Public Service Enterprise Group to Streamline SEC Filings
Public Service Enterprise Group (PEG) announced that its subsidiary company, PSEG Energy Holdings L.L.C., has filed notice today with the Securities and Exchange Commission (SEC) its intent to suspend filing certain financial reports with the SEC, consistent with federal securities law.
Energy Holdings is eligible to suspend its reporting obligations under the Securities and Exchange Act of 1934 (Exchange Act) as it has fewer than 300 holders for any class of its securities. Energy Holdings filed a Form 15 with the SEC to terminate its registration and suspend reporting obligations under the Exchange Act. Form 15 is effective upon filing without the need for further action by the SEC.
Thomas M. O’Flynn, president and chief operating officer of Energy Holdings, said “Energy Holdings has substantially restructured its balance sheet. Following the January 2008 redemptions of $400 million of 10% debt scheduled to mature in 2009 and the February 2008 maturity of $207.2 million of its 8.625% Senior Notes, the only issue of debt securities that Energy Holdings will have outstanding is $530 million of its 8.50% Senior Notes due 2011.”
Mr. O’Flynn noted that “deregistration of Energy Holdings and suspension of its reporting obligations allows us to streamline our financial reporting and avoid additional expenses related to this subsidiary. For holders of the remaining outstanding debt issue, we plan to post regular financial reports for Energy Holdings, including annual audited financial statements, to our website (www.pseg.com), and to maintain credit ratings with no plans to change Energy Holdings’ credit profile. Lastly, all information related to Energy Holdings that is material to PSEG will be disclosed as part of Public Service Enterprise Group’s quarterly and annual reports on Forms 10Q and 10K.”
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