NiSource completes sale of Primary Energy assets

MERRILLVILLE, Ind., Nov. 4, 2003 — NiSource Inc. has closed the previously announced sale of all of the steel-related, inside-the-fence assets of its subsidiary Primary Energy, Inc., to Private Power, LLC, a privately held power development firm backed by American Securities Capital Partners, LLC (ASCP), a New York private equity investment firm.

With this sale, NiSource will reduce its debt by approximately $273.6 million through after-tax cash proceeds of $83.8 million, plus the buyer’s assumption of $122.5 million of on-balance-sheet debt and $67.3 million of off-balance-sheet debt.

“The sale of these Primary Energy assets completes our major divestitures of non-core assets, consistent with NiSource’s strategy to focus on our regulated utility and pipeline assets,” said Gary L. Neale, NiSource chairman, president and chief executive officer. “Our regulated assets now generate nearly 100 percent of our operating income.”

About NiSource

NiSource Inc. is a Fortune 500 holding company with headquarters in Merrillville, Ind., whose core operating companies engage in natural gas transmission, storage and distribution, as well as electric generation, transmission and distribution. NiSource operating companies deliver energy to 3.7 million customers located within the high-demand energy corridor stretching from the Gulf Coast through the Midwest to New England. Information about NiSource and its subsidiaries is available via the Internet at .

Previous articleSempra Energy Trading reaches $7.2 million settlement on Western market issues
Next articleNew program helps Dresser-Rand clients increase equipment availability and reliability
The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at

No posts to display