Message-ID: <15150128.1075840891240.JavaMail.evans@thyme>
Date: Wed, 28 Mar 2001 17:22:00 -0800 (PST)
From: christopher.calger@enron.com
To: john.lavorato@enron.com, louise.kitchen@enron.com, 
	william.bradford@enron.com
Subject: DWR
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X-From: Christopher F Calger <Christopher F Calger/PDX/ECT@ECT>
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I told DWR that Enron is not comfortable with the risk/reward of the transaction.  They are reviewing the following modification:
 
April Price: $200
May and beyond: $127
7 day payments through April 30
Standard EEI payment terms thereafter
Credit for Feb, Mar, April ($17MM) paid 7 days after investment grade bonds are issued 
ENA has right to walk at any time for any reason up until the earlier of 7 days after bonds issued or Sep 1
Cal Reg Out (with termination payment) modified to include ballott initiatives and CPUC orders

This is effectively a $5MM premium for a 4MMMwhr put swaption 

I will update when I hear back from them.