US Power Generating Company has just filed to come public via an initial public offering. The wholesale power generation company in New York filed to sell up to $500 million in stock in the IPO, although no share count was offered nor were any price ranges.
The company will take the proposed ticker "UPR"on the NYSE. Underwriters are as follows:
- Credit Suisse
- Goldman, Sachs & Co.
- Merrill Lynch & Co.
- Morgan Stanley
If you have been in the New York boroughs or in parts of Massachusettsyou have likely seen their power generation facilities as you driveby. The company generated $1.1827 Billion in revenues in 2007 and thefirst quarter of 2008 brought in $489.3 million in revenues.
Net proceeds from the IPO are earmarked for capital expenditures, torepay debt, and the for traditional "other general corporate purposes."
Jon C. Ogg
August 12, 2008
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