FOR IMMEDIATE RELEASE
March 22, 2002
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MERRILLVILLE, Ind. - NiSource Inc. (NYSE: NI) today announced it has obtained a new $500 million 364-day revolving credit agreement with a syndicate of banks led by Barclays Capital for future working capital requirements and other corporate purposes.
The new credit facility replaces an expiring $1.25 billion 364-day credit facility and complements the company's existing $1.25 billion three-year facility that expires on March 23, 2004.
The reduction in the amount of the 364-day credit facility reflects the anticipated ongoing reduction in the company's short-term borrowing needs due to the anticipated proceeds from the sale of the Indianapolis Water Company and operating cash flows.
"Today's agreement further demonstrates the support of our banking partners and will strengthen our liquidity position," said NiSource Chairman, President and Chief Executive Officer Gary L. Neale. "This is an important step in the company's 2002 financing plan, which includes terming-out bank debt and the improvement of equity subsequent to the resolution of the Northern Indiana Public Service Co. rate investigation."
NiSource Inc. (NYSE: NI) is a holding company with headquarters in Merrillville, Ind., whose operating companies engage in the exploration and production, transmission, storage and distribution of natural gas, as well as the generation, transmission and distribution of electricity. Its local distribution companies provide service to 3.7 million customers located within the high-demand energy corridor that stretches from the Gulf of Mexico through the Midwest to New England. Information about NiSource is available via the Internet at www.nisource.com.