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 September 17, 1998
(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)
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Item 5. Other Events
On September 17, 1998, the Registrant announced that it has
arranged for the sale of $1.4 billion aggregate principal amount of
its Senior Notes and Bonds. The Senior Notes and Bonds are subject
to optional redemption at any time at par plus payment of a make-
whole premium.
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. 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 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 September 17, 1998
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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: September 17, 1998
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EXHIBIT 1
FOR IMMEDIATE RELEASE
Craig M. Hammett - Senior Vice President, Chief Financial Officer 402-341-4500
Craig S. Allen - Manager, Investor Relations 402-341-4500
Patti J. McAtee - Director, Corporate Communications 402-341-4500
Kate Inverarity - Brunswick 212-333-3810
CalEnergy Announces $1.4 Billion Senior Note and Bond Offering
OMAHA, NEBRASKA, September 17, 1998 -- CalEnergy Company, Inc.
("CalEnergy" or the "Company") (NYSE: CE; PCX and LSE) announced
today that it has arranged for the sale of $1.4 billion aggregate
principal amount of its Senior Notes and Bonds having the following
interest rates, principal amounts and maturities: $215 million of
its 6.96% Senior Notes due 2003, $260 million of its 7.23% Senior
Notes due 2005, $450 million of its 7.52% Senior Notes due 2008 and
$475 million of its 8.48% Senior Bonds due 2028. The Senior Notes
and Bonds are subject to optional redemption at any time at par
plus payment of a make-whole premium.
Approximately $830 million in net proceeds of the Senior Note
and Bond Offering, together with approximately $600 million in net
proceeds from an expected equity offering later this year and
approximately $740 million in net proceeds from an expected non-
recourse financing later this year are expected to be used to fund
the proposed MidAmerican merger. Approximately $543 million of the
net proceeds of the Senior Note and Bond Offering is expected to be
used to refinance the Company's outstanding 10 1/4 % Senior
Discount Notes, which become callable on
January 15, 1999.
Credit Suisse First Boston Corporation, Lehman Brothers Inc.
and Goldman, Sachs & Co. are managers of the Senior Note and Bond
Offering.
A prospectus relating to these securities may be obtained from
Credit Suisse First Boston,
11 Madison Avenue, New York, New York 10010-3629, (212) 325-2000.
This release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities law of any such state.
CalEnergy is a global energy company that manages and owns
interests in over 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 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
4,200 people worldwide. For the year ended December 31, 1997,
CalEnergy generated revenues of over $2.2 billion and had assets of
approximately $7.5 billion.
www.calenergy.com
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