Securities and Exchange Commission
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 to 15(d) of the
Securities Exchange Act 1934
Date of Report July 25, 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
(Former name or former address, if changed since last report)
Item 5. Other Events
On July 25, 1995, the Registrant announced that it had completed an
offering of $200 million principal amount of its 9 7/8% Limited Recourse
Senior Secured Notes Due 2003. Additionally, the Registrant announced that
Salton Sea Funding Corporation, a wholly owned indirect subsidiary of the
Registrant, had concurrently completed a sale to institutional buyers of $475
million principal amount of Senior Secured Notes and Bonds, which are
nonrecourse to the Registrant. A copy of the press release is the Registrant is
set forth as Exhibit 1 hereto and is incorporated hereto by reference.
Item 7. Financial Statements and Exhibits
Exhibit 1 - Press Release dated July 25, 1995.
<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.
California Energy Company, Inc.
By: \s\ Douglas L. Anderson
Douglas L. Anderson
Assistant Secretary
Dated: July 25, 1995<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.
California Energy Company, Inc.
By: ______________________________
Douglas L. Anderson
Assistant Secretary
Dated: July 25, 1995
FOR IMMEDIATE RELEASE
John G. Sylvia -- Senior Vice President, Chief Financial Officer 402-341-4500
Dale R. Schuster -- Vice President, Administration 402-341-4500
CALIFORNIA ENERGY AND SALTON SEA FUNDING
COMPLETE DEBT OFFERINGS
OMAHA, NEBRASKA, July 25, 1995 -- California Energy Company, Inc. (the
"Company") (NYSE, PSE and LSE symbol: CE) announced today that the Company
had completed an offering of $200 million principal amount of its 9 7/8%
Limited Recourse Senior Secured Notes due 2003. These Notes are limited
recourse obligations of the Company and are secured by the stock of Magma
Power Company.
In addition, the Company announced that Salton Sea Funding Corporation,
a wholly owned indirect subsidiary of the Company, (the "Funding Corporation"),
had concurrently completed a sale to institutional buyers of $475 million
principal amount of Senior Secured Notes and Bonds, which are nonrecourse to
the Company. The Funding Corporation debt securities were rated Baa3 by
Moody's and BBB- by Standard & Poor's and were offered in three tranches
bearing a weighted average interest rate of 7.14% and having a 15-year final
maturity.
Proceeds from the issuance of Funding Corporation debt securities will be
used both to partially fund a 40 MW expansion project at the Company's Salton
Sea project and, in combination with proceeds from the Company's issuance of
Limited Recourse Senior Secured Notes, to fully repay and refinance
indebtedness incurred by the Company in connection with its acquisition of
Magma Power Company in February, 1995 as well as Salton Sea project debt.
"With the completion of these offerings, we believe we have enhanced the
Company's consolidated capital structure, and as a result, we believe we will
recognize further benefits from the acquisition of Magma Power Company" said
David Sokol, California Energy's Chairman and Chief Executive Officer.
CS First Boston was the underwriter for the Company's Limited Recourse
Senior Secured Notes and CS First Boston and Lehman Brothers were the initial
purchasers of the Funding Corporation debt securities. The Funding Corporation
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 institutional buyers and accredited investors and to certain persons in
offshore transactions in reliance on applicable exemptions under the Securities
Act of 1933.
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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