Summary
This 8-K/A filing from Xcel Energy Inc. (XEL) on November 14, 2002, is an amendment to a previous report concerning a private placement of $100 million in 8% senior convertible debt securities to institutional investors. The primary purpose of this debt issuance was to repay a 364-day line of credit that matured on November 8, 2002, thereby strengthening the company's short-term liquidity position. The filing also notes that the securities purchase agreement allows for potential additional financings of up to $250 million. This amendment specifically refiles the securities purchase agreement due to certain technical corrections, emphasizing the ongoing efforts by Xcel Energy to manage its debt obligations and maintain financial flexibility amidst evolving market conditions.
Key Highlights
- 1Xcel Energy secured $100 million in 8% senior convertible debt through a private placement with institutional investors.
- 2The proceeds were used to pay down a 364-day line of credit that matured on November 8, 2002.
- 3The securities purchase agreement includes provisions for potential future financings of up to $250 million.
- 4This filing is an amendment (8-K/A) to correct technical aspects of the previously filed securities purchase agreement.
- 5The convertible debt can be converted into Xcel Energy common stock.
- 6The filing was signed by Richard C. Kelly, Vice President and Chief Financial Officer.