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| Orion Power Holders, Inc. |
| 7 East Redwood Street, 10th Floor, Baltimore, MD 21202 * (410) 230-3500 |
| Business Description | The company is a fast-growing electric power generating company operating in the United States. The company owns and operates power plants and sells electricity and a broad range of electricity-related products and services to utilities, municipalities, cooperatives and retail aggregators in the newly deregulated wholesale market. |
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Filing Information Not yet | |||
| To Trade As | ORN (NYSE) | Industry | Utilities (SIC 4911) |
| Type of Stock Offered | Common Shares | Filing Date | 8/18/00 |
| Domestic Shares Filed | 20,000,000 | Filing Range | $17.00 - $20.00 |
| Foreign Shares Filed | 5,000,000 | Offering Amount | $462,500,000 |
| Company Shares | 21,779,032 | Est. Expenses | - - |
| Selling Shrhldrs Shares | 3,220,968 | Post-IPO Shares | 90,595,926 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-5959 |
| CS First Boston | Co-manager | (212) 325-2000 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Morgan Stanley Dean Witter | Co-manager | (212) 761-5900 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/98 | 12/31/99 | 6/30/99 | 6/30/00 | |||
| Revenues | - | - | - | 0.314 | 134.074 | 2.023 | 341.674 |
| Income from Oper. | - | - | - | -2.424 | 34.401 | -2.768 | 94.607 |
| Net Income | - | - | - | -1.542 | 5.662 | -1.679 | 13.750 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | - | 42,598.726 | 16,789.47 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | 25.66 | 27.69 | - |
| Net Profit Margin (%) | - | - | - | - | 4.22 | 4.02 | - |
| Cash Flow - Oper. | 10.46 | -0.84 | -12.76 | ||||
| Cash Flow - Inv. | -1,067.17 | -2.12 | -1,768.42 | ||||
| Cash Flow - Fin. | 1,113.66 | 4.04 | 1,746.86 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/00 | Financial Ratios | ||||
| Total Assets | 3,218.82 | Current Assets | 432.35 | Current Ratio | 3.57 |
| Total Liab. | 2,451.10 | Current Liab. | 121.24 | Debt Ratio | 76.15% |
| Total Equity | 767.71 | Working Cap. | 311.11 | Debt to Equity Ratio | 3.19 |
| Cash | 44.22 | Return on Assets | 0.43% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for acquisitions and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Stroock & Stroock & Lavan |
| Bank's Law Firm | Latham & Watkins |
| Auditor | Arthur Andersen |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Goldman Sachs affiliated entities, The | 54.30 | |
| Constellation Enterprises, Inc. and affiliates | 30.80 | |
| Mitsubishi Corporation and affiliates | 11.30 | |
| Tokyo Electric Power Company International B.V. | 7.50 | |
| Note: represents ownership of 5% or more prior to the offering. | ||