EIX » Topics » Key Ratios of MEHC and EMEs Principal Subsidiaries Affecting Dividends

This excerpt taken from the EIX 10-K filed Feb 28, 2007.

Key Ratios of MEHC and EME’s Principal Subsidiaries Affecting Dividends

Set forth below are key ratios of MEHC and EME’s principal subsidiaries required by financing arrangements for the twelve months ended December 31, 2006:

 

Subsidiary

       

Financial Ratio

       

Covenant

       

Actual

MEHC

      Interest Coverage Ratio       Greater than 2.0 to 1       2.79 to 1

Midwest Generation (Illinois plants)

      Interest Coverage Ratio       Greater than or equal to 1.40 to 1       5.14 to 1

Midwest Generation (Illinois plants)

      Secured Leverage Ratio       Less than or equal to 7.25 to 1       2.17 to 1

EME Homer City (Homer City facilities)

     

Senior Rent Service

Coverage Ratio

      Greater than 1.7 to 1       2.32 to 1 (1)

(1) The senior rent service coverage ratio is determined by dividing net operating cash flow by senior rent. Net operating cash flow represents revenue less operating expenses as defined in the sale-leaseback documents. Revenue during the twelve months ended December 31, 2006 includes $15.5 million from an advance payment from EMMT against future deliveries of power to it under its trading arrangements with EME Homer City.
This excerpt taken from the EIX 10-Q filed Nov 3, 2006.

Key Ratios of MEHC and EME’s Principal Subsidiaries Affecting Dividends

Set forth below are key ratios of MEHC and EME’s principal subsidiaries required by financing arrangements for the twelve months ended September 30, 2006:

 

Subsidiary   Financial Ratio   Covenant   Actual

MEHC

  Interest Coverage Ratio   Greater than 2.0 to 1   3.00 to 1

Midwest Generation, LLC (Illinois plants)

  Interest Coverage Ratio   Greater than or equal to 1.40 to 1   6.09 to 1

Midwest Generation, LLC (Illinois plants)

  Secured Leverage Ratio   Less than or equal to 7.25 to 1   1.85 to 1

EME Homer City Generation L.P. (Homer City facilities)

  Senior Rent Service Coverage Ratio   Greater than 1.7 to 1   2.21 to 1(1)

 

(1) The senior rent service coverage ratio is determined by dividing net operating cash flow by senior rent. Net operating cash flow represents revenue less operating expenses as defined in the sale-leaseback documents. Revenue during the twelve months ended September 30, 2006 includes $43.5 million and $20 million from an advance payment from EMMT on March 31, 2006 and April 30, 2006, respectively, against future deliveries of power to it under its trading arrangements with EME Homer City.

For a more detailed description of the covenants binding EME’s principal subsidiaries that may restrict the ability of those entities to make distributions to EME directly or indirectly through the other holding companies owned by EME, refer to “MEHC: Liquidity—Dividend Restrictions in Major Financings” in the year-ended 2005 MD&A.

This excerpt taken from the EIX 10-Q filed Aug 8, 2006.

Key Ratios of MEHC and EME’s Principal Subsidiaries Affecting Dividends

Set forth below are key ratios of MEHC and EME’s principal subsidiaries required by financing arrangements for the twelve months ended June 30, 2006:

 

Subsidiary    Financial Ratio    Covenant    Actual

MEHC

   Interest Coverage Ratio    Greater than 2.0 to 1   

2.97 to 1

Midwest Generation, LLC (Illinois plants)

   Interest Coverage Ratio    Greater than or equal to 1.40 to 1   

6.45 to 1

Midwest Generation, LLC (Illinois plants)

   Secured Leverage Ratio    Less than or equal to 7.25 to 1   

2.00 to 1

EME Homer City Generation L.P. (Homer City facilities)

   Senior Rent Service Coverage Ratio    Greater than 1.7 to 1    2.26 to 1(1)

 

(1) The senior rent service coverage ratio is determined by dividing net operating cash flow by senior rent. Net operating cash flow represents revenue less operating expenses as defined in the sale-leaseback documents. Revenue during the twelve months ended June 30, 2006 includes $43.5 million and $20 million from an advance payment from EMMT on March 31, 2006 and April 30, 2006, respectively, against future deliveries of power to it under its trading arrangements with EME Homer City.

For a more detailed description of the covenants binding EME’s principal subsidiaries that may restrict the ability of those entities to make distributions to EME directly or indirectly through the other holding companies owned by EME, refer to “MEHC: Liquidity—Dividend Restrictions in Major Financings” in the year-ended 2005 MD&A.

This excerpt taken from the EIX 10-Q filed May 8, 2006.

Key Ratios of MEHC and EME’s Principal Subsidiaries Affecting Dividends

Set forth below are key ratios of MEHC and EME’s principal subsidiaries required by financing arrangements for the twelve months ended March 31, 2006:

 

Subsidiary    Financial Ratio    Covenant    Actual

MEHC

   Interest Coverage Ratio    Greater than 2.0 to 1   

2.83 to 1

Midwest Generation, LLC (Illinois plants)

   Interest Coverage Ratio    Greater than or equal to 1.40 to 1   

6.58 to 1

Midwest Generation, LLC (Illinois plants)

   Secured Leverage Ratio    Less than or equal to 7.25 to 1   

1.75 to 1

EME Homer City Generation L.P. (Homer City facilities)

   Senior Rent Service Coverage Ratio    Greater than 1.7 to 1    2.37 to 1(1)

 

(1) The senior rent service coverage ratio is determined by dividing net operating cash flow by senior rent. Net operating cash flow represents revenues less operating expenses as defined in the sale-leaseback documents. Revenue during the twelve months ended March 31, 2006 includes $43.5 million from an advance payment from EMMT on March 31, 2006 against future deliveries of power to it under its trading arrangements with EME Homer City.

For a more detailed description of the covenants binding EME’s principal subsidiaries that may restrict the ability of those entities to make distributions to EME directly or indirectly through the other holding companies owned by EME, refer to “MEHC: Liquidity—Dividend Restrictions in Major Financings” in the year-ended 2005 MD&A.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki