Infrastructure
IPO Withdrawal: US Power Generating Company
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We covered an IPO Filing back in August for a company called US Power Generating Company. The company is a wholesale power generation company in New York which had filed to sell up to $500 million in stock via an initial public offering. You can guess why we are referring to this in the past tense.
The company fileda registration withdrawal with the SEC since it no longer intends to sellthe Common Stock included in its past filing. It won’t be too hard toguess the reason: due to market conditions.
The company said that no sales have been made or will be made underthat prior registration, but did not say that it may undertake a subsequentprivate offering in reliance on Securities Act Rule 155(c).
The company was slated to trade with the ticker "UPR" on the New York Stock Exchange and the original underwriters listed in the filing were Credit Suisse, Goldman Sachs, Merrill Lynch, and Morgan Stanley.
Jon C. Ogg
November 25, 2008
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