Edison Mission Energy to repay $800 million bridge loan at subsidiary

By Sara Rosenberg

New York, July 30 - Edison Mission Energy plans to repay an $800 million bridge loan at its direct subsidiary, Mission Energy Holdings International Inc., with a portion of the proceeds from the sale of its remaining international power generation portfolio, the sale of its Contact Energy Ltd. to Origin Energy Ltd. for about $750 million and tax benefits from the decommissioning of the Collins Power Station in Illinois.

The international power generation portfolio is being sold to International Power plc and Mitsui & Co. Ltd. for $2.3 billion, or a net purchase price of $2.2 billion after adjustments. Closing on the sale is expected to take place in the fourth quarter and is subject to approval by International Power's shareholders and a number of regulatory approvals and project-level consents.

Lehman Brothers and Credit Suisse First Boston are acting as financial advisers to Edison Mission on the sale of its international assets.

Edison Mission Energy is an Irvine, Calif., non-utility energy company.

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