Dynegy Inc. (DYN, Financial) filed Quarterly Report for the period ended 2010-09-30.
Dynegy Inc. has a market cap of $537.9 million; its shares were traded at around $4.46 with a P/E ratio of 1.9 and P/S ratio of 0.2. DYN is in the portfolios of Donald Smith of Donald Smith & Co., Steven Cohen of SAC Capital Advisors, Murray Stahl of Horizon Asset Management, Bruce Kovner of Caxton Associates, Charles Brandes of Brandes Investment.
Cash on Hand. At November 1, 2010 and September 30, 2010, Dynegy had cash on hand of $511 million and $491 million, respectively, as compared to $471 million at December 31, 2009. At November 1, 2010 and September 30, 2010, DHI had cash on hand of $468 million and $457 million respectively, as compared to $419 million at December 31, 2009. The increase in cash on hand through November 1, 2010 and September 30, 2010 as compared to the end of 2009 is primarily attributable to cash provided by operating activities and the return of cash that was held in our Broker margin account, partially offset by net purchases of short term investments and capital expenditures.
Dynegy s cash flow provided by operations totaled $304 million for the nine months ended September 30, 2009. DHI s cash flow provided by operations totaled $322 million for the nine months ended September 30, 2009. During the period, our power generation business provided positive cash flow from operations of $683 million from the operation of our power generation facilities. Cash provided by the operations of our power generation facilities was partly offset by a $160 million increase in collateral postings, excluding the effect of cash inflows and outflows arising from the daily settlements of our exchange-traded or brokered commodity futures positions held with our futures clearing manager. Corporate and other operations included a use of approximately $379 million and $361 million in cash by Dynegy and DHI, respectively, primarily due to interest payments to service debt and general and administrative expenses, partially offset by interest income. Dynegy s operating cash flow also reflected the payment of $19 million to LS Associates in conjunction with the dissolution of DLS Power Holdings and DLS Power Development.
Other Investing Activities. Cash outflow related to purchases of short-term investments during the nine months ended September 30, 2010 totaled $428 million and $406 million for Dynegy and DHI, respectively. Cash inflow related to distributions from short-term investments for the nine months ended September 30, 2010 totaled $152 million and $149 million for Dynegy and DHI, respectively. There was a $53 million cash outflow related to restricted cash balances during the nine months ended September 30, 2010, primarily due to an increase in the Independence restricted cash balance. There was a $15 million cash outflow related to our funding commitment obligation under the PPEA Sponsor Support Agreement.
Cash inflow related to short-term investments during the nine months ended September 30, 2009 totaled $14 million and $13 million for Dynegy and DHI, respectively, reflecting a distribution from our short-term investments. There was a $35 million cash outflow during the nine months ended September 30, 2009 for both Dynegy and DHI, related to changes in restricted cash balances. Other included $3 million of insurance proceeds.
Dynegy s net cash provided by financing activities during the nine months ended September 30, 2009 totaled $47 million, primarily related to $91 million of proceeds from long-term borrowings under the Plum Point Credit Agreement Facility, partly offset by a $28 million principal payment on our 9.00 percent secured bonds due 2013 and $14 million of financing fees related to the Credit Facility Amendment No. 4. DHI s net cash used in financing activities during the nine months ended September 30, 2009 totaled $128 million. This included a one-time dividend payment from DHI to Dynegy of $175 million, a $28 million principal payment on our 9.00 percent secured bonds due 2013 and $14 million of financing fees related to the Credit Facility Amendment No. 4 offset by $91 million of proceeds from long-term borrowings under the Plum Point Credit Agreement Facility.
Read the The complete Report
Dynegy Inc. has a market cap of $537.9 million; its shares were traded at around $4.46 with a P/E ratio of 1.9 and P/S ratio of 0.2. DYN is in the portfolios of Donald Smith of Donald Smith & Co., Steven Cohen of SAC Capital Advisors, Murray Stahl of Horizon Asset Management, Bruce Kovner of Caxton Associates, Charles Brandes of Brandes Investment.
Highlight of Business Operations:
The consummation of the Blackstone Merger will result in amounts coming due under the Fifth Amended and Restated Credit Facility (the “Credit Facility”). As a result, we expect to (i) repay or refinance indebtedness outstanding under the Credit Facility that will come due as a result of the Blackstone Merger (which we anticipate, based upon indebtedness outstanding as of September 30, 2010, will be approximately $918 million, consisting of an $850 million term letter of credit facility (“Term LC Facility”) and a $68 million senior secured term loan facility) and (ii) replace or refinance the letters of credit issued under the Term LC Facility (as of September 30, 2010, letters of credit issued under the Term LC Facility were approximately $453 million). We anticipate the necessary funds will collectively be funded from cash on hand, restricted cash associated with the Term LC Facility and proceeds the surviving corporation of the Blackstone Merger receives in the NRG Sale of approximately $1.36 billion and funds otherwise provided by Parent (as of September 30, 2010, (i) Dynegy and DHI s cash on hand was approximately $491 million and $457 million, respectively, and (ii) restricted cash associated with the Term LC Facility was approximately $850 million).Cash on Hand. At November 1, 2010 and September 30, 2010, Dynegy had cash on hand of $511 million and $491 million, respectively, as compared to $471 million at December 31, 2009. At November 1, 2010 and September 30, 2010, DHI had cash on hand of $468 million and $457 million respectively, as compared to $419 million at December 31, 2009. The increase in cash on hand through November 1, 2010 and September 30, 2010 as compared to the end of 2009 is primarily attributable to cash provided by operating activities and the return of cash that was held in our Broker margin account, partially offset by net purchases of short term investments and capital expenditures.
Dynegy s cash flow provided by operations totaled $304 million for the nine months ended September 30, 2009. DHI s cash flow provided by operations totaled $322 million for the nine months ended September 30, 2009. During the period, our power generation business provided positive cash flow from operations of $683 million from the operation of our power generation facilities. Cash provided by the operations of our power generation facilities was partly offset by a $160 million increase in collateral postings, excluding the effect of cash inflows and outflows arising from the daily settlements of our exchange-traded or brokered commodity futures positions held with our futures clearing manager. Corporate and other operations included a use of approximately $379 million and $361 million in cash by Dynegy and DHI, respectively, primarily due to interest payments to service debt and general and administrative expenses, partially offset by interest income. Dynegy s operating cash flow also reflected the payment of $19 million to LS Associates in conjunction with the dissolution of DLS Power Holdings and DLS Power Development.
Other Investing Activities. Cash outflow related to purchases of short-term investments during the nine months ended September 30, 2010 totaled $428 million and $406 million for Dynegy and DHI, respectively. Cash inflow related to distributions from short-term investments for the nine months ended September 30, 2010 totaled $152 million and $149 million for Dynegy and DHI, respectively. There was a $53 million cash outflow related to restricted cash balances during the nine months ended September 30, 2010, primarily due to an increase in the Independence restricted cash balance. There was a $15 million cash outflow related to our funding commitment obligation under the PPEA Sponsor Support Agreement.
Cash inflow related to short-term investments during the nine months ended September 30, 2009 totaled $14 million and $13 million for Dynegy and DHI, respectively, reflecting a distribution from our short-term investments. There was a $35 million cash outflow during the nine months ended September 30, 2009 for both Dynegy and DHI, related to changes in restricted cash balances. Other included $3 million of insurance proceeds.
Dynegy s net cash provided by financing activities during the nine months ended September 30, 2009 totaled $47 million, primarily related to $91 million of proceeds from long-term borrowings under the Plum Point Credit Agreement Facility, partly offset by a $28 million principal payment on our 9.00 percent secured bonds due 2013 and $14 million of financing fees related to the Credit Facility Amendment No. 4. DHI s net cash used in financing activities during the nine months ended September 30, 2009 totaled $128 million. This included a one-time dividend payment from DHI to Dynegy of $175 million, a $28 million principal payment on our 9.00 percent secured bonds due 2013 and $14 million of financing fees related to the Credit Facility Amendment No. 4 offset by $91 million of proceeds from long-term borrowings under the Plum Point Credit Agreement Facility.
Read the The complete Report
