Edison refinances Contact holding

Edison says the offer will be made through EME Pacific Holdings, the holding company for its Contact investment.

As part of the reorganisation Edison Mission Energy Taupo plans to redeem $240 million of redeemable preference shares issued to Edison Contact Finance.

As a result the Edison Contact Finance redeemable preference shares issued to the public in 1999 will also be redeemed.

Edison says the shares will be redeemed on 2 July 2001. Some will be redeemed on their scheduled redemption date while others will be redeemed early.

Proceeds from the Edison Contact Finance redeemable preference were used to refinance part of Edison's acquisition of 40% of Contact Energy.

"This refinancing will result in a more efficient way to hold our investment in New Zealand," says Bob Driscoll, Edison Mission Energy's senior vice president for Asia-Pacific.

Mr Driscoll says the offer for the new redeemable preference shares will be made to both existing holders of Edison Contact Finance redeemable preference shares and other members of the New Zealand public.

EME Pacific intends to register a prospectus and launch the offer shortly.

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