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El Paso Corporation Announces Sale of Mid-Continent and Northern Louisiana Midstream Assets and the Close of the Sale of Enerplus Global Energy Management Company.

Publication: PR Newswire
Publication Date: 24-APR-03 		Format: Online - approximately 963 words
Delivery: Immediate Online Access

Article Excerpt
El Paso Corporation announced today that it executed an agreement to sell various Mid-Continent and Northern Louisiana midstream assets to Regency Gas Services LLC, an investment of Charlesbank Capital Partners, LLC, which is a private equity and real estate investment firm with more than $2 billion of capital under management. The transaction, which is subject to customary closing conditions, is valued at approximately $120 million and is expected to close by the end of the second quarter 2003.

El Paso also announced that on April 23 it closed the transaction on the sale of its interests in Enerplus Global Energy Management Company to Enerplus Resources Fund for $35 million.

These sales support El Paso's previously announced 2003 five-point business plan, which includes exiting non-core businesses quickly but prudently, and strengthening and simplifying the balance sheet while maximizing liquidity. El Paso now has either...

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