DEARBORN, Mich., Dec. 14, 2000 (PRNewswire) à‚– CMS Energy Corporation (NYSE: CMS) today announced it has executed an agreement to sell its 48 percent ownership interest in an electric distribution utility serving the Province of Entre Rios, Argentina to PSEG Global for approximately $107.3 million.
In addition to the proceeds, the sale will eliminate $78 million of debt recorded on the consolidated balance sheet of CMS Energy.
The sale is part of CMS Energy’s $1.4 billion asset sale and balance sheet improvement program. With the sale, CMS Energy will have completed over $1.3 billion of cash proceeds and balance sheet debt reductions to date as part of its asset optimization program.
“We are making continued progress on our asset sale program, and expect to sell additional non-strategic assets next year exceeding our $1.4 billion goal,” said Preston D. Hopper, CMS Energy’s senior vice president, corporate performance, and chief accounting officer.
Under the agreement, CMS Energy will close on the first of two tranches on the sale of Empresa Distribuidora de Electricidad de Entre Rios, S.A. (EDEERSA) in Entre Rios, Argentina by the end of the year. Chase Securities, Inc., advised CMS Energy on the sale.
CMS Energy Corporation has annual sales of more than $7 billion and assets of about $15 billion throughout the U.S. and around the world with businesses in electric and natural gas utility operations; independent power production; natural gas pipelines, gathering, processing and storage; oil and gas exploration and production; and energy marketing, services and trading.
For more information on CMS Energy, please visit our website at: www.cmsenergy.com/
SOURCE CMS Energy Corporation