CCE Holdings may launch credit facility in October

By Sara Rosenberg

New York, Sept. 20 - CCE Holdings LLC could launch its proposed credit facility sometime in October, according to a market source who added that timing is still somewhat fluid.

JPMorgan and Merrill Lynch are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of CrossCountry Energy LLC from Enron for $2.45 billion in cash, including the assumption of debt.

CCE, a joint venture of Southern Union Co. and GE Commercial Finance Energy Financial Service, has already obtained all material state regulatory approvals and federal antitrust clearance. The U.S. Bankruptcy Court for the Southern District of New York approved the sale earlier this month.

The acquisition is expected to close by mid-December.

Houston-based CrossCountry Energy was formed in June 2003 as a holding company for Enron's interests in Transwestern Pipeline Co., Citrus Corp. and Northern Plains Natural Gas Co.

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