Manufacturing Industry
NiSource water assets to be sold.
Underground Construction, August, 2001
The City of Indianapolis and NiSource Inc. signed a letter of intent in July for the city to buy the assets of the Indianapolis Water Company and other assets of NiSource's IWC Resources and its subsidiaries for $522.5 million, which includes $132.4 million in IWCR debt. In the transaction, NiSource will retain $80 million of long-term Indianapolis Water Company debt.
"The combination of low-cost municipal ownership, with professional third party management of the water company, will be a positive development for ratepayers and businesses in our community," Mayor Peterson and President SerVaas said. "Local taxpayers and rate payers alike will benefit because public ownership will allow for very low-cost interest rates and the absence of any need to pay federal...
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