Dynegy Inc. (NYSE: DYN) said Monday that the power company has completed funding to buy back $830 million in notes, which accounts for 83 percent of its senior unsecured debt due in the next two years.
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The company’s stock rose 9 cents, or 5 percent, to $1.90 in afternoon trading.
Dynegy said a subsidiary completed funding on Dec. 31 for the repurchase of $420 million in notes due in 2011 and $410 million due in 2012. The total cost of the transactions was about $875 million, including consent fees.
Bank of America Merrill Lynch served as the exclusive repurchase agent.
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