EX-99.2 4 a2075744zex-99_2.txt EXHIBIT 99.2 Exhibit 99.2 ILLINOVA COMPLETES ILLINOIS POWER CUMULATIVE PREFERRED STOCK TENDER OFFER AND CONSENT SOLICITATION HOUSTON--March 27, 2002--Illinova Corporation, a wholly owned subsidiary of Dynegy Inc. (NYSE:DYN), completed its offer to purchase the following series of outstanding shares of cumulative preferred stock of Illinois Power Company (NYSE:IPC), Dynegy's transmission and distribution subsidiary: Series CUSIP NO. Shares Percentage of Tendered Series Tendered -------------------------------------------------------------------- 4.08% Cumulative Preferred Stock 452092-20-8 134,438 59.6151 -------------------------------------------------------------------- 4.20% Cumulative Preferred Stock 452092-30-7 95,948 66.7418 -------------------------------------------------------------------- 4.26% Cumulative Preferred Stock 452092-40-6 70,937 68.0255 -------------------------------------------------------------------- 4.42% Cumulative Preferred Stock 452092-50-5 69,809 68.3129 -------------------------------------------------------------------- 4.70% Cumulative Preferred Stock 452092-60-4 108,011 74.4031 -------------------------------------------------------------------- 7.75% Cumulative Preferred Stock 452092-79-4 182,681 95.2630 -------------------------------------------------------------------- The offer expired at 5:00 p.m., New York City time, on Tuesday, March 26, 2002. Illinova Corporation accepted all validly tendered shares. Payment for all validly tendered and accepted shares is expected to be made on or about March 28, 2002. Illinois Power Company also completed its related consent solicitation to amend IPC's articles of incorporation. Under the terms of the consent solicitation, all holders of record as of February 20, 2002 who validly consented to the proposed amendment will receive the special cash payment of $1.00 per share. Payment for all validly consented shares is expected to be made on or about March 28, 2002. Merrill Lynch & Co. acted as the dealer manager for the tender offer and the solicitation agent for the consent solicitation. ---------------- CONTACT: Dynegy Inc., Houston Media: John Sousa, Steve Stengel or Claudia Morlan, 713/767-5800 or Analysts: Arthur Shannon or Katie Pipkin, 713/507-6466