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BRIEF-NextEra to buy bankrupt Energy Future and stake in Oncor
July 29, 2016 / 10:16 AM / a year ago

BRIEF-NextEra to buy bankrupt Energy Future and stake in Oncor

July 29 (Reuters) - Nextera Energy Inc

* Deal has total enterprise value of approximately $18.4 billion

* No involuntary workforce reductions at oncor for at least two years after transaction close

* Definitive agreement will be filed publicly as part of restructuring of efh

* As part of transaction, nextera energy intends to fund $9.5 billion, primarily for repayment of efih debt

* Transaction is not subject to any financing contingencies.

* Credit suisse securities (usa) llc and bank of america merrill lynch are serving as lead financial advisors to nextera energy

* Transaction has been approved by boards of directors of both nextera energy and efh

* Intends to use combination of debt, convertible equity units, and proceeds from asset sales to fund cash being provided to creditors

* Financial advisors include deutsche bank securities, j.p. Morgan securities, ubs securities and wells fargo securities

* Newly formed unit of co will acquire reorganized energy future holdings including efh’s 80 percent interest in oncor electric delivery co

* Nextera energy reaches definitive agreement to acquire energy future holdings’ interest in oncor electric delivery company

* Transaction expected to be meaningfully accretive to nextera energy earnings

* Definitive agreement is part of an overall plan of reorganization that is designed to allow efh to emerge from chapter 11 bankruptcy

* Transaction will extinguish all efh and efih debt that currently exists above oncor

* Sees accretion from deal to enable it to grow at or near top end of its 6 to 8 percent per year adjusted eps growth rate through 2018, off 2014 base Source text for Eikon: Further company coverage: (Bengaluru Newsroom +1-646-223-8780)

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