PNG Investor News
13th January 2012
Phoenix Natural Gas Statement
Phoenix has received the Authorities Determination Notice, together with a Licence modification, relating to the Phoenix Natural Gas Price control 2012-2013. A copy of all relevant documents are available from the Utility Regulators Website. Phoenix is currently considering the Utility Regulator's decisions and will be responding to it in due course.
24th October 2011
Phoenix Natural Gas’s response to the Utility Regulator’s consultation on the Phoenix Natural Gas Limited price control draft proposals 2012-13
Details of Phoenix Natural Gas’s response to this consultation are provided below. This was submitted to Ureg on Friday 21 October 2011.
PNG Price Control Draft Proposals 2012-13
14th October 2011
Phoenix Natural Gas Finance Plc- £275,000,000 5.50 per cent. Guaranteed Bonds guaranteed by Phoenix Natural Gas Limited and Phoenix Distribution Holding Limited
We note that Fitch has placed Phoenix Natural Gas Limited (PNG) on rating watch negative. The rating watch negative is pending the outcome of the open consultation "Phoenix Natural Gas Limited Price Control Draft Proposals 2012-2013" published by the Northern Ireland Utility Regulator (Ureg) in August 2011, which includes a proposal to make a retrospective adjustment to the opening Total Regulatory Value (TRV) for 2012. Further details on Ureg's proposed adjustments to TRV are specified in the Fitch release dated 12 October 2011.
Ureg has invited all interested parties with views on the consultation paper to provide comments to Ureg by 5pm on Friday 21 October 2011 and PNG is currently in the process of preparing a full response to this consultation paper ahead of this response deadline.
PNG intends to post details of its response on its website in due course thereafter.
18th August 2011
Phoenix Natural Gas Finance Plc Bondholder Notification
Phoenix Natural Gas Finance Plc - £275,000,000 5.50 per cent. Guaranteed Bonds (the "Bonds") guaranteed by Phoenix Natural Gas Limited and Phoenix Distribution Holding Limited.
We refer to the Phoenix Natural Gas Limited ("PNG") £80,000,000 Facilities Agreement originally dated 3 November 2009 (the "Facilities Agreement") guaranteed by Phoenix Distribution Holdings Limited.
Phoenix Natural Gas Finance plc. hereby notifies holders of the Bonds that on 18th August 2011 PNG amended and restated its Facilities Agreement. The final maturity date of the Facilities Agreement was, prior to such amendments taking effect, 3 November 2012 and the Total Commitments (as defined in the Facilities Agreement) were £80,000,000. Following such amendment and restatement taking effect, the final maturity date will be the date on or about 36 months from the date hereof and the Total Commitments will be reduced to £60,000,000. PNG has reduced the Total Commitments under the Facilities Agreement having regard to its projected financing needs in the availability period of the Facilities Agreement. The terms of the Facilities Agreement as amended and restated are economically no more adverse to the interests of PNG than the terms of the Facilities Agreement prior to such amendment and restatement taking effect.
29th June 2011
Phoenix Natural Gas Finance plc has in issue £275,000,000 of 5.5% Guaranteed bonds repayable in 2017.
As part of its obligations under the terms these bonds are issued, Phoenix Distribution Holdings Limited (The Consolidating Entity), Phoenix Natural Gas Limited and Phoenix Natural Gas Finance plc have posted their audited financial statements for the financial year ending 31 December 2010 within the PNG Accounts section.
In addition the latest Directors Certificates dated 23 June 2011 and Compliance Certificates based on a 31 December 2010 calculation date are also provided within the PNG Investor Reports section.