NATIONAL ENERGY GROUP RECEIVES EXTENSION FOR RENEWAL OF CREDIT FACILITY
BETHESDA, Md. – PG&E National Energy Group, Inc. today
announced that a syndicate of 16 lenders extended the maturity date
of its revolving credit facility from Oct. 21, 2002 to Nov. 14,
2002. PG&E National Energy Group, Inc. is a wholly owned subsidiary
PG&E Corporation (NYSE: PCG).
Terms and conditions include reducing the lenders’ commitments
under the 364-day part of the facility and a two-year part of the
facility to the amounts outstanding, precluding PG&E National
Energy Group from making any payment for certain projects under
construction, and changing the interest payment schedule from quarterly
As previously reported in filings with the U.S. Securities and
Exchange Commission, PG&E National Energy Group continues to
explore options to raise cash and reduce the company’s indebtedness
and ongoing guarantee and working capital requirements. These options
include, but are not limited to, sales of assets and businesses,
debt restructuring and reorganization of existing assets.
This is the second extension for the company. The original maturity
date was Aug. 22, 2002. The administrative agent for the 16-bank
syndicate is J.P. 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