Dynegy Stock Sale Raises $494 Million
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Dynegy Inc. received $494 million from a stock sale as the energy trader seeks to reduce debt and reassure investors shaken by the bankruptcy of rival Enron Corp.
Dynegy lowered its 2002 profit forecast to $2.30 a share after the equity sale. It had expected to earn $2.30 to $2.35 a share. The company made $1.48 a share last year.
Lehman Bros. Inc. arranged the sale of 25 million shares for $20.75 each, Dynegy spokesman Steve Stengel said.
Company executives, including Chief Executive Chuck Watson and President Steve Bergstrom, will purchase an additional 1.2 million shares at $20.75 each, Stengel said.
Shares of Houston-based Dynegy fell 13 cents to close at $23.85on NYSE.
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