form8k.htm
UNITED
STATES
SECURITIES
AND
EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section
13 or 15(d) of
the
Securities
Exchange Act of 1934
Date
of
Report: September 28,
2007
(Date
of earliest
event reported)
Commission
File
Number
|
Registrant;
State of Incorporation
Address;
and Telephone Number
|
IRS
Employer
Identification
No.
|
|
|
|
1-11337
|
INTEGRYS
ENERGY GROUP, INC.
(A
Wisconsin
Corporation)
130
East
Randolph Drive
Chicago,
Illinois 60601-6207
(312)
228-5400
|
39-1775292
|
|
|
|
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.01 Completion of Acquisition or
Disposition of Assets.
On
September 28, 2007, Peoples Energy Corporation, a wholly owned subsidiary
of
Integrys Energy Group, Inc., completed the sale of its oil and natural gas
production subsidiary, Peoples Energy Production Company, to El Paso E&P
Company, L.P. pursuant to the terms of the previously announced stock purchase
agreement dated August 16, 2007. El Paso E&P Company, L.P., a
Delaware limited partnership, is a wholly owned subsidiary of El Paso
Corporation. Peoples Energy Production Company is active in the
acquisition, development and production of oil and natural gas reserves in
selected onshore basins in the United States through direct ownership in
oil,
gas and mineral leases with its primary focus on natural gas. El Paso
E&P Company purchased 100% of the equity interest of Peoples Energy
Production Company for a cash purchase price of approximately $879.1
million. The purchase price remains subject to typical post closing
adjustments.
Although
Integrys
Energy Group expects to realize an after-tax gain on the sale of approximately
$10 million, the ultimate impact on after-tax income will depend on the
outcome of various post-closing adjustments.
Net
after-tax
proceeds are expected to be approximately $630 million, subject to the
above-mentioned adjustments, and will be used to reduce short-term
debt.
Following
the
merger of Peoples Energy Corporation into Integrys Energy Group on February
21,
2007, the operations of Peoples Energy Production Company were reported as
discontinued operations and the related assets and liabilities as held for
sale. The gain on sale will also be reported as a component of income
from discontinued operations.
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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Not
applicable.
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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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News
Release
dated September 28, 2007 reporting Integrys Energy Group, Inc.
Completes
Sale of Oil and Natural Gas Production Subsidiary
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SIGNATURE
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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/
Joseph P.
O'Leary
Joseph
P. O'Leary
Senior
Vice President and
Chief
Financial Officer
|
|
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Date: September
28, 2007
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INTEGRYS
ENERGY GROUP, INC.
Exhibit
Index to
Form 8-K
Dated
September 20,
2007
Exhibit
Number
|
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99.1
|
News
Release
dated September 28, 2007 reporting Integrys Energy Group, Inc. Completes
Sale of Oil and Natural Gas Production Subsidiary
|
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