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Shaw subsidiary told to wait on sale that will fund note repayment
By Angela McDaniels
Tacoma, Wash., Dec. 8 - Shaw Group Inc. said the trustee for Nuclear Energy Holdings LLC's ¥128.98 billion of bonds due March 15, 2013 did not grant the consent needed for the subsidiary to sell its investment in Westinghouse Electric Co. back to Toshiba Corp. early.
The Westinghouse put options likely will be exercised automatically on Oct. 6, 2012 for cash settlement on Jan. 4, 2013. Proceeds from the sale will be used to repay the bonds in full on their maturity date, according to a company news release.
The bonds were issued in a private placement in October 2006 to help fund the acquisition of 20% of Westinghouse. Nuclear Energy Holdings received the put options in connection with the acquisition.
The interest rate is six-month yen Libor plus 70 basis points for ¥78 billion of the bonds and 2.2% for ¥50.98 billion of the bonds.
Shaw Group provides engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries. The company is based in Baton Rouge, La.
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