J.P. MORGAN, LOOP TO SERVE AS BROKERS IN POTENTIAL SALE OF PGW

     (The following press release from the City of Philadelphia was received by 
e-mail and was reformatted. The sender verified the statement.) 
City of Philadelphia 
MAYOR'S OFFICE OF COMMUNICATIONS 
Michael A. Nutter, Mayor 
Wednesday, April 24, 2013                                                    
FOR IMMEDIATE RELEASE 
THE CITY OF PHILADELPHIA NAMES J.P. MORGAN AND LOOP CAPITAL MARKETS TO SERVE AS 
BROKERS IN POTENTIAL SALE OF PGW 
Announcement marks significant step in process of selling City-owned utility. 
Philadelphia, April 24, 2013 -Mayor Michael A. Nutter and Philadelphia Gas 
Works CEO Craig White announced that J.P. Morgan Securities and Loop Capital 
Markets will serve as the City's sales brokers for the potential sale of the 
Philadelphia Gas Works (PGW). 
The firms will manage the sale process toward a potential sale on a contingency 
fee basis, meaning they will be paid only if the sale of PGW is completed and 
approved by City Council and the Pennsylvania Public Utility Commission (PUC). 
"J.P. Morgan and Loop Capital Markets not only bring outstanding credentials to 
this assignment, both companies have demonstrated a strong commitment to the 
City of Philadelphia and PGW," said Mayor Nutter. "In the past, J.P. Morgan and 
Loop Capital have participated in bond financings that have enabled the City 
and PGW to fund capital investments and better serve residents and businesses. 
As I have said from the outset, the only sale outcome acceptable to me is one 
that benefits taxpayers and customers." 
The process of selecting a broker involved weighing factors such as knowledge 
of the utility sector, mergers and acquisition experience, including 
successfully completing utility sales, and track records representing 
Philadelphia and other cities in public finance. The team of J.P. Morgan and 
Loop Capital stood out on all of these factors. 
J.P. Morgan is a leader in municipal finance and utility transaction advisory 
work.  Since 2000, J.P. Morgan has advised on 15 gas utility transactions 
representing over $20 billion of transaction value. The company is a leading 
advisor in global and U.S. mergers and acquisitions. J.P. Morgan has supported 
small businesses throughout Pennsylvania, extending $124 million in credit to 
these businesses and raising more than $852 million in financing for 
Pennsylvania governments and non-profit organizations in 2012. 
Loop Capital is a minority-owned investment banking firm and leader in public 
finance.  It is an active advisor on mergers and acquisitions, public private 
partnerships and financings for public and investor owned companies in the 
Infrastructure, Power, Utility, Energy sectors.  Since its inception in 1997, 
Loop Capital has co-senior managed or co-managed more than $6.4 billion in 
municipal bond financings for the City. 
Both firms maintain corporate offices in Philadelphia. 
"We are proud to have been selected to serve with Loop Capital as brokers for 
this historic transaction. We anticipate robust interest from companies wanting 
to buy PGW and we intend to use our knowledge, skill and experience to attract 
a compelling offer that meets the objectives of the City and its constituents" 
said Paul Dabbar, Managing Director in J.P. Morgan's Global Mergers & 
Acquisitions Group, who will lead the broker team. 
"Mayor Nutter has been specific about his commitment to the citizens of 
Philadelphia to consummate a sale only if it benefits the City. Our sales 
process will be designed to first maximize interest from qualified and suitable 
potential buyers and then to present the City with an offer that meets all 
objectives," said Thomas R. Rosén and Derek McNeil, Managing Directors of Loop 
Capital. 
Over the next several months, the brokers will identify and solicit qualified 
bidders, review responses from those bidders and provide analysis and guidance 
on the bids to the City and PGW.   Based on a preliminary analysis by its 
financial advisor in the transaction, Lazard, the City believes it can obtain 
bids well in excess of PGW's outstanding bonds and other liabilities while 
reducing future risk to the City's General Fund, bringing benefits to both 
taxpayers and customers. 
"Finalizing the selection of a broker is another planned step in this process," 
said Craig White, President and CEO of Philadelphia Gas Works. "We look forward 
to J. P. Morgan and Loop Capital completing their work in a timely fashion." 
Philadelphia is one of only two major cities in the U.S. that still own their 
gas companies. San Antonio is the other. 
Founded in 1836, PGW is the nation's largest municipally-owned gas utility, 
serving more than 500,000 residential, commercial and industrial customers. 
Read more about the sales process at 
www.exploringasale.com<http://www.exploringasale.com>. 
Mark McDonald, Press Secretary
Office: 215-686-6210
Cell: 267-303-9248 
(kgt)NY 
 
 
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