The company’s $300 million of 7 percent notes due April 15, 2018, climbed 17.8 cents to 73 cents on the dollar to yield 14.7 percent at 10:46 a.m. in New York, according to Trace, the bond- price reporting system of the Financial Industry Regulatory Authority. That’s the highest since the securities reached 78.3 cents on Jan. 3.
Dynegy will pay no cash in the transaction and Ameren will spend at least $133 million to buy back three natural gas-fueled plants from the unit it’s selling, the companies said in separate statements today. The subsidiary will come with $825 million of non-recourse debt and includes Ameren’s retail and marketing assets in the state.
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