EX-99.1
2
a04-11031_1ex99d1.htm
EX-99.1
Exhibit
99.1
News
Release
FOR IMMEDIATE RELEASE
Contact: Kevin Kelley,
(626) 302-1033
www.edisonnews.com
Edison
Mission Energy and Edison International
Announce Completion of the
Sale of EME's Stake in Contact Energy Ltd.
IRVINE, Calif. (USA), October 4,
2004 - Edison Mission Energy (EME) and
its parent Edison International (NYSE: EIX) today announced that EME completed
the sale of Universal Holdings to Origin Energy New Zealand Limited. The sale of Universal Holdings included the
sale of EME's 51.2% ownership interest in Contact Energy Ltd. Contact Energy generates about 30% of New
Zealand's electricity and is one of the largest retailers of natural gas and
electricity in New Zealand.
Consideration from the sale of Universal Holdings was NZ$1,101 million
(approximately US$739 million) in cash and NZ$535 million (approximately
US$359 million) of assumed debt.
The cash proceeds, net of transaction costs and taxes related to the
sale, will be used to repay a portion of the $800 million secured loan at
Mission Energy Holdings International, Inc.
The sale is the result of
a previously announced process to sell EME's portfolio of international energy
assets located in Europe, the Asia Pacific region and Puerto Rico. The closing of the sale of the remainder of
EME's portfolio of international energy assets (other than Contact Energy Ltd.)
to IPM Eagle, a joint venture between International Power plc and Mitsui &
Co. Ltd., is expected to occur in the fourth quarter of 2004.
Lehman Brothers and
Credit Suisse First Boston acted as financial advisors to EME on the sale of
its international assets.
###
Edison
Mission Energy is a subsidiary of Rosemead, Calif.-based Edison
International. Other Edison
International companies include Edison Capital and Southern California Edison.

EX - 99 . 1 2 a04 - 11031 _ 1ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 News Release FOR IMMEDIATE RELEASE Contact : Kevin Kelley , ( 626 ) 302 - 1033 www.edisonnews.com Edison Mission Energy and Edison International Announce Completion of the Sale of EME 's Stake in Contact Energy Ltd . IRVINE , Calif . ( USA ) , October 4 , 2004 - Edison Mission Energy ( EME ) and its parent Edison International ( NYSE : EIX ) today announced that EME completed the sale of Universal Holdings to Origin Energy New Zealand Limited . The sale of Universal Holdings included the sale of EME 's 51 . 2 % ownership interest in Contact Energy Ltd . Contact Energy generates about 30 % of New Zealand 's electricity and is one of the largest retailers of natural gas and electricity in New Zealand . Consideration from the sale of Universal Holdings was NZ $ 1,101 million ( approximately US$ 739 million ) in cash and NZ $ 535 million ( approximately US$ 359 million ) of assumed debt . The cash proceeds , net of transaction costs and taxes related to the sale , will be used to repay a portion of the $ 800 million secured loan at Mission Energy Holdings International , Inc . The sale is the result of a previously announced process to sell EME 's portfolio of international energy assets located in Europe , the Asia Pacific region and Puerto Rico . The closing of the sale of the remainder of EME 's portfolio of international energy assets ( other than Contact Energy Ltd . ) to IPM Eagle , a joint venture between International Power plc and Mitsui & Co . Ltd . , is expected to occur in the fourth quarter of 2004 . Lehman Brothers and Credit Suisse First Boston acted as financial advisors to EME on the sale of its international assets . # # # Edison Mission Energy is a subsidiary of Rosemead , Calif . - based Edison International . Other Edison International companies include Edison Capital and Southern California Edison .