chief Executive Officer David L. Sokol stated, "We
are pleased to have signed our third geothermal energy sales
contract in Indonesia. We look forward to our continued working
relationship with the Indonesian government on the construction of
these power units. The Project will help to meet the needs of
Indonesia's increasing demand for electricity on the islands of
Bali and Java." Mr. Sokol added, "Indonesia will also benefit from
the fact that geothermal energy, as a fuel source, provides
significant environmental advantages and is plentiful in Indonesia.
The Bali Project reflects CE's continued commitment to global
expansion, as we pursue additional international opportunities in
Indonesia and elsewhere."
This project is the seventh major energy project CE and its
affiliates have placed under contract in Asia during the past 24
months. It is the third contract in Indonesia as CE had previously
signed two contracts each for the development and sale of up to 400
MW geothermal energy.
California Energy Company, Inc., the largest independent geothermal
power producer in the world, is an international developer, owner
and operator of environmentally responsible power generation
facilities. Its thirteen operating facilities produce 575 MW of
power, with 540 net MW under construction and in excess of 1,500 MW
currently under award or contract.
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FOR IMMEDIATE RELEASE
David L. Sokol - Chairman and Chief Executive Officer(402) 341-4500
John G. Sylvia - Senior Vice President, Chief Financial Officer(402) 341-4500
Dale R. Schuster - Vice President, Administration (402) 341-4500
Exhibit 2
CALIFORNIA ENERGY ANNOUNCES
CE CASECNAN WATER AND ENERGY CO. COMPLETES DEBT OFFERING
OMAHA, NEBRASKA, November 27, 1995 -- California Energy Company,
Inc. (the "Company") (NYSE, PSE and LSE symbol: CE) announced today
the closing of CE Casecnan Water and Energy Co.'s debt offering for
its combined irrigation and 150 MW capacity hydroelectric project
in the Philippines.
CE Casecnan Water and Energy Co. ("CWEC"), a partially owned
indirect subsidiary of the Company and Peter Kiewit Sons' Inc.,
completed a sale to institutional buyers of $371.5 million
principal amount of Senior Secured Notes and Bonds, which are
nonrecourse to the Company. CWEC's debt securities were rated Ba2
by Moody's and BB, with a positive outlook, by Standard & Poor's
and were offered in a $75 million floating rate Euro-note tranche
with a 7-year final maturity, a $125 million fixed rate note
tranche with a 10-year final maturity, and a $171.5 million fixed
rate bond tranche with a 15-year final maturity.
Proceeds from the issuance of the CWEC debt securities will be
used, together with equity contributions of $124 million, to fund
the development, construction, testing and start-up of CWEC's
combined irrigation and 150 MW capacity hydroelectric project in
the Philippines.
"The financial closing and imminent start of construction of the
Casecnan combined irrigation and hydroelectric power project is a
significant milestone in the implementation of the Company's
strategy of market and fuel diversification and again demonstrates
the Company's ability to develop and bring to financial closure
major international power development projects in an expeditious
fashion," stated David L. Sokol, Chairman and Chief Executive
Officer of California Energy Company, Inc. "This is a very
exciting project for both the Company and the people of the
Philippines. The Casecnan project should provide major economic and
social benefits to the Philippines. This project is designed to
improve regional irrigation and to achieve a significant increase
in farmland utilization which could lead to improved exportation of
rice crops," Mr. Sokol added.
CS First Boston, Bear, Stearns & Co. Inc., and Lehman Brothers were
the initial purchasers of the CWEC debt securities, and their
international affiliates were the managers of the Euro-note
offering. The CWEC debt securities have not been registered under
the Securities Act of 1933 and may not be offered or sold in the
United States or to U.S. persons, except to certain qualified
institutional buyers and to certain persons in offshore
transactions in reliance on applicable exemptions under the
Securities Act of 1933.
California Energy Company, Inc., a leading independent power
producer, is an international developer, owner and operator of
environmentally responsible power generation facilities. Its
thirteen operating facilities produce 575 net MW of power, with 690
net MW under construction and in excess of 1,400 MW currently under
award or contract.
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