Electricity generator and retailer Dynegy Inc. (NYSE: DYN) said Monday that it will buy back $830 million of its senior unsecured notes to reduce its debt, according to Associated Press.
Subsidiary Dynegy Holdings Inc. will repurchase approximately $420 million notes due 2011 and about $410 million notes due 2012, making up 83 percent of the notes due in those two years.
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The company will also pay about $45 million in consent fees.
Chief Financial Officer Holli C. Nichols said in a statement that lowering its debt obligations will likely lessen Dynegy's need to tap capital markets.
Shares of Dynegy fell 10 cents, or 5.1 percent, to $1.87 in afternoon trading.
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