EDITORS: Please do not use
"Pacific Gas and Electric" or "PG&E" when
referring to PG&E Corporation or its National Energy Group.
The PG&E National Energy Group is not the same company as Pacific
Gas and Electric Company, the utility, and is not regulated by the
California Public Utilities Commission. Customers of Pacific Gas
and Electric Company do not have to buy products or services from
the National Energy Group in order to continue to receive quality
regulated services from Pacific Gas and Electric Company.
ENERGY GROUP RECEIVES EXTENSION FOR RENEWAL OF CREDIT FACILITY
BETHESDA, Md. - PG&E National
Energy Group, a unit of PG&E Corporation (NYSE: PCG), today announced
that a syndicate of 16 lenders extended the maturity date of a revolving
credit facility from Aug. 22 to Oct. 21, 2002.
Terms and conditions include
reducing the size of the facility to $500 million and freezing the
facility at its current outstanding levels of debt, which is $431
million. The agreement also limits another $500 million two-year
facility to its current outstanding debt level of $279 million
"We're pleased with the
lenders' agreement to extend the renewal date so that we can continue
working together to renew the credit facility for the long term,"
said John Cooper, PG&E National Energy Group's senior vice president
of finance. "We look forward to making progress in the weeks ahead."
The period between now and
Oct. 21, 2002, will be spent pursuing the debt restructuring effort
now underway at PG&E National Energy Group. Options include, but
are not limited to, sales of assets and businesses, debt restructuring
and reorganization of existing operations.
The administrative agent
for the 16-bank syndicate is JP Morgan Chase Bank.
Headquartered in Bethesda,
Md., PG&E National Energy Group develops, builds, owns and operates
electric generating and natural gas pipeline facilities and provides
energy trading, marketing and risk-management services.