DPL » Topics » Interest expense

This excerpt taken from the DPL 8-K filed Oct 29, 2009.
Interest expense for the three months ended September 30, 2009 decreased $2.3 million, or 11%, compared to the same period in 2008.  This decrease was primarily the result of interest savings related to the redemption of DPL’s $175 million 8% Senior Notes in March 2009, partially offset by lower capitalized interest costs of $1.0 million.

 

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For the nine months ended September 30, 2009, interest expense decreased $7.2 million, or 11%, to $60.7 million compared to the same period in 2008.

 

This excerpt taken from the DPL 8-K filed Jul 30, 2009.
Interest expense for the three months ended June 30, 2009 decreased $5.6 million, or 22%, compared to the same period in 2008.  This decrease was primarily the result of interest savings related to the redemption of DPL’s $175 million 8% Senior Notes in March 2009 and DPL’s $100 million 6.25% Senior Notes in May 2008.

 

For the six months ended June 30, 2009, interest expense decreased $4.9 million, or 11%, to $41.1 million compared to the same period in 2008.

 

This excerpt taken from the DPL 8-K filed Apr 30, 2009.
Interest expense for the three months ended March 31, 2009 increased $0.7 million, or 3%, compared to the same period in 2008 resulting primarily from lower capitalized interest of $4.4 million in 2009 due largely to the completion of the FGD projects at Stuart Station.  This increase was partially offset by a $1.6 million reduction due to the redemption in May 2008 of DPL’s $100 million 6.25% Senior Notes and lower interest rates on DP&L’s variable rate debt.

 

This excerpt taken from the DPL 8-K filed Feb 27, 2009.
Interest expense for 2008 increased $9.7 million, or 12%, compared to 2007 primarily as a result of lower capitalized interest due to the completion of the FGD projects at various generating stations, partially offset by the redemption of the $225 million 8.25% Senior Notes in March 2007 and the $100 million 6.25% Senior Notes in May 2008.

 

This excerpt taken from the DPL 8-K filed Oct 30, 2008.
Interest Expense increased $5.0 million, or 30%, for the three months ended September 30, 2008, compared to the same period in 2007. The increase was primarily the result of lower capitalized interest

 

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due to the completion of the FGD project at Stuart station in 2008, partially offset by the redemption of the $100 million 6.25% Senior Notes in May 2008.

 

For the nine months ended September 30, 2008, interest expense increased $8.5 million, or 14%, compared to the same period in 2007.

 

This excerpt taken from the DPL 8-K filed Jul 24, 2008.
Interest expense, for the three months ended June 30, 2008, increased $5.6 million, or 29%, compared to 2007 resulting primarily from lower capitalized interest and the write-off of $1.6 million of unamortized debt issuance costs associated with the repurchase of DP&L’s $90 million variable rate pollution control bonds from bondholders on April 4, 2008.

 

For the six months ended June 30, 2008, interest expense increased $3.5 million, or 8%, compared to the same period in 2007.

 

This excerpt taken from the DPL 8-K filed Apr 24, 2008.
Interest expense for the three months ended March 31, 2008 decreased $2.1 million, or 9%, compared to 2007 resulting primarily from the redemption of DPL debt ($225 million 8.25% Senior Notes) partially offset by the additional interest expense associated with Dayton Power and Light’s (DP&L) $90 million variable rate pollution control bonds issued November 15, 2007.  On April 4, 2008, a trustee purchased the bonds from bondholders on behalf of DP&L and will hold them in trust while the Company continues to evaluate market conditions and explore suitable long-term financing alternatives.  These bonds have not been legally canceled and can be re-issued at the discretion of the Company at any time.

 

This excerpt taken from the DPL 8-K filed Feb 22, 2008.
Interest expense for 2007 decreased $21.2 million, or 21%, compared to the same period in 2006 primarily as a result of $15.5 million less interest associated with the redemption of DPL debt ($225 million 8.25% Senior Notes) and $9.1 million of greater capitalized interest associated with DP&L’s major construction projects.  These decreases were partially offset by $3.4 million of additional interest expense associated with DP&L’s $100 million 4.8% Series Pollution Control Bonds issued September 13, 2006.

 

This excerpt taken from the DPL 8-K filed Oct 31, 2007.
Interest expense for the third quarter of 2007 decreased $8.0 million, or 32%, compared to the same period in 2006. Decreases in interest expense resulted from the redemption of DPL’s $225 million 8.25% Senior Notes on March 1, 2007 and $4.0 million of greater capitalized interest associated with DP&L’s major construction projects. These decreases were partially offset by $1.0 million of interest expense associated with DP&L’s $100 million 4.8% Series Pollution Control Bonds issued September 13, 2006.

 

For the nine months ended September 30, 2007, interest expense decreased $17.7 million, or 23%, compared to the same period in 2006.

 

This excerpt taken from the DPL 8-K filed Jul 27, 2007.
Interest expense for the second quarter of 2007 decreased $6.5 million, or 25%, compared to the same period in 2006. Decreases in interest expense resulted from the redemption of DPL’s $225 million 8.25% Senior Notes on March 1, 2007 and higher capitalized interest associated with DP&L’s major construction projects. These decreases were partially offset by additional interest expense resulting from DP&L’s $100 million 4.8% Series Pollution Control Bonds issued September 13, 2006.

 

For the first six months ended June 30, 2007, interest expense decreased $9.7 million, or 19%, compared to the same period in 2006.

 



 

This excerpt taken from the DPL 8-K filed May 1, 2007.
Interest expense for the first quarter of 2007 decreased $3.2 million, or 12%, compared to the same period in 2006. Decreases in interest expense resulted from the redemption of DPL’s $225 million 8.25% Senior Notes, the elimination of the 1% interest penalty on DPL’s $175 million 8% Senior Notes, and higher capitalized interest associated with DP&L’s major construction projects. These decreases were partially offset by additional interest expense resulting from DP&L’s $100 million 4.8% Series Pollution Control Bonds issued September 13, 2006 and $65 million of short-term borrowing from DP&L’s $220 million unsecured revolving credit facility.

 

This excerpt taken from the DPL 8-K filed Feb 26, 2007.
Interest expense decreased $35.5 million, or 26%, for 2006 compared to 2005 primarily due to debt reduction of nearly $450 million and debt refinancing of approximately $214 million.  As a result of this debt reduction and refinancing, DPL recorded a $61.2 million charge in 2005 for premiums paid and other related costs.  There was no such activity in 2006.  The reduction in interest expense was also affected by $10.9 million of greater capitalized interest in 2006 related to increased environmental capital expenditures.

This excerpt taken from the DPL 8-K filed Nov 3, 2006.
Interest expense decreased $9.2 million, or 27%, for the third quarter of 2006 compared to the same period in 2005 primarily due to debt reduction of nearly $450 million and debt refinancing of approximately $214 million, most of which occurred in the third quarter of 2005.  As a result of this debt reduction and refinancing, DPL recorded a $59.1 million charge for premiums paid and other related costs.  There was no such activity in 2006.  The reduction in interest expense was also affected by $3.6 million of greater capitalized interest related to increased pollution control capital expenditures.

 

For the nine months ended September 30, 2006, interest expense declined $33.4 million, or 30%, compared to the same period in 2005.

 

This excerpt taken from the DPL 10-Q filed Nov 1, 2006.

Interest Expense

Interest expense decreased $9.2 million or 27% for the third quarter of 2006 compared to the same period in 2005 primarily from lower interest of $6.3 million associated with the early redemption of a portion of our long-term debt, the refinancing of DP&L’s pollution control bonds at a lower interest rate, and the elimination of the interest penalty on our $175 million 8% series Senior Notes that resulted from the delayed exchange offer registration of those securities.  In addition, we had greater capitalized interest of $3.6 million this year compared to 2005 related to increased pollution control capital expenditures.

For the nine months ended September 30, 2006 compared to the same period in 2005, interest expense declined $33.4 million or 30% primarily from lower interest of $26.1 million associated with the early redemption of a portion of our long-term debt; the refinancing of DP&L’s pollution control bonds at a lower interest rate; and the elimination of the interest penalties on our $175 million 8% series Senior Notes and DP&L’s $470 million 5.125% series First Mortgage Bonds that resulted from the delayed exchange offer registration of those securities, respectively.  Greater capitalized interest of $8.0 million related to increased pollution control capital expenditures also contributed to the decrease in interest expense.  See Note 7 of Notes to Consolidated Financial Statements.

This excerpt taken from the DPL 8-K filed Aug 4, 2006.
Interest expense decreased $11.4 million, or 31%, for the second quarter of 2006 compared to the same period in 2005 primarily due to debt reduction of nearly $450 million, most of which occurred in the third quarter of 2005.

 

For the six months ended June 30, 2006 versus 2005, interest expense declined $24.2 million or 32%.

 

This excerpt taken from the DPL 10-Q filed Aug 2, 2006.

Interest Expense

Interest expense decreased $11.4 million or 31% for the second quarter of 2006 compared to the same period in 2005 primarily from lower interest of $9.5 million associated with the early redemption of a portion of our long-term debt and the refinancing of DP&L’s pollution control bonds at a lower interest rate in 2005 as well as a $2.0 million increase in capitalized interest related to increased pollution control capital expenditures.

For the six months ended June 30, 2006 versus 2005, interest expense declined $24.2 million or 32% primarily from lower interest of $19.8 million associated with the early redemption of a portion of our long-term debt, the refinancing of DP&L’s pollution control bonds at a lower interest rate, and the elimination of the interest penalty on the $470 million 5.125% Series First Mortgage Bonds.  Greater capitalized interest of $4.3 million related to increased pollution control capital expenditures also contributed to the decrease in interest expense.  See Note 7 of Notes to Consolidated Financial Statements.

This excerpt taken from the DPL 8-K filed May 8, 2006.
Interest expense decreased $12.8 million, or 33%, in the first quarter of 2006 compared to the first quarter of 2005 primarily due to debt reduction of approximately $450 million, which occurred in the third quarter of 2005.

 

This excerpt taken from the DPL 10-Q filed May 4, 2006.

Interest Expense

 

Interest expense decreased $12.8 million or 33% in the first quarter of 2006 compared to the first quarter of 2005, primarily relating to $8.9 million of lower interest expense reflecting reduced debt levels resulting from the 2005 early redemption of contractual debt as well as $2.3 million of greater capitalized interest resulting from increased capital expenditures. (See Note 7 of Notes to Consolidated Financial Statements.)

 

This excerpt taken from the DPL 10-K filed Mar 1, 2006.

Interest Expense

Interest expense decreased $22.5 million or 14% compared to 2004 due to the debt reduction of $462.6 million and a full year impact of the $500 million debt retirement completed in 2004 (partially financed with a $175 million note).

 

Interest expense decreased $21.5 million or 12% in 2004 compared to 2003 primarily resulting from the refinancing of debt in 2004 and 2003 for which interest expense was lower by $25.1 million, despite $3.1 million of additional interest incurred in 2004 relating to the failure to file exchange offer registration statements and the failure to timely file the 2003 Form 10-K.  This decrease in interest expense was partially offset by lower capitalized interest in 2004 compared to 2003 of $6.6 million.

 

This excerpt taken from the DPL 8-K filed Feb 21, 2006.
Interest expense decreased $22.5 million or 14% compared to last year due to debt reduction of approximately $450 million, and a full year impact of the $500 million debt retirement completed in 2004 (partially financed with a $175 million note).

 

In 2005, the Company also recorded a charge of $61.2 million for the early redemption of debt.

 

Discontinued Operations, Sale of Private Equity Funds

In 2005, DPL sold or transferred its beneficial interests in forty-six private equity funds, which provided approximately $868 million in net proceeds.  Income and related expenses attributable to these funds are classified as discontinued operations.  Net earnings from discontinued operations for 2005, comprised of income from discontinued operations and net gains from the sale of the private equity funds, were $52.9 million.  In 2004, net earnings from discontinued operations were $95.8 million.

 

This excerpt taken from the DPL 8-K filed Nov 1, 2005.
Interest expense decreased $4.3 million in the third quarter of 2005 compared to the third quarter of 2004 driven mostly by the refinancing and early redemption of debt.  For the nine months ended September 30, 2005, interest expense decreased $9.6 million compared to the nine months ended September 30, 2004.

 

This excerpt taken from the DPL 10-Q filed Oct 28, 2005.

Interest Expense

 

Interest expense decreased $4.3 million in the third quarter of 2005 compared to the third quarter of 2004 primarily relating to the refinancing and early redemption of debt. For the nine months ended September 30, 2005, interest expense decreased $9.6 million compared to the nine months ended September 30, 2004 primarily related to the refinancing and early redemption of debt.   (See Note 7 of Notes to Consolidated Financial Statements.)

 

This excerpt taken from the DPL 8-K filed Aug 2, 2005.
Interest expense increased $2.2 million or 6% in the second quarter of 2005 compared to the second quarter of 2004 primarily related to $2.1 million in premiums paid for the early redemption of the 7.83% Series Notes due July 15, 2007. For the six months ended June 30, 2005, interest expense decreased $3.2 million or 4% compared to the six months ended June 30, 2004 due to the refinancing and reduction in overall debt.  These decreases were partially offset by $2.1 million in premiums paid for the early redemption of the 7.83% Series Notes.

 

This excerpt taken from the DPL 10-Q filed Jul 29, 2005.

Interest Expense

 

Interest expense increased $2.2 million or 6% in the second quarter of 2005 compared to the second quarter of 2004 primarily relating to $2.1 million in premiums paid relating to the early redemption of the 7.83% Series Notes. For the six months ended June 30, 2005, interest expense decreased $3.2 million or 4% compared to the six months ended June 30, 2004 primarily related to the refinancing and maturity of debt.  These decreases were partially offset by $2.1 million in premiums paid for the early redemption of the 7.83% Series Notes.  (See Note 7 of Notes to Consolidated Financial Statements.)

 

This excerpt taken from the DPL 8-K filed May 9, 2005.
Interest expense decreased $5.4 million or 12% in the first quarter of 2005 compared to the first quarter of 2004 primarily reflecting the reduction of $335 million in debt occurring in the second quarter of 2004.

 

This excerpt taken from the DPL 10-Q filed May 4, 2005.

Interest Expense

 

Interest expense decreased $5.4 million or 12% in the first quarter of 2005 compared to the first quarter of 2004 primarily relating to reduced debt levels.  (See Note 7 of Notes to Consolidated Financial Statements.)

 

This excerpt taken from the DPL 10-K filed Mar 11, 2005.

Interest Expense

Interest expense decreased $21.5 million or 12% in 2004 compared to 2003 primarily resulting from the refinancing of debt in 2004 and 2003 for which interest expense was lower by $25.1 million, despite $3.1 million of additional interest incurred in 2004 relating to the failure to file exchange offer registration statements and the failure to timely file the 2003 Form 10-K.  This decrease in interest expense was partially offset by lower capitalized interest in 2004 compared to 2003 of $6.6 million.

 

Interest expense increased by $2.3 million in 2003 compared to 2002 primarily as a result of lower capitalized interest in 2003 as the combustion turbine and environmental compliance equipment installations at certain generation facilities were completed in 2002.

 

This excerpt taken from the DPL 8-K filed Feb 23, 2005.
Interest Expense: Interest expense in 2005 is expected to decrease by approximately 7% compared to 2004 as a result of reductions in overall debt levels and improved interest rates on outstanding debt.

 

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