Vectren Corporation has added a news release to its Investor Relations website. Title: Vectren Corporation Settles Equity Forward Agreement
Date: 6/27/2008 5:00:00 PM
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EVANSVILLE, Ind., June 27 /PRNewswire-FirstCall/ -- Vectren Corporation
(NYSE: VVC) announced today that it has exercised its rights under a forward
sale agreement with an affiliate of J. P. Morgan Securities Inc. that was
entered into in February 2007 as part of its public offering of 4.6 million
shares of common stock at $28.33. Under terms of the agreement, an affiliate
of J. P. Morgan Securities Inc., as the forward seller, borrowed and sold in
the public offering 4.6 million shares of Vectren's common stock. Vectren had
the right to elect physical or cash settlement within approximately two years
of the date of the agreement.
The forward sale agreement was physically settled at approximately $27.14
per share (net proceeds per share after underwriter's fees and other
adjustments), for aggregate net proceeds of approximately $124.9 million.
Vectren will transfer substantially all of the net proceeds to Vectren Utility
Holdings, Inc. (VUHI), a wholly-owned subsidiary and intermediate holding
company for Vectren's three operating public utilities, which will use the
proceeds to repay short-term debt obligations incurred primarily to fund
VUHI's capital expenditure program. As of June 27, 2008, upon completion of
the physical settlement of this transaction, Vectren Corporation had
80,977,473 shares of its common stock outstanding.
About Vectren
Vectren Corporation (NYSE: VVC) is an energy holding company headquartered
in Evansville, IN. Vectren's energy delivery subsidiaries provide gas and/or
electricity to more than one million customers in adjoining service
territories that cover nearly two-thirds of Indiana and west central Ohio.
Vectren's nonutility subsidiaries and affiliates currently offer
energy-related products and services to customers throughout the Midwest and
Southeast. These include gas marketing and related services; coal production
and sales; and energy infrastructure services. To learn more about Vectren,
visit http://www.vectren.com .
Safe Harbor for Forward-Looking Statements
All statements other than statements of historical fact included in this
news release are forward-looking statements made in good faith by the company
and are intended to qualify for the safe harbor from liability established by
the Private Securities Litigation Reform Act of 1995. Such statements are
based on management's beliefs, as well as assumptions made by and information
currently available to management and include such words as "believe",
"anticipate", "endeavor", "estimate", "expect", "objective", "projection",
"forecast", "goal", and similar expressions intended to identify
forward-looking statements. Vectren cautions readers that the assumptions
forming the basis for forward-looking statements include many factors that are
beyond Vectren's ability to control or estimate precisely and actual results
could differ materially from those contained in this document.
More detailed information about these factors is set forth in Vectren's
and VUHI's filings with the Securities and Exchange Commission, including
their 2007 annual reports on Form 10-K. The companies undertake no obligation
to publicly update or revise any forward-looking statements, whether as a
result of changes in actual results, changes in assumptions, or other factors
affecting such statements.
SOURCE Vectren Corporation
-0- 06/27/2008
/CONTACT: Media, Chase Kelley, +1-812-491-4128, kckelley@vectren.com;
Investor Relations, Steve Schein, +1-812-491-4209, sschein@vectren.com, both
of Vectren Corporation/
/Web site: http://www.vectren.com /
(VVC)
CO: Vectren Corporation; Vectren Utility Holdings, Inc.; VUHI; J. P. Morgan
Securities Inc.
ST: Indiana, Ohio
IN: OIL UTI
SU:
JT-TC
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0123 06/27/2008 17:00 EDT http://www.prnewswire.com
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