DUET makes US$104.8m investment
Duet Group (DUE) said it would make a US$104.8 million placement in DQE Holdings LLC, as a part of a larger US$271.1 million equity investment by the ownership consortium in the company. The funds would be used to mitigate the impact of a pension plan deficit of US$218 million, of which Duet’s share was US$63.1 million.
Duet said the remaining funds would “provide further equity funding for transmission growth capital expenditures".
The group said that by 31 December 2009, it was expecting to have cash and a debt facility available totalling US$258 million.
“This equity investment, fully funded from our cash reserves of $350m as at 30 November 2009, demonstrates Duet’s commitment to invest in our asset portfolio,” Duet’s CEO, Peter Barry said.
At the open, Duet's shares were unchanged at $1.815.
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