Dyne Therapeutics (DYN) has priced its IPO of 12,251,578 common shares at $19.00/share, for expected gross proceeds of ~$233M.

Has anyone looked into the math behind the supposed synergies? Aren't most mergers money losing propositions? I would be interested to know how they arrived at these results

Investor Presentation (10/30/17)

https://s21.q4cdn.com/410616722/files/doc_presentations/2017/10/VST_DYN_Investor-Presentation_10-30-17.pdf

Vistra Energy And Dynegy To Combine To Create Leading Integrated Power Company (10/30/17)


- Nearly $4 Billion in Equity Value Projected to be Created via Expected EBITDA, Free Cash Flow and Tax Synergies, and Operational Improvements

- Combination Projected to Maintain Industry-Leading Strong Balance Sheet with Substantial Liquidity

- More Than $5 Billion in Excess Capital Projected to Be Available for Capital Allocation Through 2022 with an Emphasis on Achieving 3 Times Gross Debt to EBITDA by Year-End 2019

- Combined Business Expected to Benefit from Earnings, Fuel, Market, and Geographic Diversification with Approximately 50 Percent of Gross Margin Projected from Capacity Payments and Retail

- Projected to Have Lowest Cost Structure in Industry with Benefits of Significant Economies of Scale and Best-in-Class Power Plant Operations

- Integrated Power Company with a Leading Position in ERCOT, PJM and ISO-NE; 40 Gigawatts (GW) of Installed Capacity with an Estimated 180 Terawatt Hours (TWhs) of Electricity Generated and Approximately 2.9 Million Retail Customers with an Estimated 75 TWh Hours of Load Served

- Dynegy's Leading CCGT Generation Fleet Provides Platform to Expand Vistra Energy's Premier Integrated ERCOT Model to the Midwest and Northeast

- Vistra Energy and Dynegy to Host Conference Call at 8:30 am ET Today

IRVING, Texas and HOUSTON, Oct. 30, 2017 /PRNewswire/ -- Vistra Energy (NYSE: VST), the parent company for TXU Energy and Luminant, and Dynegy Inc. (NYSE: DYN) today announced that their Boards of Directors have approved, and the companies have executed, a definitive merger agreement pursuant to which Dynegy will merge with and into Vistra Energy in a tax-free, all-stock transaction, creating the leading integrated power company across the key competitive power markets in the United States. The resulting company is projected to have a combined market capitalization in excess of $10 billion and a combined enterprise value greater than $20 billion.

Under the terms of the agreement, Dynegy shareholders will receive 0.652 shares of Vistra Energy common stock for each share of Dynegy common stock they own, resulting in Vistra Energy and Dynegy shareholders owning approximately 79 percent and 21 percent, respectively, of the combined company. Based on Vistra Energy's closing share price of $20.30 on October 27, 2017 and the aforementioned exchange ratio, Dynegy shareholders would receive $13.24 per Dynegy share. Through the all-stock transaction, both Vistra Energy and Dynegy shareholders are expected to benefit from an estimated $350 million in projected annual run-rate EBITDA value levers, additional annual free cash flow value levers of approximately $65 million (after tax), and approximately $500-600 million in projected net present value benefit from tax synergies.

The combination of Dynegy's generation capacity and existing retail footprint with Vistra Energy's integrated ERCOT model is expected to create the lowest-cost integrated power company in the industry and to position the combined company as the leading integrated retail and generation platform throughout key competitive power markets in the U.S. Together with Dynegy, Vistra Energy will serve approximately 240,000 commercial and industrial (C&I) customers and 2.7 million residential customers in five top retail states, with estimated retail sales of 75 terawatt (TWh) hours in 2018. The combined company will also own approximately 40 GW of installed generation capacity. Of that capacity, more than 60 percent is natural gas-fueled, and 84 percent is in the ERCOT, PJM, and ISO-NE competitive power markets.

Vistra Energy President and Chief Executive Officer Curt Morgan said, "This combination represents a transformative opportunity to create the leading integrated power company in the United States. Combining Vistra Energy's leading retail and commercial operations with Dynegy's leading CCGT fleet and geographically diverse portfolio is expected to create a company with significant earnings diversification and scale. The resulting combined enterprise is projected to have the lowest-cost structure in the industry and will benefit from weather and market diversification that, when combined with Vistra Energy's balance sheet strength, will provide a platform for future growth. The result will be a leading integrated power company with significant scale in the key U.S. competitive markets. We look forward to building on Vistra Energy and Dynegy's highly attractive business mix and asset quality to deliver enhanced value to current shareholders of both companies and attract and retain new investors on a long-term, sustainable basis."

Dynegy President and Chief Executive Officer Bob Flexon stated, "Our combination with Vistra Energy accelerates Dynegy's strategic initiatives of strengthening our balance sheet while creating the preeminent integrated power company. Vistra Energy's strength in retail combined with Dynegy's infrastructure and generation capabilities will provide an unmatched, highly efficient integrated business in key competitive markets. The premium offered to Dynegy shareholders reflects the quality of our generation assets and the retail business we have built over the past five years. In addition, with the all-stock transaction, shareholders of both companies will benefit from the significant projected synergies and financial flexibility enabled by the combined company's strong balance sheet and cash flow profile. We at Dynegy are proud of what we have accomplished, and we look forward to this exciting next step in the company's evolution."

Projected Strategic and Financial Benefits of the Combination

•Creates Leading Integrated Retail and Generation Platform: The combined company will have approximately 40 gigawatts (GW) of high-quality, low-cost, environmentally compliant power generation assets concentrated in ERCOT, PJM, and ISO-NE, the most desirable competitive markets in the U.S. Complementing the 12-state generation portfolio is a combined retail platform serving more than 2.9 million retail customers with an estimated 75 TWhs of electricity sales in 2018. The combined company's premier wholesale generation portfolio will serve as a platform for accelerated growth of this retail business. Approximately half of the combined company's gross margin is projected to be derived from capacity revenues and retail margin.

•Significant Value Creation Opportunity Projected to Total Nearly $4 Billion: The combined company is projected to achieve approximately $350 million in annual run-rate EBITDA value levers by streamlining general and administrative costs, implementing fleet-wide best-in-class operating practices, driving procurement efficiencies, and eliminating other duplicative costs. Vistra Energy estimates the full run-rate of EBITDA value levers will be achieved in approximately 12 months of closing. In addition, the combined company is expected to benefit from approximately $65 million (after tax) of incremental annual run-rate free cash flow benefits from balance sheet and capital expenditure efficiencies. Finally, the combined company is expected to benefit from the utilization of approximately $2.0-2.5 billion of legacy Dynegy Net Operating Losses (NOLs) with an estimated net present value of approximately $500-600 million.

•Strong Financial Profile: The combined company is expected to have a strong financial profile with projected proforma liquidity of approximately $3.9 billion as of April 30, 2018 and gross debt to EBITDA declining to the company's targeted 3 times by year-end 2019 (with net debt to EBITDA of 2.6 times by year-end 2019). With approximately $14 billion of adjusted EBITDA expected to be generated between 2018 and 2022, the combined company is projected to have approximately $5.5 billion in excess capital available for allocation toward balance sheet improvements (including any debt repayments required to achieve the company's 3 times gross debt to EBITDA target), growth investments, and other value accretive opportunities.

Management, Board of Directors and Headquarters

Following the close of the transaction, the combined company will be led by Curt Morgan as President and Chief Executive Officer. Bill Holden will serve as the Chief Financial Officer with Jim Burke as the Chief Operating Officer.

The Board of Directors is expected to have a total of 11 directors consisting of the current eight members of the Vistra Energy Board and three members from Dynegy's Board.

The Dynegy Board of Directors and Mr. Flexon have mutually agreed to extend his employment as permitted under the terms of his existing employment agreement for one year. Mr. Flexon will continue to serve as President and Chief Executive Officer of Dynegy through April 30, 2019 or the date the transaction closes, whichever comes first.

The combined company's headquarters will be in Irving, Texas. In addition, the combined entity has retail offices in Houston, Texas, Cincinnati, Ohio, and Collinsville, Illinois.

Conditions and Timing

The companies anticipate closing the transaction in the second quarter of 2018.

The transaction is subject to certain regulatory approvals, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and approval by the Federal Energy Regulatory Commission, the Federal Communications Commission, the Public Utility Commission of Texas, the New York Public Service Commission, and other customary closing conditions. The transaction is subject to approval by the shareholders of Vistra Energy and Dynegy. In addition, the transaction will not require any refinancing of Vistra Energy's or Dynegy's debt, but preserves flexibility for opportunistic refinancing at, or after, closing.

Advisors

Citi is serving as financial advisor, Credit Suisse is serving as capital markets advisor, and Simpson Thacher & Bartlett LLP is serving as legal advisor to Vistra Energy.

PJT Partners and Morgan Stanley are serving as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Dynegy.

Conference Call/Webcast

Vistra Energy and Dynegy will host a joint conference call to discuss the merger today at 8:30 am ET (7:30 am CT). The call will be webcast live at www.vistraenergy.com and www.dynegy.com. Alternatively, callers may dial (844) 579-6824 within the United States or (763) 488-9145 from outside the U.S. utilizing the Conference ID 3685219. It is recommended that participants call 20 minutes ahead of the scheduled start time.

Shortly before the conference call begins, slides will be posted under the investor relations sections of each company's website that will be referred to during the call.

A webcast replay and transcript of the call will be available approximately 24 hours following the call at www.vistraenergy.com and www.dynegy.com.

ABOUT DYNEGY

Throughout the Northeast, Mid-Atlantic, Midwest, and Texas, Dynegy operates 27,000 megawatts (MW) of power generating facilities capable of producing enough energy to supply more than 22 million American homes. With 17,000 MW fueled by natural gas and more than 9,000 MW fueled by coal, our plants can generate enough electricity to power more than 17 million homes. We generate power safely and responsibly for 1.2 million electricity customers who depend on that energy to grow and thrive.

ABOUT VISTRA ENERGY

Vistra Energy is a premier Texas-based energy company focused on the competitive energy and power generation markets through operation as the largest retailer and generator of electricity in the growing Texas market. Our integrated portfolio of competitive businesses consists primarily of TXU Energy and Luminant. TXU Energy sells retail electricity and value-added services (primarily through our market-leading TXU Energy™ brand) to approximately 1.7 million residential and business customers in Texas. Luminant generates and sells electricity and related products from our diverse fleet of generation facilities totaling approximately 18,000 MW of generation in Texas, including 2,300 MW fueled by nuclear power, 8,000 MW fueled by coal, and 7,500 MW fueled by natural gas, and is a large purchaser of renewable power including wind and solar-generated electricity. The company is currently developing one of the largest solar facilities in Texas by capacity.

https://www.prnewswire.com/news-releases/vistra-energy-and-dynegy-to-combine-to-create-leading-integrated-power-company-300545251.html

Large after hour t-trade dumping

DYN_WS warrants are dropping like a brick.

DYN moving back up

DYN ready for another run. Great day trading stock for me.

Something is making it run right now.

Rumor has it something big being announced next week!

Dynegy's stock soars after report of buyout approach; analyst suggests it could go a lot higher (5/19/17)

By Tomi Kilgore

Shares of Dynegy Inc. shot up 24% toward a three-month high in premarket trade Friday, after The Wall Street Journal reported that the power company was approached by rival Vistra Energy Corp. regarding a potential takeover. Analyst Ali Agha at SunTrust Robinson Humphrey said his analysis derives a $14-per-share net asset value for Dynegy, which would be 93% above Thursday's closing price of $7.26, and would give the company a market capitalization of about $1.84 billion. Agha Vistra buying Dynegy "would make strategic sense" because it would allow Vistra to diversify out of the Texas power market; Dynegy has a relatively small exposure in Texas, implying market power concerns would not be an issue; and because Vistra Chief Executive Curt Morgan used to work at Energy Capital Partners, which is Dynegy's largest shareholder. Dynegy's stock traded at $8.99 about 45 minutes before open, the highest level seen during regular session hours since Feb. 24. The stock had tumbled 14% year to date through Thursday, while Vistra shares had lost 4.5% and the S&P 500 has gained 5.7%.

http://www.marketwatch.com/story/dynegys-stock-soars-after-wsj-report-of-takeover-interest-2017-05-19

Dallas power co. reportedly interested in Dynegy takeover (5/19/17)

by Olivia Pulsinelli

Dallas-based Vistra Energy Corp. (NYSE: VST) reportedly has approached Houston-based Dynegy Inc. (NYSE: DYN) about a potential takeover.

People familiar with the matter told the Wall Street Journal the companies are in preliminary talks, so a deal is not guaranteed.

However, if a deal were to occur, it would create one of the largest independent power producers in the U.S., according to the WSJ.

Vistra Energy, the parent company of TXU Energy and Luminant, emerged from bankruptcy as a spin-off of Energy Future Holdings last year. That restructuring eliminated $33 billion of debt, and the company now has a market value of more than $6 billion and debt of more than $4.5 billion, the WSJ reports.

Dynegy emerged from its own bankruptcy in 2012 and has grown a lot since then, including the acquisition of assets in two multibillion-dollar deals with North Carolina-based Duke Energy Corp. (NYSE: DUK) and New Jersey-based Energy Capital Partners that closed in 2015.

In early February, Dynegy acquired Engie’s U.S. portfolio for $3.3 billion the same week a Dynegy subsidiary emerged from bankruptcy. Illinois Power Generating Co., or Genco, eliminated $825 million of unsecured bonds during its two-month restructuring. More recently, however, the company decided to reduce spending through 2018 and sell more North American power assets.

Meanwhile, CEO Bob Flexon was adamant in December that Dynegy was not for sale.

Dynegy ranks No. 34 on the Houston Business Journal's 2016 Largest Houston-based Public Companies List.

Separately, the WSJ reported last week that another Houston-based power company was interested in selling itself. A variety of private equity firms reportedly have expressed interest in Calpine Corp. (NYSE: CPN), which is working with investment bankers at Lazard Ltd. (NYSE: LAZ), per the WSJ. However, the process is in the early stages, and there’s no guarantee a deal will be reached.

http://www.bizjournals.com/houston/news/2017/05/19/dallas-power-co-reportedly-interested-in-dynegy.html

We need to break $6.79 and it should be a real runner.

Another good day in the forcast in my opinion

going in at 6.32

Double bottom in. Huge buying the last half hour yesterday. Also, the bid at 8:50 is the same as the close yesterday. In my opinion this is poised to go up. Dow futures are up. The price of crude is reversing and increasing. All good signs to be long again.

Let's hope for another strong day.

Analysts at Deutsche Bank upgraded Dynegy Inc.

DYN might try to fill in the gap and go to 10.5 maybe. After that I think its still sideways to down. It's midrange now so I expect shorts are watching the 7.0 area for a next leg down at this point.

However nothing is set in stone so to speak. If it can completely fill in and exceed the gap at 11 with confirmation, then perhaps a closely watched trade could be planned to use the previous resistance around 13.5 as a target.

So how I would view it is:
* if long and nervous get out in the gap area 9.7-10.5, or sooner
* if long and want to wait and see then stop out at the 7.6 area.
* If want to buy wait until it goes above the gap at 11 and probably safer to see what it does around 13.5.
* Let the stock demonstrate it is taking out the nearest resistances and making higher highs higher lows in an uptrend before committing to a position.
* Want the chart to "prove it to me" first, not try to anticipate and hope it goes where I want after any buy.
* If short let it prove it to me it is breaking the low at 7.6, or short now and use the top of the gap gap as resistance around 10.5 for a stop.

Any thoughts as to the stock price Monday morn.?

DYN bullish 17.72

Dynegy (DYN +5.5%) jumps more than 5% after setting targets to deliver an incremental $250M in EBITDA and another $400M in balance sheet improvements over three years.

DYN says the savings are part of an initiative which during 2011-15 will have produced more than $280M in EBITDA and $958M in balance sheet savings.

DYN’s $250M target for EBITDA improvement is 19% better than its June forecast, Deutsche Bank says.

Dynegy Announces First Quarter 2014 Results (5/07/14)

First Quarter 2014 Financial Highlights:

• $152 million in consolidated Adjusted EBITDA, an increase of Segments, 95% for Gas Segment.

• MISO capacity auction cleared 16 times higher than 2013 auction, reflecting tightening supply in MISO due to MATS-related plant retirements.

• Realized first quarter 2014 energy prices for the Coal Segment increased 172% compared to first quarter of 2013.

Recent Developments:

• Illinois Power Marketing (IPM) secured 240 MW of transmission capacity into PJM commencing with the 2017/2018 planning year at no incremental cost, bringing total IPH firm transmission $109 million compared to the first quarter 2013.

• $1,037 million in liquidity at Dynegy Inc. and $268 million at IPH at March 31, 2014.

• $166 million in Cash Flow from Operations.

• Maintained full-year 2014 Adjusted EBITDA guidance of $300-350 million and Free Cash Flow guidance of $10-60 million.

Operating and Commercial Highlights:

• Plant equivalent availability averaged 89% for Coal and IPH capacity into PJM to over 1,100 MW.

• 80 MW uprate at Kendall eligible for 2017/2018 PJM capacity auction.

• Entered into additional bilateral MISO capacity sales for various planning years at prices ranging from $2.00/kw-month to $2.50/kw-month since Company’s Investor Day on April 11, 2014.

HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (NYSE: DYN) reported first quarter 2014 consolidated Adjusted EBITDA of $152 million, compared to $43 million for the first quarter 2013. The $109 million increase in Adjusted EBITDA was primarily due to improved spark spreads in the Gas segment, improved energy prices for the Coal segment and the addition of the IPH segment. The Company’s operating income was $1 million for the first quarter 2014 compared to an operating loss of $115 million for the same period in 2013. The net loss attributable to Dynegy Inc. for the first quarter 2014 was $41 million, compared to a net loss of $142 million for the first quarter 2013.

“Strong operational performance and commercial execution throughout the first quarter allowed us to capitalize on the favorable market conditions which existed during the period,” said Dynegy President and Chief Executive Officer Robert C. Flexon. “In addition, the continuing trend of generation capacity retirements combined with dramatically lower natural gas inventory is driving forward capacity and energy prices higher in several of our key markets. We are seeing a sustained improvement in 2015 and 2016 forward energy prices and we continue to be successful in executing bilateral capacity transactions in MISO at average prices in excess of $2.00 per kw-month. Dynegy is well-positioned to benefit from improving market dynamics.”

Segment Review of Results Quarter-over-Quarter

Coal – The first quarter 2014 operating income was $9 million, compared to an operating loss of $80 million for the same period in 2013. Adjusted EBITDA totaled $42 million during the first quarter 2014 compared to $4 million during the same period in 2013 primarily due to higher realized prices during first quarter 2014 compared to first quarter 2013.

Gas – The first quarter 2014 operating income was $34 million, compared to an operating loss of $8 million for the same period in 2013. Adjusted EBITDA totaled $104 million during the first quarter 2014 compared to $61 million during the same period in 2013. The quarter-over-quarter increase in Adjusted EBITDA is due to higher generation and spark spreads primarily at Independence and Ontelaunee and higher ancillary services revenues across the Gas fleet, which more than offset a decline in tolling revenues at Moss Landing.

IPH – The first quarter 2014 operating loss was $16 million. Adjusted EBITDA totaled $30 million during the first quarter 2014 as the segment generated 6.7 million megawatt-hours, a meaningful portion of which was hedged through the segment’s retail business and other third parties.

Consolidated Cash Flow

Cash flow provided by operations for the first quarter 2014 was $166 million. During the period, our power generation business provided cash of $151 million, which was partially offset by acquisition and integration costs. Corporate activities used cash of approximately $31 million, which includes interest payments to service debt related to our Credit Agreement and Senior Notes, employee-related expenses and other general and administrative expenses. This use of cash was partially offset by $46 million in positive changes in working capital, net of $38 million of increased collateral postings.

Cash flow used in investing activities totaled $17 million for the quarter entirely for capital expenditures, including $4 million in maintenance capital expenditures, $8 million in environmental capital expenditures and $5 million in capitalized interest.

Cash flow provided by financing activities during the quarter was $4 million.

PRIDE Reloaded

Over the next three years, the Company is targeting $135 million in operating improvements and $165 million in balance sheet efficiencies from its PRIDE (Producing Results through Innovation by Dynegy Employees) Reloaded program. The Company has already identified and is implementing initiatives that are expected to meet its 2014 PRIDE Reloaded EBITDA improvement target of $60 million. The overall goal of the PRIDE Reloaded program remains improving operating performance, cost structure and the balance sheet to drive incremental cash flow benefits.

Recent Developments

Exporting energy and capacity from MISO to PJM for both the Coal Segment and IPH continues to be pursued. In connection with these efforts, IPM recently secured 240 MW of firm transmission into PJM. This incremental transmission capacity, effective for the 2017/2018 planning year, requires no capital investment and brings IPH’s firm import capacity into PJM to 1,140 MW.

The first phase of uprates at Kendall was partially completed during April. This uprate will increase the plant’s capacity by 40 MW and an additional 40 MW of uprates are scheduled for 2016. All 80 MW of this capacity is eligible to participate in the 2017/2018 PJM capacity auction.

Dynegy continues to enter into bilateral capacity transactions in MISO for future planning years at prices averaging more than $2.00 per kw-month.

2014 Guidance

As previously disclosed, Dynegy’s 2014 consolidated Adjusted EBITDA guidance range is $300 million to $350 million, and its consolidated 2014 Free Cash Flow guidance range is $10 million to $60 million. Both guidance ranges are being maintained as the Company heads into the summer season and continues to work with the recently acquired IPH portfolio. Further guidance updates will be made during Dynegy’s second quarter 2014 earnings call.

Investor Conference Call/Webcast

Dynegy’s earnings presentation and management comments on the earnings presentation will be available on the “Investor Relations” section of www.dynegy.com later today. Dynegy will answer questions about its first quarter 2014 financial results during an investor conference call and webcast tomorrow, May 8, 2014 at 9 a.m. ET/8 a.m. CT. Participants may access the webcast from the Company’s website.

ABOUT DYNEGY

Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,121 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation, LLC portfolio consists of approximately 2,980 megawatts of primarily coal-fired baseload power plants. The Illinois Power Holdings, LLC portfolio consists of approximately 4,062 megawatts of primarily coal-fired baseload power plants. Homefield Energy is a retail electricity provider serving businesses and residents in Illinois.

http://www.businesswire.com/news/home/20140507006827/en/Dynegy-Announces-Quarter-2014-Results#.U2qb_K1OWUk

Illinois Power Holdings Completes Acquisition of Ameren Energy Resources (12/02/13)

HOUSTON--(BUSINESS WIRE)--Today, Dynegy (NYSE:DYN) subsidiary, Illinois Power Holdings (IPH) completed its acquisition of New Ameren Energy Resources (AER), an Ameren (NYSE:AEE) subsidiary. The transaction includes AER and its subsidiaries Ameren Energy Generating Company (Genco), New AERG (AERG), and Ameren Energy Marketing Company (AEM). Dynegy now owns more than 8,000 megawatts (MW) of generating capacity in Illinois, and nearly 14,000 MW nationally. The AEM retail and marketing businesses, doing business as Homefield Energy, and the following plants are included in the transaction: Duck Creek, Coffeen, E.D. Edwards, Newton, and Joppa.

“This transaction creates value for Dynegy and IPH’s stakeholders - from employees to local communities to investors - as Dynegy, through its subsidiary IPH, brings a singular ability to operate these facilities in the most economic and environmentally compliant manner. The AER fleet and the Homefield Energy retail and marketing businesses are a natural fit with Dynegy’s existing generation fleet,” said Dynegy President and Chief Executive Officer Robert C. Flexon. “To date, we have identified synergies in excess of $75 million and we will continue to seek ways to further benefit from the increased scale of the combined fleet.”

ABOUT DYNEGY

Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation, LLC portfolio consists of approximately 2,980 megawatts of primarily coal-fired baseload power plants. The Illinois Power Holdings, LLC portfolio consists of approximately 4,209 megawatts of primarily coal-fired baseload power plants. Homefield Energy is a retail electricity provider serving businesses and residents in Illinois.

http://www.businesswire.com/news/home/20131202005980/en/Illinois-Power-Holdings-Completes-Acquisition-Ameren-Energy

Dynegy Completes $500 Million Senior Notes Offering (5/20/13)

HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (NYSE:DYN) has closed its previously announced Rule 144A private placement of $500 million in aggregate principal amount of 5.875% Senior Notes due 2023 (the Notes). Dynegy used the proceeds of the offering to repay its recently issued $500 million, seven-year Term Loan B.

The Notes have not been registered under the Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold in the United States without registration under the Securities Act or pursuant to an applicable exemption from such registration.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

ABOUT DYNEGY

Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation, LLC portfolio consists of approximately 2,980 megawatts of primarily coal-fired baseload power plants.

This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements.” Discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy’s filings with the Securities and Exchange Commission (the “SEC”). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled “Risk Factors” in its 2012 Form 10-K and the 10-Q for the quarterly period ended March 31, 2013. Any or all of Dynegy’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy’s control.

Contacts

Dynegy Inc.
Media:
Katy Sullivan, 713.767.5800
or
Analysts: 713.507.6466

http://www.businesswire.com/news/home/20130520006339/en/Dynegy-Completes-500-Million-Senior-Notes-Offering

Dynegy Closes $1.3 Billion Term Loan Facilities, $475 Million Revolving Credit Facility (4/23/13)

HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (NYSE:DYN) has closed $1.775 billion in new credit facilities including $1.3 billion in new senior, secured term loans and a $475 million corporate revolver. The proceeds of the term loans were used, together with cash on hand, to repay existing indebtedness at its Dynegy Power, LLC (GasCo) and Dynegy Midwest Generation, LLC (CoalCo) subsidiaries and fund related transaction fees and expenses. The two term loans, totaling $800 million and $500 million, mature in 2020 and are priced at LIBOR plus 300 basis points with a LIBOR floor of one percent. The loans were offered to investors below par with an original issue discount of 99.5. The new 5-year, $475 million revolving credit facility at Dynegy Inc. replaces an existing $150 million GasCo revolving credit facility. The interest rate charged on borrowings under the revolver will be LIBOR plus 275 basis points with no LIBOR floor.

Credit Suisse, Morgan Stanley, Bank of America Merrill Lynch, Barclays, Deutsche Bank, Goldman Sachs, J.P. Morgan, Royal Bank of Canada and UBS acted as lead arrangers and Union Bank of California acted as co-manager for the Term Loan facilities. All are lenders under the revolving credit facility.

ABOUT DYNEGY

Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation, LLC portfolio consists of approximately 2,980 megawatts of primarily coal-fired baseload power plants.

This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements,” particularly those statements concerning Dynegy’s use of proceeds. Discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy’s filings with the Securities and Exchange Commission (the “SEC”). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled “Risk Factors” in its 2012 Form 10-K. Any or all of Dynegy’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy’s control.

Contacts

Dynegy Inc.
Media:
Katy Sullivan, 713.767.5800
or
Analysts: 713.507.6466

http://www.businesswire.com/news/home/20130423006724/en/Dynegy-Closes-1.3-Billion-Term-Loan-Facilities

Dynegy Prices Seven-Year Term Loans (4/16/17)

HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (NYSE:DYN) announced today that it has completed the pricing and allocation of two new, seven-year term loans totaling $1.3 billion, the proceeds of which will be used to refinance existing indebtedness at its Dynegy Power, LLC (GasCo) and Dynegy Midwest Generation, LLC (CoalCo) subsidiaries. The financing includes an $800 million tranche and a $500 million tranche, the latter of which Dynegy intends to refinance through the issuance of new senior unsecured notes during 2013. The interest rate for both term loans, which mature in 2020, is LIBOR plus 300 basis points with a LIBOR floor of one percent. The loans are being offered below par with an original issue discount of 99.5.

The refinancing is expected to close and fund on or about April 23, 2013 at which time the existing CoalCo and GasCo term loans, with current interest rates of LIBOR plus 775 basis points and a LIBOR floor of one and a half percent, will be repaid.

“The very favorable response to our refinancing has enabled us to significantly reduce the interest rate on our debt, and this, together with nearly $400 million in debt reduction achieved over the past six months and as part of this refinancing, will lead to approximately $100 million in annual cash interest savings going forward,” said Dynegy Chief Financial Officer, Clint C. Freeland.

Credit Suisse, Morgan Stanley, Bank of America Merrill Lynch, Barclays, Deutsche Bank, Goldman Sachs, J.P. Morgan, Royal Bank of Canada and UBS acted as lead arrangers for the Term Loan facilities.

ABOUT DYNEGY

Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation, LLC portfolio consists of approximately 2,980 megawatts of primarily coal-fired baseload power plants.

This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements,” particularly those statements concerning Dynegy’s: expected closing of the refinancing; use of proceeds; and timing and ability to refinance, if at all, one of the term loans with a senior unsecured note offering. Discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy’s filings with the Securities and Exchange Commission (the “SEC”). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled “Risk Factors” in its 2012 Form 10-K. Any or all of Dynegy’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy’s control.

Contacts

Dynegy Inc.
Media:
Katy Sullivan, 713.767.5800
or
Analysts:
713.507.6466

http://www.businesswire.com/news/home/20130416006746/en/Dynegy-Prices-Seven-Year-Term-Loans

DYN Launches Refinancing (3/28/13)

HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (NYSE:DYN) has launched the syndication of new credit facilities to refinance existing term loans. As part of the syndication process, the Company will host a bank meeting with potential lenders on Tuesday, April 2, 2013 in New York, NY with the goal of completing the refinancing by mid-April.

ABOUT DYNEGY

Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation, LLC portfolio consists of approximately 2,980 megawatts of primarily coal-fired baseload power plants.

This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements,” particularly those statements concerning Dynegy’s ability to refinance existing term loans and completion of refinancing by mid-April. Discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy’s filings with the Securities and Exchange Commission (the “SEC”). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled “Risk Factors” in its 2012 Form 10-K. Any or all of Dynegy’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy’s control.

Contacts

Dynegy Inc.
Media: Katy Sullivan, 713-767-5800
Analysts: 713-507-6466

Dynegy has a troubled powerplant in my town.. Schools are being closed due to their tax evasion/delinquency... Sad case. :/

DYN Announces Full-Year 2012 Results (3/14/13)

Full-year 2012 summary:

• $57 million in Enterprise-wide Adjusted EBITDA, a decrease of $224 million compared to 2011

• $(81) million in combined Cash Flow from Operations, $215 million in Free Cash Flow

• $592 million in liquidity at March 8, 2013, including $370 million in cash on hand and $153 million in revolver and letter of credit availability

• PRIDE results exceeded targets with $44 million in operating margin and cost improvements and $148 million in incremental liquidity from balance sheet improvements

Fourth quarter 2012 summary:

• $(42) million in Enterprise-wide Adjusted EBITDA, a decrease of $28 million compared to the fourth quarter 2011

• Repaid $325 million of the Dynegy Power, LLC (GasCo) and Dynegy Midwest Generation, LLC (CoalCo) term loans

• Completed the Baldwin Unit 2 planned outage marking the Company’s completion of the environmental compliance capital obligations under our Consent Decree

• Completed the Chapter 11 process and emerged from bankruptcy on October 1, 2012

Recent Developments and Capital Allocation:

• Today, Dynegy announced, in a separate news release, that it has entered into a definitive agreement to acquire Ameren Energy Resources (AER), comprised of 4,119 MW of generating capacity and the associated retail and marketing businesses

• On January 16, 2013, GasCo entered into a new $150 million revolving credit agreement, improving our corporate liquidity profile. The revolver is available for working capital requirements and general corporate purposes within GasCo.

HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (NYSE:DYN) reported full-year 2012 Enterprise-wide Adjusted EBITDA of $57 million compared to $281 million for the same period in 2011. Lower realized prices for the Coal segment, lower revenues from the termination of certain California contracts, and the settlement of legacy financial positions reduced Adjusted EBITDA for the Coal and Gas segments by $305 million. Partially offsetting these items were an $18 million improvement in Coal and Gas segments operating and maintenance expenses, a $27 million improvement in spark spreads, net of hedges and basis, in the Gas segment, and a $38 million positive adjustment for non-cash amortization related to the Gas segment’s Independence contract. The Company’s operating loss was $99 million for the full-year 2012 compared to an operating loss of $189 million for the same period in 2011.

“2012 was a transformative year for Dynegy. We completed the majority of our financial and organizational restructuring during the year and now have one of the strongest balance sheets in the merchant generation sector. Both our coal and gas fleets had strong operational performance in 2012 despite pressure on power prices from low natural gas prices,” said Robert C. Flexon, Dynegy President and Chief Executive Officer. “Our work in 2012 allows us to further focus on executing daily operations, strategic priorities including capital allocation, successfully closing the AER acquisition and completing a corporate-level refinancing. We are committed to maintaining and building upon our financial strength and affirm the 2013 Adjusted EBITDA and cash flow guidance that we provided during our January 2013 investor meeting.”

Fourth quarter 2012 Enterprise-wide Adjusted EBITDA was $(42) million compared to $(14) million for the same period in 2011. The weaker financial results were primarily driven by lower realized power prices for the Coal segment, due to lower hedge prices and increased basis differentials, which decreased energy margins by $62 million. Unfavorable financial settlements of $29 million related to legacy financial positions for the Gas segment were more than offset by a $34 million increase in operating margin due to improved spark spreads, net of hedges and basis, and the absence of a $34 million loss on commercial activities which occurred in 2011. The 2012 fourth quarter operating loss was $104 million compared to an operating loss of $105 million for the same period in 2011.

http://www.businesswire.com/news/home/20130314005496/en/Dynegy-Announces-Full-Year-2012-Results

DYN Announces Results of Roseton and Danskammer Auction (12/10/12)

HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (NYSE:DYN) announced the results of the U.S. Bankruptcy Court-supervised auction sales process for the Roseton and Danskammer power generation facilities located near Newburgh, New York. The winning bidders are ICS NY Holdings, LLC (ICS) and Louis Dreyfus Highbridge Energy LLC (LDH Energy) for Danskammer and Roseton, respectively, with a combined cash purchase price of $23 million and the assumption of certain liabilities. Dynegy filed a notice with the Court earlier today seeking approval of the sales during a hearing scheduled for December 21, 2012. The sale will close upon the satisfaction of certain closing conditions and the receipt of any necessary regulatory approvals.

Roseton will be sold to LDH Energy for $19.5 million in cash and LDH Energy’s assumption of certain liabilities, including outstanding tax liabilities. LDH Energy has agreed to operate under the terms of the expired union contract, as modified by the unilaterally implemented “last, best and final” offer made to the union on November 7, 2012. Danskammer will be sold to ICS for $3.5 million in cash and ICS’ assumption of certain liabilities. Danskammer, which was rendered inoperable as a result of Superstorm Sandy, will be retired upon completing the appropriate regulatory processes. Following closing of the sale and retirement notification process, ICS will demolish any remaining structures and remediate the site. Dynegy is in the process of communicating with employees whose jobs will be affected by the facility sales.

ABOUT DYNEGY

Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation, LLC portfolio consists of approximately 3,132 megawatts of primarily coal-fired baseload power plants. The DNE portfolio consists of approximately 1,693 megawatts from two power plants which are primarily natural gas-fired peaking and baseload coal generation facilities.

This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as "forward-looking statements," particularly those statements concerning the agreed upon sales of the Roseton and Danskammer power generation facilities, including approval of the sales by the U.S. Bankruptcy Court and satisfaction of certain closing provisions. Discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy's filings with the Securities and Exchange Commission (the "SEC"). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled "Risk Factors" in its most recent Form 10-K, as amended, and subsequent reports on Form 10-Q. In addition to the risks and uncertainties set forth in Dynegy's SEC filings, the forward-looking statements described in this press release could be affected by, among other things, (i) ability to obtain required bankruptcy court and regulatory approvals or satisfy closing conditions; (ii) beliefs and assumptions relating to liquidity, available borrowing capacity and capital resources generally, including the extent to which such liquidity could be affected by poor economic and financial market conditions or new regulations and any resulting impacts on financial institutions and other current and potential counterparties; (iii) the anticipated benefits of the overall restructuring activities, Dynegy’s reorganization value and the effects of fresh start accounting; (iv) limitations on Dynegy's ability to utilize previously incurred federal net operating losses or alternative minimum tax credits; (v) expectations regarding our compliance with the DMG and DPC Credit Agreements, including collateral demands, interest expense and other payments; (vi) the timing and anticipated benefits of any repayments under the DMG and DPC Credit Agreements; (vii) the timing and anticipated benefits to be achieved through Dynegy's company-wide cost savings programs, including its PRIDE initiative; (viii) expectations regarding environmental matters, including costs of compliance, availability and adequacy of emission credits, and the impact of ongoing proceedings and potential regulations or changes to current regulations, including those relating to climate change, air emissions, cooling water intake structures, coal combustion byproducts, and other laws and regulations to which Dynegy is, or could become, subject; (ix) beliefs, assumptions and projections regarding the demand for power, generation volumes and commodity pricing, including natural gas prices and the impact on such prices from shale gas proliferation and the timing of a recovery in natural gas prices, if any; (x) sufficiency of, access to and costs associated with coal, fuel oil and natural gas inventories and transportation thereof; (xi) beliefs and assumptions about market competition, generation capacity and regional supply and demand characteristics of the wholesale power generation market, including the anticipation of higher market pricing over the longer term; (xii) the effectiveness of Dynegy's strategies to capture opportunities presented by changes in commodity prices and to manage its exposure to energy price volatility; (xiii) beliefs and assumptions about weather and general economic conditions; (xiv) projected operating or financial results, including anticipated cash flows from operations, revenues and profitability; (xv) Dynegy's focus on safety and its ability to efficiently operate its assets so as to capture revenue generating opportunities and operating margins; (xvi) beliefs about the costs and scope of the ongoing demolition and site remediation efforts at the South Bay power generation facility in California; (xvii) beliefs about the outcome of legal, administrative, legislative and regulatory matters, including the impact of final rules regarding derivatives to be issued by the CFTC under the Dodd-Frank Act; (xviii) expectations regarding our ability to effectively raise capital in light of the recent Chapter 11 cases; (xix) expectations regarding the pending Dynegy Northeast Generation, Inc. Chapter 11 cases; and (xx) expectations regarding performance standards and estimates regarding capital and maintenance expenditures. Any or all of Dynegy's forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy's control.

Contacts

Dynegy Inc.
Media: 713-767-5800
Analysts: 713-507-6466
or
LDH Energy
Herbert Quan, 203-564-8375

http://www.businesswire.com/news/home/20121210006337/en/Dynegy-Announces-Results-Roseton-Danskammer-Auction

DYN Announces Third Quarter 2012 Results and $325 Million Debt Repayment (11/07/12)

Recent Developments:

• On November 6, 2012, Dynegy provided notification to its lenders of its intent to repay $325 million of the Dynegy Power, LLC and Dynegy Midwest Generation, LLC term loans

• Dynegy completed the Baldwin Unit 2 planned outage on November 3, 2012 marking the Company’s completion of the environmental capital compliance obligations under our Consent Decree

• Auction process for the sale of the Dynegy Northeast assets continues; bids were submitted on November 5, 2012

• On September 30, 2012, Dynegy Holdings, LLC (DH) merged with and into Dynegy; the merged company emerged from bankruptcy on October 1, 2012

Third quarter 2012 summary:

• 14% increase in generation volumes compared to the same period in 2011 driven by a 39% increase in our Gas segment generation due to improved spark spreads

• $50 million in Coal and Gas segment Adjusted EBITDA, a decrease of $52 million compared to 2011 due to lower realized prices for the Company’s Coal segment, the settlement of legacy financial positions, and lower capacity and tolling revenues from early terminations of California contracts

• $803 million in enterprise liquidity at November 2, 2012, including $429 million in unrestricted cash

Year-to-date 2012 summary:

• 18% increase in generation volumes compared to the same period in 2011 driven by a 76% increase in our Gas segment generation due to improved spark spreads partially offset by an 11% decrease in Coal segment generation due primarily to higher planned outage hours and lower off-peak generation

• $98 million in Coal and Gas segment Adjusted EBITDA, a decrease of $212 million compared to 2011 as a result of lower realized prices for the Company’s Coal segment, the settlement of legacy financial positions, and lower capacity and tolling revenues due to early terminations of California contracts

• $(37) million in consolidated Cash Flow used in Operations

HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (NYSE:DYN) reported third quarter 2012 Adjusted EBITDA for the Coal and Gas segments of $50 million compared to $102 million for the same period in 2011. Lower realized prices for the Coal segment, lower revenues from the termination of certain California contracts, and the settlement of legacy financial positions reduced Adjusted EBITDA for the Coal and Gas Segment by $89 million. Partially offsetting these items were a $12 million improvement in Coal and Gas segment general and administrative and operating and maintenance expenses, a $14 million benefit related to lower option premium expenses, and a $10 million positive adjustment for non-cash amortization related to the Gas segment’s Independence contract. The operating loss for Dynegy’s Coal and Gas segments was $(1) million for the third quarter of 2012 compared to operating income of $40 million for the same period in 2011. The net loss for Dynegy’s consolidated operations was $(41) million for the third quarter of 2012 compared to a net loss of $(129) million for the same period in 2011.

“Our gas-fired generation fleet continues to benefit from current market conditions and performed exceedingly well operationally, leading to record volumes of generated electricity. While our Illinois-based coal fleet also operated well, lower energy margins continued to impact the profitability of the Coal segment”
.
Year-to-date 2012 Adjusted EBITDA for the Coal and Gas segments was $98 million versus $310 million for the same period in 2011. The weaker financial results were primarily driven by lower realized power prices for the Coal segment which decreased energy margins by $123 million and an 11% reduction in generation volumes for our Coal segment which led to an additional $25 million decrease. Lower capacity and tolling revenues in the Gas segment of $38 million, primarily due to the early termination of the California agreements, a $28 million reduction in premium revenue, and unfavorable financial settlements of $49 million related to legacy financial positions further contributed to the decrease in year-over-year Adjusted EBITDA. These factors more than offset an $18 million improvement in general and administrative and operating and maintenance expenditures and a $29 million positive adjustment for non-cash amortization expense associated with the Company’s Independence contract. The 2012 year-to-date operating income for the Coal and Gas segments was $9 million compared to an operating loss of $(56) million for the same period in 2011. The 2012 year-to-date net loss for Dynegy’s consolidated operations totaled $(1,192) million compared to a net loss of $(324) million for the same period in 2011.

“Our gas-fired generation fleet continues to benefit from current market conditions and performed exceedingly well operationally, leading to record volumes of generated electricity. While our Illinois-based coal fleet also operated well, lower energy margins continued to impact the profitability of the Coal segment,” said Robert C. Flexon, Dynegy President and Chief Executive Officer. “In our first major capital allocation action post emergence, we are announcing today the early repayment of $325 million in term loan debt, which will reduce our annualized cash interest costs by approximately $30 million.”

http://www.businesswire.com/news/home/20121107005769/en/Dynegy-Announces-Quarter-2012-Results-325-Million

Franklin Resources Inc owns 32,931,496* shares (10/10/12)

* Includes 1,544,050 shares of Common Stock issuable on the exercise of the Warrants.

Controls 32.4 percent.

http://sec.gov/Archives/edgar/data/38777/000003877712000218/dyne12in.htm

Luminus Management LLC owns 9,720,083 shares (10/10/12)

Controls 9.7 percent.

Each of the Reporting Persons acquired an aggregate of 8,085,188 of these Shares pursuant to the Issuer’s plan of reorganization, which was confirmed on September 10, 2012, a copy of which was filed by the Issuer on Form 8-A on October 1, 2012 and is incorporated by reference herein. In addition, Luminus Energy Fund, Vega Asset Partners, Luminus I PIE Master and Luminus I Onshore acquired an additional 1,633,965 Shares, which were purchased on the open market after their issuance upon the Issuer’s emergence from bankruptcy. The aggregate purchase price for the purchased Shares was $30,854,649.93 (exclusive of brokerage commissions and fees), which amount has come from working capital and/or from borrowings pursuant to margin accounts maintained in the ordinary course of business.

This Schedule 13D is being filed by Luminus Management, LLC (“Luminus Management”), Luminus Energy Partners Master Fund, Ltd. (“Luminus Energy Fund”), Vega Asset Partners, L.P., (“Vega Asset Partners”), Vega Energy GP, LLC (“Vega Energy”), Luminus Special Opportunities I Onshore, L.P. (“Luminus I Onshore”), Luminus Special Opportunities I PIE Master, L.P. (“Luminus I PIE Master”), Luminus Special Opportunities I Master Fund, Ltd. (“Luminus I Master Fund”), LSP Credit Advisors I (“LSP Advisors”), Luminus Credit I, LLC (“Luminus Credit”) and Luminus Related I, LLC (“Luminus Related”).

http://sec.gov/Archives/edgar/data/1279151/000119312512421141/d423991dsc13d.htm

The average cost of purchased shares is $18.88.

Should stay above $1 in 2013 imo.

Come on .30¢!!!$$$$$$$$

So was anyone here holding before the restructure? How did it affect your position?

Rough number is about 36 cents worth per old share. Glad I sold before emergence. Better disclosure sure would have helped. Litespeed can have their losses and their 5 year wait.

DYNWS
USD Dynegy Inc
Last [Tick] $1.65[+]
Change $0.10
% Change 6.45%
Bid 0.00
Bid Size 0
Ask $3.00
Ask Size 0
Open $1.52
Volume 0
Day High $1.71
Day Low $1.44
Previous Close $1.65
Prev. Close Date 10/05/2012

lol I sure hope you're not being serious

It's up too the Judge.

Question for whoever can answer it. Are the warrants tradable? With the pitiful disclosure surrounding the warrants, I decided to let Litespeed with their infinite wisdom go through the share exchange upon BK emergence.

As it currently stands, the warrants are over 2 billion out of the money. Wouldn't hold my breath just yet on seeing that 4 bil number.

So unless there is a market for the warrants, Litespeed just took an approx 65% dump on their investment.

I wasn't about to pay more than 20 cents for this dog pre-emergence and was thinking "what a gift" for someone to dump in the .40-.50 range (whilst Litespeed was buying everything up).

Somebody jump in here and tell me what kind of opportunity I missed.

Aren't the old shares calculating to have about 16 cents of value post emergence?

Dynegy Inc New Del (N:DYN)
Price: $19.30
Chg:-0.70%Chg:-3.50%
Volume: 3.18 M
Open: $20.00
High: $20.75
Low: $18.55

So far this trade looks good. Out of 1000 pre-Bk shares I have 127 warrants and 8 Common. That is holding up to about .38 shares pre emergence.

I always like to keep an eye on the "other" securities thrown in after bankruptcies, so looks like another case here.

Note: They opened with a trade at $1.50 and appear to be sitting at $1.70 currently.

DYNIQ: Bankruptcy plan effective. Mandatory exchange. Holders of Dynegy common stock shall receive 0.00813936 shares of new Dynegy common stock for every 1 share of the old Dynegy equity issue, as well as 0.12703043 warrants for every 1 share of the old Dynegy equity issue Deletion time: 9:06:07

http://www.otcbb.com/asp/dailylist_detail.asp?d=10/02/2012&mkt_ctg=NON-OTCBB

Dynegy Inc. Emerges from Chapter 11

HOUSTON, Oct 01, 2012 (BUSINESS WIRE) -- Dynegy Inc. successfully completed its Chapter 11 reorganization and emerged from bankruptcy today. The Company will have approximately $800 million in liquidity in the form of cash (restricted and unrestricted) and letter of credit capacity available to support the Company's post emergence operations and commercial activities and this, along with the elimination of over $4 billion debt through the Chapter 11 process, gives Dynegy one of the strongest balance sheets in the independent power producers sector. The common stock and warrants to purchase common stock for the reorganized Company are expected to be listed with and begin trading on the New York Stock Exchange on Wednesday, October 3, 2012 under the symbols DYN and DYNw, respectively. The reorganized Company will have approximately 100 million shares outstanding.

"We are very pleased to announce the successful completion of our financial restructuring and emergence in what can be considered a relatively quick timeframe due to the collaboration of our stakeholders during the Chapter 11 process," said Robert C. Flexon, Dynegy President and Chief Executive Officer. "Dynegy is well positioned for success and we are committed to creating value for our investors. With the Chapter 11 process behind us, our focus is exclusively on executing our forward strategy. With our balanced asset portfolio, along with operational, commercial and financial discipline and our dedicated workforce, we are confident that we will deliver favorable results in the current as well as future market environments."

As part of the reorganization, on September 30, 2012, Dynegy Holdings, LLC merged with and into Dynegy Inc. Under the terms of the Joint Chapter 11 Plan of Reorganization (the Plan) in exchange for the elimination of over $4 billion in debt and other obligations, unsecured creditors are receiving common equity representing a 99% stake in the reorganized Company and $200 million in cash. Legacy stockholders are receiving a 1% stake in the reorganized Company and 5-year warrants to purchase up to 13.5% of the common stock of the reorganized Company (on a fully-diluted basis) to be exercisable at $40 per share. Dynegy expects that it will initiate distributions of stock and cash to creditors and stockholders, according to the terms of the Plan, starting on October 2, 2012. The reorganized Company will have approximately 15.6 million warrants outstanding (with shares of common stock authorized and reserved for issuance on a one-for-one basis), and approximately 6.1 million shares of common stock authorized and reserved for issuance for distributions to be made under Dynegy's employee incentive plan.

Dynegy Northeast Generation, Inc., Hudson Power, L.L.C., Dynegy Danskammer, L.L.C. and Dynegy Roseton, L.L.C. did not emerge from bankruptcy today and remain under Chapter 11 protection.

About Dynegy Inc.

Dynegy Inc.'s subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities, the Dynegy Midwest Generation, LLC portfolio consists of approximately 3,132 megawatts of primarily coal-fired baseload power plants, and a separate portfolio consists of approximately 1,693 megawatts from two power plants which are primarily natural gas-fired peaking and baseload coal generation facilities.

Thanks 'Enterprising Investor' . Now we have five years for the price to get to the strike price, that may happen a lot sooner then most think.

Warrants

Pursuant to the Joint Plan, the Company issued Warrants to purchase 15,606,936 shares of Common Stock. The following summary of certain provisions of the Warrants may not contain all of the information that is important to you and is qualified in its entirety by reference to the form of warrant agreement (the “Warrant Agreement”) filed as Exhibit 4.1 hereto. Capitalized terms used in this section, but not otherwise defined herein, shall have the terms ascribed to them in the Warrant Agreement.

Term. The Warrants are exercisable from the date of the Warrant Agreement until 5:00 p.m., New York City time, on the fifth anniversary of the date of issuance of the warrants (the “Expiration Date”).

Warrants Outstanding. As of the date hereof, there are 15,606,936 Warrants outstanding.

Exercise Amount. The Warrants will entitle the holders to purchase initially an aggregate of up to 15,606,936 shares of Common Stock. The maximum number of shares of Common Stock issuable pursuant to each Warrant is one (the “Warrant Number”).

Exercise Price. The exercise price of each Warrant to receive one share of Common Stock is initially set at $40.00 per share, and may be adjusted pursuant to the adjustment provisions summarized below.

U.S. power firm Dynegy emerges from Chapter 11 (10/01/12)

Reuters) - U.S. power producer Dynegy Inc (DYNIQ.PK), which counts billionaire financier Carl Icahn among its shareholders, said on Monday it has emerged from Chapter 11, less than a month after winning court approval for its bankruptcy plan.

The Houston-based company said it will have about $800 million in liquidity in the form of cash and will have eliminated more than $4 billion in debt through the Chapter 11 process.

In exchange for the elimination of debt and other obligations, unsecured creditors will receive equity representing a 99 percent stake in the reorganized company and $200 million in cash.

Dynegy Inc, which will have approximately 100 million shares outstanding after the reorganization, is expected to begin trading on the New York Stock Exchange on October 3 under the symbol "DYN".

Other Dynegy shareholders include a Franklin Resources Inc (BEN.N) unit.

As part of the reorganization, on September 30, Dynegy Holdings LLC merged with and into the parent company Dynegy Inc.

Dynegy Inc filed for bankruptcy in July while Dynegy Holdings filed for protection from creditors on November 7, burdened by costly power plant leases and amid a dispute over whether its parent had acted properly two months earlier in taking about $1.25 billion of its coal-powered plant assets.

Creditors of Dynegy Inc and its Dynegy Holdings LLC unit had voted overwhelmingly in favor of their joint bankruptcy reorganization plan.

But some units like Dynegy Northeast Generation Inc, Hudson Power LLC, Dynegy Danskammer LLC and Dynegy Roseton LLC did not emerge from bankruptcy and remain under Chapter 11 protection.

(Reporting by Avik Das in Bangalore; Editing by Edmund Klamann and Edwina Gibbs)

http://www.reuters.com/article/2012/10/02/us-dynegyinc-bankruptcy-idUSBRE89101720121002