EDITORS: Please do not use
"Pacific Gas and Electric" or "PG&E" when
referring to PG&E Corporation or its National Energy Group.
The PG&E National Energy Group is not the same company as Pacific
Gas and Electric Company, the utility, and is not regulated by the
California Public Utilities Commission. Customers of Pacific Gas
and Electric Company do not have to buy products or services from
the National Energy Group in order to continue to receive quality
regulated services from Pacific Gas and Electric Company.
ENERGY GROUP RECEIVES EXTENSION FOR RENEWAL OF CREDIT FACILITY
BETHESDA, Md. - PG&E National
Energy Group, Inc. today announced that a syndicate of 16 lenders
extended the maturity date of its revolving credit facility from
Oct. 21, 2002 to Nov. 14, 2002. PG&E National Energy Group, Inc.
is a wholly owned subsidiary PG&E Corporation (NYSE: PCG).
Terms and conditions include
reducing the lenders' commitments under the 364-day part of the
facility and a two-year part of the facility to the amounts outstanding,
precluding PG&E National Energy Group from making any payment for
certain projects under construction, and changing the interest payment
schedule from quarterly to monthly.
As previously reported in
filings with the U.S. Securities and Exchange Commission, PG&E National
Energy Group continues to explore options to raise cash and reduce
the company's indebtedness and ongoing guarantee and working capital
requirements. These options include, but are not limited to, sales
of assets and businesses, debt restructuring and reorganization
of existing assets.
This is the second extension
for the company. The original maturity date was Aug. 22, 2002. The
administrative agent for the 16-bank syndicate is J.P. Morgan Chase
Headquartered in Bethesda,
Md., PG&E National Energy Group develops, builds, owns and operates
electric generating and natural gas pipeline facilities and provides
energy trading, marketing and risk-management services.