USEC NEEDS MORE 'FINANCIAL DEPTH' FOR DOE LOAN GUARANTEE

摘要

USEC is still hoping for a vital $2 billion Department of Energy loan guarantee for the proposed American Centrifuge Plant, with progress on the application currently centered on negotiating a credit subsidy cost acceptable to the company, USEC officials said this week. DOE officials have told USEC that the project needs "additional financial and project execution depth" to achieve an affordable credit subsidy fee, which must be paid before closing on the loan guarantee, USEC executives said in a quarterly earnings call with investors this week. "We are working with DOE and its advisors on reviewing structuring options to address their remaining concerns in order to move forward on the ACP and to obtain a conditional commitment and a loan guarantee. We have also retained financial and other advisors who are helping in this review of structuring options and pursuit of strategic alternatives," USEC CEO John Welch said. Investors questioned whether stating that USEC is pursuing additional financial depth means that the company is up for sale. Welch replied that "reviewing structuring options and strategic alternatives can encompass a wide range of potential outcomes. As you expect, our comment would be it's incorrect to assume the sale of the company is the sole or even the primary goal of that activity." Investors also asked if there were any limitations on who could buy the company. "We are certainly wary of foreign ownership limitations with respect to our NRC licenses as certainly a clear factor," Welch replied.