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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 28, 1996
MidAmerican Energy Company.
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(Exact name of registrant as specified in its charter)
Iowa 1-11505 42-1425214
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
666 Grand Avenue, P. O. Box 657, Des Moines, Iowa 50303
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 515/242-4300
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Item 5 Other Events.
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On May 28, 1996, MidAmerican Energy Company ("MidAmerican"), announced the
restructuring of one of its wholly-owned nonregulated subsidiaries and a plan
for an initial public offering of common stock in the newly-restructured
company. The subsidiary, InterCoast Energy Company ("InterCoast"), filed a
registration statement with the Securities and Exchange Commission related to
its initial public offering.
A copy of MidAmerican's press release with respect to the restructuring and
initial public offering is attached as an exhibit to this report.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
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1. Press Release of MidAmerican Energy Company dated May 28, 1996.
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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 thereunto duly authorized.
MIDAMERICAN ENERGY COMPANY
/s/ Paul J. Leighton
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Paul J. Leighton
Vice President and Corporate Secretary
May 28, 1996
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MidAmerican Energy Company today announced a restructuring of one of its
wholly owned nonregulated subsidiaries, InterCoast Energy Company, and a plan
for an initial public offering of common stock in the newly restructured
InterCoast. InterCoast filed a registration statement Friday, May 24 with the
Securities and Exchange Commission for its initial public offering. Under the
restructuring, InterCoast Energy Company has changed its name to MidAmerican
Capital Company and formed a new subsidiary named InterCoast Energy Company.
Under the restructured organization, InterCoast will have these wholly owned
subsidiaries:
InterCoast Oil and Gas Company, formerly named Medallion Production Company,
headquartered in Tulsa, Oklahoma, which is engaged in the development,
exploration, acquisition and production of natural gas and crude oil.
InterCoast Gas Services Company, a natural gas marketing business.
InterCoast Power Marketing Company, which has wholesale electric power
marketing and brokering operations.
Continental Power Exchange, Inc., headquartered in Atlanta, Georgia, which
developed and operates CPEX TM, the first market-based national electronic
exchange for buying and selling of wholesale electric power and transmission
services.
MidAmerican Capital will retain the marketable securities, passive investments,
rail service businesses and AmGas, a retail nonregulated gas business.
The InterCoast offering will involve up to 7,072,500 shares of newly issued
common stock, which will represent approximately 47 percent of the outstanding
shares of common stock after the completion of the offering. The offering does
not include any InterCoast shares of common stock owned by MidAmerican Energy
Company. PaineWebber Inc. and Merrill Lynch & Co. will act as managing
underwriters.
MidAmerican Energy Company, Iowa's largest utility, serves 635,000 electric and
600,000 natural gas customers in Iowa, Illinois, Nebraska and South Dakota.
MidAmerican's common stock is traded on the New York Stock Exchange under the
symbol: MEC. Corporate headquarters are in Des Moines, Iowa. MidAmerican has
assets of $4.5 billion and revenues of $1.8 billion.
A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers be accepted prior to the time the
registration statement becomes effective. This press 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 laws of any such state. A copy of the preliminary
prospectus may be obtained from Sue Rozema, MidAmerican Energy Company, P.O. Box
9244, Des Moines, IA 50306-9244.
