UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 31, 2001
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Mirant Corporation
(Exact name of registrant as specified in its charter)
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Delaware 001-16107 58-2056305
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(State or other jurisdiction (Commission File IRS Employer Identification
of incorporation) Number) No.)
1155 Perimeter Center West Suite 100, Atlanta, Georgia 30338
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (678) 579-5000
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N/A
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(Former name or former address, if changed since last report.)
Item 5. Other Events.
On May 31, 2001, Mirant Corporation issued a press release
announcing the close of the sale of $750 million in Convertible
Senior Debentures, dated May 31, 2001. A copy of the press
release is filed on this Form 8-K as exhibit 99.1.
Exhibit. 99.1
News
News Media Contact:
Jamie Stephenson, (678) 579-7117
James Peters, (678) 579-5266
May 31, 2001
Mirant Closes Sale of $750 Million in Convertible Senior Debentures
ATLANTA - Mirant (NYSE: MIR) announced today that it has completed the
sale of $750 million in convertible senior debentures due 2021. The funds will
be used for general corporate purposes, including repayment of short term debt.
The debentures bear an annual interest rate of 2.5 percent, subject to
upward adjustment commencing on June 15, 2004, depending on the market price of
Mirant's common stock. If the closing price of Mirant common stock on the New
York Stock Exchange exceeds certain levels for a specified period of time, or in
certain other circumstances, the debentures will be convertible into shares of
Mirant common stock at an initial conversion price of $67.95 per share. This
conversion price represents a 51 percent premium over Mirant's closing price of
$45.00 on May 23, 2001. Debenture holders may require Mirant to repurchase the
notes at the end of the third, fifth, tenth and fifteenth years and Mirant may
pay the purchase price in any such case in cash or shares of common stock or any
combination of cash or shares.
Additionally, the initial purchaser has the option to acquire an
additional $112.5 million principal amount of debentures.
The debentures have not been registered under the securities laws of
the United States or any state and may only be offered or sold within the United
States to qualified institutional buyers.
Mirant develops, constructs, owns and operates power plants and sells
wholesale electricity, natural gas and other energy commodities. Headquartered
in Atlanta, with 10,000 employees worldwide, Mirant has extensive operations in
North America, Europe and Asia. Mirant owns or controls more than 20,000
megawatts of electric generating capacity around the world, with another 9,000
megawatts of announced development. In North America, Mirant controls an
extensive natural gas asset base, including transportation, storage and access
to approximately 3.8 billion cubic feet per day of natural gas production.
SIGNATURE
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 thereunto duly authorized.
Date: May 31, 2001 MIRANT CORPORATION
` By /s/ James A. Ward
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James A. Ward
Senior Vice President, Finance
And Accounting
(Principal Accounting Officer)