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 December 16, 1997
(Date of earliest event reported)
CalEnergy 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 December 16, 1997, the Registrant announced that it had
closed the sale of $125 million of its 6.853% Senior Notes due
2004, $237 million of its 6.995% Senior Notes due 2007 and pounds 200
million of its 7.25% Sterling Bonds due 2022. A press release
issued by the Registrant is attached hereto as Exhibit 1 and is
incorporated herein by reference.
IItem 7. Financial Statements and Exhibits
Exhibit 1 - Press Release dated December 16, 1997
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.
CalEnergy Company, Inc.
By: \s\ Douglas L. Anderson
Douglas L. Anderson
Assistant Secretary and
Assistant General Counsel
Dated: December 16, 1997
FOR IMMEDIATE RELEASE Exhibit 1
Craig M. Hammett - Vice President, Chief Financial Officer 402-341-4500
CalEnergy Announces Closing of CE Electric UK Funding Co.
$362 Million Senior Note Offering and
Pounds 200 Million Sterling Bond Offering
OMAHA, NEBRASKA, December 16, 1997 --- CalEnergy
Company, Inc. ("CalEnergy" or the "Company") (NYSE, PCX and
LSE Symbol: CE) announced today that CE Electric UK Funding
Company, an indirect subsidiary of the Company (the "Funding
Company"), closed the sale of $125 million of its 6.853%
Senior Notes due 2004, and $237 million of its 6.995% Senior
Notes due 2007 (collectively, the "Senior Notes"), and pounds 200
million of its 7.25% Sterling Bonds due 2022 (which are
guaranteed as to scheduled payments of principal and
interest pursuant to a financial guarantee insurance policy
issued by AMBAC Insurance UK Limited). The Senior Notes
were rated BBB+, Baa1 and A- by Standard & Poor's, Moody's
and Duff & Phelps, respectively. The Sterling Bonds were
rated AAA and Aaa by Standard & Poor's and Moody's,
respectively.
The Funding Company will use the net proceeds from the
$362 million Senior Note offering, together with the net
proceeds from the pounds 200 million Sterling Bond offering, to
refinance in full the term loans incurred by its wholly-
owned subsidiary, CE Electric UK Holdings, to finance the
acquisition of Northern Electric plc and for other general
corporate purposes.
Craig Hammett, Vice President and Chief Financial
Officer, stated, "The closing of this refinancing and the
assignment of investment grading ratings for CE Electric UK
Funding enhances the Company's overall capital structure and
reflects the recognition of the credit quality of the
Company's U.K. assets and cash flows."
CalEnergy, which manages and owns interests in over
5,000 net MW of power generation facilities in operation,
construction and development worldwide, currently operates
20 generating facilities and also supplies and distributes
electricity to 1.5 million customers.
www.calenergy.com
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