Iberdrola assumes obligations of four series of bonds of Energy East

By Susanna Moon

Chicago, April 8 - Iberdrola International BV said it assumed the obligations as issuer of Energy East Corp.'s $200 million of 8.05% bonds due 2010, $400 million of 6¾% bonds due 2012, $200 million of 6¾% bonds due 2033 and $500 million of 6¾% bonds due 2036.

The bonds have the unconditional and irrevocable guarantee of Iberdrola, SA.

Iberdrola, SA acquired Energy East for about €3.2 billion in cash plus €6 billion in debt.

Energy East is a utility company based in New Gloucester, Maine, and Iberdrola is a utility located in Bilbao, Spain.

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