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Commission
File Number
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Registrant;
State of Incorporation
Address; and Telephone
Number
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IRS
Employer
Identification No.
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1-11337
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INTEGRYS
ENERGY GROUP, INC.
(A Wisconsin
Corporation)
130 East
Randolph Drive
Chicago,
Illinois 60601-6207
(312)
228-5400
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39-1775292
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Item
2.01
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Completion
of Acquisition or Disposition of Assets
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As previously
reported in a Current Report on Form 8-K filed by Integrys Energy Group,
Inc. on December 29, 2009, in December 2009, Integrys Energy
Services, Inc. (“Energy Services”), a wholly owned subsidiary of Integrys
Energy Group, entered into a purchase and sale agreement (the “PSA”) with
Macquarie Cook Power Inc., which subsequently changed its name to
Macquarie Energy LLC (“ME”), to sell substantially all of the commodity
contracts comprising its United States wholesale electric marketing and
trading business, as part of Energy Services’ intent to reduce the size
and scope of its operations. On February 1, 2010, Energy
Services transferred substantially all of the market risk associated with
the transaction to Macquarie Bank Limited (“MBL”), parent of ME, by
entering into trades with MBL that mirrored Energy Services’ underlying
commodity contracts. On March 31, 2010, Energy Services
transferred title to the majority of the underlying commodity contracts
and closed on the transaction with ME, upon which time the majority of
corresponding mirror transactions terminated. The remaining
underlying commodity contracts which had not been novated as of March 31,
2010, are expected to be transferred, or will settle through normal course
of business, in the months following the closing, at which time the
corresponding mirror transactions will terminate.
This
transaction will result in an estimated return of working capital of
approximately $200 million, and cash consideration of approximately $11
million. The return of working capital is primarily related to
cash collateral that had been posted with brokers and counterparties for
Energy Services’ United States wholesale electric marketing and trading
business. Shortly following the transfer of the related
contracts to ME, the cash collateral will be returned to Energy
Services.
A copy of
Integrys Energy Group’s news release announcing the completion of the sale
is filed as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated by reference herein.
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Item
9.01
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Financial
Statements and Exhibits.
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(a)
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Not
applicable
|
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(b)
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Pro Forma Financial
Information. The pro forma financial information required by this
Item is set forth in Exhibit 99.2 attached hereto.
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(c)
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Not
applicable
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(d)
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Exhibits. The following
exhibits are being filed herewith:
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99.1
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Integrys
Energy Group, Inc. news release dated April 1, 2010, reporting completion
of the sale.
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99.2
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Unaudited pro
forma condensed consolidated financial statements as of and for the year
ended December 31,
2009.
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SIGNATURES
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Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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INTEGRYS
ENERGY GROUP, INC.
By: /s/ Barth J. Wolf
Barth J. Wolf
Vice President, Chief Legal Officer and Secretary
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Date: April
2, 2010
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Exhibit
Number
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99.1
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Integrys
Energy Group, Inc. news release dated April 1, 2010, reporting completion
of the sale.
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99.2
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Unaudited pro
forma condensed consolidated financial statements as of and for the year
ended December 31, 2009.
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