Constellation to sell bonds

Proceeds to help pay for plant acquisitions

December 09, 2010|By Hanah Cho, The Baltimore Sun

Constellation Energy Group plans to sell bonds to help pay for its purchase of five power plants in the Boston area, according to regulatory documents filed Thursday.

The Baltimore company was the successful bidder to buy fossil-fuel plants owned by Boston Generating in a bankruptcy auction for $1.1 billion. The bankruptcy court approved the sale late last month.

Proceeds from the bond sale would also be used to pay off some debt due April 2012 as well as fund pension contributions and general corporate expenses, the company said in filings with the Securities and Exchange Commission.

The company did not reveal how much it plans to raise through the sale of its bonds, which mature in December 2020.

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