Midwest ISO to Privately Place$80M of Notes to Create Market

Carvlin, Elizabeth
September 2004
Bond Buyer;9/14/2004, Vol. 349 Issue 31968, p29
Trade Publication
This article reports that Midwest Independent Transmission System Operator Inc. will privately place $80 million of taxable notes that are being issued to fund the creation of a deregulated wholesale electricity energy market in Chicago, Illinois. Midwest Independent System Operator, or ISO, sent its private placement memo last week for the five-year notes. Merrill Lynch & Co. is acting as the underwriter on the sale, for which the ISO plans to hold an investor call on September 9, 2004, said Mike Holstein, vice president and chief financial officer of the Indiana-based firm, Carmel. The sale is the fourth note sale for the Midwest ISO, which was created to act as the marketplace manager for the sale of wholesale electricity in 15 states and one Canadian province. The proceeds will be used to pay for the costs of creating a market in the Midwest and for the cost of adding a new investor-owned utility as a member of the system, Holstein said. About $15 million will fund the addition of Illinois Power, he said.


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