Message-ID: <29119709.1075853656326.JavaMail.evans@thyme> Date: Thu, 5 Apr 2001 04:09:00 -0700 (PDT) From: stacy.dickson@enron.com To: mark.breese@enron.com Subject: NUI Credit Issues Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Stacy E Dickson X-To: Mark Breese X-cc: X-bcc: X-Folder: \Stacey_Dickson_Nov2001\Notes Folders\Sent X-Origin: Dickson-S X-FileName: sdickso.nsf Mark, In the course of two conversations with Paul Chymiy, he identified 5 credit issues. They are: 1) The Credit Agreement is for a term of 364 days so it terminates on 12/21/01. They will enter into a new credit agreement but not on identical terms and not necessarily with the same lenders. 2) NUI Corp. does not have credit rating since the reorganization. The credit rating should be tied to NUI Utilities. 3) The MAC should be BBB instead of BBB- for Customer. 4) NUI Utilities no longer owns the common stock of Elizabethtown and City Gas. They are now divisions of NUI Utilities. 5) The treasurer will not agree to (xiii) in Section 5 of the Transaction Agreement concerning additional debt. Stacy