Public Service Enterprise Group to Streamline SEC Filings
January 28 2008 - 1:21PM
PR Newswire (US)
NEWARK, N.J., Jan. 28 /PRNewswire-FirstCall/ -- Public Service
Enterprise Group (PEG) announced that its subsidiary company, PSEG
Energy Holdings L.L.C., has filed notice today with the Securities
and Exchange Commission (SEC) its intent to suspend filing certain
financial reports with the SEC, consistent with federal securities
law. Energy Holdings is eligible to suspend its reporting
obligations under the Securities and Exchange Act of 1934 (Exchange
Act) as it has fewer than 300 holders for any class of its
securities. Energy Holdings filed a Form 15 with the SEC to
terminate its registration and suspend reporting obligations under
the Exchange Act. Form 15 is effective upon filing without the need
for further action by the SEC. Thomas M. O'Flynn, president and
chief operating officer of Energy Holdings, said "Energy Holdings
has substantially restructured its balance sheet. Following the
January 2008 redemptions of $400 million of 10% debt scheduled to
mature in 2009 and the February 2008 maturity of $207.2 million of
its 8.625% Senior Notes, the only issue of debt securities that
Energy Holdings will have outstanding is $530 million of its 8.50%
Senior Notes due 2011." Mr. O'Flynn noted that "deregistration of
Energy Holdings and suspension of its reporting obligations allows
us to streamline our financial reporting and avoid additional
expenses related to this subsidiary. For holders of the remaining
outstanding debt issue, we plan to post regular financial reports
for Energy Holdings, including annual audited financial statements,
to our website (http://www.pseg.com/), and to maintain credit
ratings with no plans to change Energy Holdings' credit profile.
Lastly, all information related to Energy Holdings that is material
to PSEG will be disclosed as part of Public Service Enterprise
Group's quarterly and annual reports on Forms 10Q and 10K."
FORWARD-LOOKING STATEMENT Readers are cautioned that statements
contained in this press release about our and our subsidiaries'
future performance, including future revenues, earnings,
strategies, prospects and all other statements that are not purely
historical, are forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform
Act of 1995. Although we believe that our expectations are based on
reasonable assumptions, we can give no assurance they will be
achieved. The results or events predicted in these statements may
differ materially from actual results or events. Factors which
could cause results or events to differ from current expectations
include, among other things: the effects of weather; the
performance of generating units and transmission systems; the
availability and prices for oil, gas, coal, nuclear fuel, capacity
and electricity; changes in the markets for electricity and other
energy-related commodities; changes in the number of participants
and the risk profile of such participants in the energy marketing
and trading business; the effectiveness of our risk management and
internal controls systems; the effects of regulatory decisions and
changes in law; changes in competition in the markets we serve; the
ability to recover regulatory assets and other potential stranded
costs; the outcomes of litigation and regulatory proceedings or
inquiries; the timing and success of efforts to develop generation,
transmission and distribution projects; continued market based rate
authority, including any necessary mitigation; environmental
regulations and responses to global climate change; ability to
realize tax benefits and favorably resolve tax audit claims;
conditions of the capital markets and equity markets; advances in
technology; changes in accounting standards; changes in interest
rates and in financial and foreign currency markets generally; the
economic and political climate and growth in the areas in which we
conduct our activities; and changes in corporate strategies. For
further information, please refer to our Annual Report on Form 10-K
and subsequent reports on Form 10-Q and Form 8-K filed with the
Securities and Exchange Commission. These documents address in
further detail our business, industry issues and other factors that
could cause actual results to differ materially from those
indicated in this release. In addition, any forward-looking
statements included herein represent our estimates only as of today
and should not be relied upon as representing our estimates as of
any subsequent date. While we may elect to update forward-looking
statements from time to time, we specifically disclaim any
obligation to do so, even if our estimates change, unless otherwise
required by applicable securities laws. DATASOURCE: Public Service
Enterprise Group (PSEG) CONTACT: Denise Denk of Public Service
Enterprise Group (PSEG), +1-973-430-6336 Web site:
http://www.pseg.com/
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