sc13dza
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
Dynegy Inc.
 
(Name of Issuer)
Class A Common Stock, par value $0.01 per share
 
(Title of Class of Securities)
26817G102
 
(CUSIP Number)
David A. Kurzweil
Latham & Watkins LLP
885 Third Avenue
New York, New York 10022
(212) 906-1200
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 1, 2010
 
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is subject of this Schedule 13D, and is filing this statement because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. o
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
 

 

                     
CUSIP No.
  
26817G102 
                

 

           
1   NAME OF REPORTING PERSON:

LS Power Development, LLC
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (SEE INSTRUCTIONS):
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS:
   
  OO
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER:
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   82,474,851
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH: 10   SHARED DISPOSITIVE POWER:
     
    82,474,851
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  82,474,851
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  13.7%*
     
14   TYPE OF REPORTING PERSON
   
  OO
 
*   As reported in the Issuer’s Annual Report on Form 10-K filed on February 25, 2010.

Page 2 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1   NAME OF REPORTING PERSON:

LS Power Partners, L.P.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (SEE INSTRUCTIONS):
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS:
   
  OO
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER:
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   70,627,029
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH: 10   SHARED DISPOSITIVE POWER:
     
    70,627,029
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  70,627,029
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  11.8%*
     
14   TYPE OF REPORTING PERSON
   
  PN
 
*   As reported in the Issuer’s Annual Report on Form 10-K filed on February 25, 2010.

Page 3 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1   NAME OF REPORTING PERSON:

LS Power Associates, L.P.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (SEE INSTRUCTIONS):
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS:
   
  OO
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER:
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   11,847,822
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH: 10   SHARED DISPOSITIVE POWER:
     
    11,847,822
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  11,847,822
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  2.0%*
     
14   TYPE OF REPORTING PERSON
   
  PN
 
*   As reported in the Issuer’s Annual Report on Form 10-K filed on February 25, 2010.

Page 4 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1   NAME OF REPORTING PERSON:

LS Power Equity Partners, L.P.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (SEE INSTRUCTIONS):
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS:
   
  OO
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE: VOTING POWER:
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   42,478,750
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH: 10   SHARED DISPOSITIVE POWER:
     
    42,478,750
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  42,478,750
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  7.1%*
     
14   TYPE OF REPORTING PERSON
   
  PN
 
*   As reported in the Issuer’s Annual Report on Form 10-K filed on February 25, 2010.

Page 5 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1   NAME OF REPORTING PERSON:

LS Power Equity Partners PIE I, L.P.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (SEE INSTRUCTIONS):
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS:
   
  OO
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER:
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   25,758,013
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH: 10   SHARED DISPOSITIVE POWER:
     
    25,758,013
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  25,758,013
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  4.3%*
     
14   TYPE OF REPORTING PERSON
   
  PN
 
*   As reported in the Issuer’s Annual Report on Form 10-K filed on February 25, 2010.

Page 6 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1   NAME OF REPORTING PERSON:

LSP Gen Investors, L.P.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (SEE INSTRUCTIONS):
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS:
   
  OO
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER:
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   1,010,796
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH: 10   SHARED DISPOSITIVE POWER:
     
    1,010,796
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  1,010,796
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  0.2%*
     
14   TYPE OF REPORTING PERSON
   
  PN
 
*   As reported in the Issuer’s Annual Report on Form 10-K filed on February 25, 2010.

Page 7 of 14

 

                     
CUSIP No.
  
26817G102 
  

 

           
1   NAME OF REPORTING PERSON:

Mikhail Segal
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (SEE INSTRUCTIONS)
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS:
   
  OO
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States
       
  7   SOLE VOTING POWER:
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   82,474,851
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH: 10   SHARED DISPOSITIVE POWER:
     
    82,474,851
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  82,474,851
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  13.7%*
     
14   TYPE OF REPORTING PERSON
   
  IN
 
*   As reported in the Issuer’s Annual Report on Form 10-K filed on February 25, 2010.

Page 8 of 14

 

This Amendment No. 2 amends the statement on Schedule 13D filed on December 10, 2009 and amended on March 22, 2010 (the “Schedule 13D”), by and on behalf of the Reporting Persons relating to the Class A Common Stock of Dynegy Inc. Capitalized terms used but not defined in this Amendment No. 2 shall have the same meanings herein as are ascribed to such terms in the Schedule 13D.
Item 5. Interest in Securities of the Issuer.
The information set forth in Item 5 is hereby amended and supplemented with the following:
     (a) and (b) The information contained on the cover pages to this Schedule 13D and Item 3 is incorporated herein by reference.
     Of the 82,474,851 shares of the Issuer’s Class A Common Stock reported in this Schedule 13D, LSP Partners directly holds 1,379,470 shares, LSP Associates directly holds 11,847,822 shares, LSPEP directly holds 42,478,750 shares, PIE I directly holds 25,758,013 shares, and Gen Investors directly holds 1,010,796 shares. As a result of its relationship with LSPEP, PIE I and Gen Investor, LSP Partners may be deemed the beneficial owner of 70,627,029 shares of Class A Common Stock, representing approximately 11.8% of the outstanding shares of Class A Common Stock as reported in the Issuer’s Annual Report on Form 10-K filed on February 25, 2010. As a result of its relationship with LSP Partners and LSP Associates, LSP Development may be deemed the beneficial owner of 82,474,851 shares of Class A Common Stock, representing approximately 13.7% of the outstanding shares of Class A Common Stock as calculated in the previous sentence. As a result of his position, Mikhail Segal may be deemed to control LSP Development and to have shared beneficial ownership of 82,474,851 shares of Class A Common Stock, representing approximately 13.7% of the outstanding shares of Class A Common Stock as calculated above.
     (c) Please see Annex A for a list of transactions in the Issuer’s Class A Common Stock since the Reporting Persons’ most recent filing on Schedule 13D on March 22, 2010. All of the transactions reported on Annex A were executed through brokers and settled through facilities of The Depository Trust & Clearing Corporation (DTCC).
     (d) Not applicable.
     (e) Not applicable.
Item 7. Material to be Filed as Exhibits.
1.   Joint Filing Agreement, dated as of December 10, 2009, by and among the Reporting Persons. (incorporated by reference to Exhibit 1 to the Reporting Persons Schedule 13D filed on December 10, 2009).
2.   Purchase and Sale Agreement, dated as of August 9, 2009, among LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P., LSP Gen Investors, L.P., Port River, LLC, Valley Road, LLC, Dos Rios, LLC, Dynegy Inc., Dynegy Gen Finance Co, LLC, Southwest Power Partners,
Page 9 of 14

 

 

    LLC, Riverside Generation, Inc., Dynegy Renaissance Power, Inc., Bluegrass Generation, Inc., Dynegy Midwest Generation, Inc., RRP Company, Dynegy Power Services, Inc., and Dynegy Falcon Holdings Inc. (incorporated by reference to Exhibit 2.1 to the Issuer’s Form 8-K filed with the Securities and Exchange Commission on August 13, 2009).
3.   Amendment No. 1 to the Purchase and Sale Agreement, dated as of November 25, 2009, by and among LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P., LSP Gen Investors, L.P., Port River, LLC, Valley Road, LLC, Dos Rios, LLC, Dynegy Inc., Dynegy Gen Finance Co, LLC, Southwest Power Partners, LLC, Riverside Generation, Inc., Dynegy Renaissance Power, Inc., Bluegrass Generation, Inc., Dynegy Midwest Generation, Inc., RRP Company, Dynegy Power Services, Inc., and Dynegy Falcon Holdings Inc. (incorporated by reference to Exhibit 2.1 to the Issuer’s Form 8-K filed with the Securities and Exchange Commission on December 1, 2009).
4.   Shareholder Agreement, dated as of August 9, 2009, among Dynegy Inc. and LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P., and LSP Gen Investors, L.P. (incorporated by reference to Exhibit 10.1 to the Issuer’s Form 8-K filed with the Securities and Exchange Commission on August 13, 2009).
5.   Amendment No. 1 to the Registration Rights Agreement dated September 14, 2006 by and between Dynegy Inc. and LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P., and LSP Gen Investors, L.P. (incorporated by reference to Exhibit 10.2 to the Issuer’s Form 8-K filed with the Securities and Exchange Commission on August 13, 2009).
6.   Registration Rights Agreement, dated as of September 14, 2006, among Dynegy Acquisition, Inc., LS Power Partners, L.P., LS Power Associates, L.P., LS Power Equity Partners, L.P., LS Power Equity Partners PIE I, L.P. and LSP Gen Investors, L.P. (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Dynegy Inc. filed on September 19, 2006, File No. 1-15659).
Page 10 of 14

 

 

SIGNATURE
     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: April 2, 2010
         
  LS POWER DEVELOPMENT LLC
 		  
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia    
    Title:   Managing Director   
 
  LS POWER PARTNERS, L.P.
 		  
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia    
    Title:   Managing Director   
 
  LS POWER ASSOCIATES, L.P.
 		  
  By:   LS Power Development, LLC, its
General Partner  		  
       
       
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia    
    Title:   Managing Director   
 
  LS POWER EQUITY PARTNERS, L.P.
 		  
  By:   LS Power Partners, L.P., its
General Partner  		  
       
       
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia    
    Title:   Managing Director   
 
Page 11 of 14

 

 

         
  LS POWER EQUITY PARTNERS PIE, L.P.
 		  
  By:   LS Power Partners, L.P., its
General Partner  		  
       
       
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia    
    Title:   Managing Director   
 
  LSP GEN INVESTORS, L.P.
 		  
  By:   LS Power Partners, L.P., its
General Partner  		  
       
       
  By:   /s/ Darpan Kapadia    
    Name:   Darpan Kapadia    
    Title:   Managing Director   
 
  MIKHAIL SEGAL
 		  
  /s/ Mikhail Segal    
     
     
 
Page 12 of 14

 

 

ANNEX A
Recent Transactions in Dynegy Inc. Class A Common Stock
LS Power Associates, L.P.
                         
Date of Transaction   Nature of Transaction   Number of Shares   Avg. Price per Share
March 23, 2010
   SELL     387,865     $ 1.425  
March 25, 2010
   SELL     97,351     $ 1.3387  
March 26, 2010
   SELL     90,244     $ 1.2707  
March 29, 2010
   SELL     65,159     $ 1.2584  
March 30, 2010
   SELL     134,185     $ 1.2621  
March 31, 2010
   SELL     77,731     $ 1.2612  
April 1, 2010
   SELL     51,787     $ 1.2408  
LS Power Equity Partners, L.P.
                         
Date of Transaction   Nature of Transaction   Number of Shares   Avg. Price per Share
March 23, 2010
   SELL     1,390,638     $ 1.425  
March 25, 2010
   SELL     349,038     $ 1.3387  
March 26, 2010
   SELL     323,559     $ 1.2707  
March 29, 2010
   SELL     233,617     $ 1.2584  
March 30, 2010
   SELL     481,104     $ 1.2621  
March 31, 2010
   SELL     278,694     $ 1.2612  
April 1, 2010
   SELL     185,676     $ 1.2408  
LS Power Equity Partners PIE I, L.P.
                         
Date of Transaction   Nature of Transaction   Number of Shares   Avg. Price per Share
March 23, 2010
   SELL     843,246     $ 1.425  
March 25, 2010
   SELL     211,648     $ 1.3387  
March 26, 2010
   SELL     196,197     $ 1.2707  
March 29, 2010
   SELL     141,660     $ 1.2584  
March 30, 2010
   SELL     291,728     $ 1.2621  
March 31, 2010
   SELL     168,993     $ 1.2612  
April 1, 2010
   SELL     112,589     $ 1.2408  
LS Power Partners, L.P.
                         
Date of Transaction   Nature of Transaction   Number of Shares   Avg. Price per Share
March 23, 2010
   SELL     45,160     $ 1.425  
March 25, 2010
   SELL     11,335     $ 1.3387  
March 26, 2010
   SELL     10,507     $ 1.2707  
March 29, 2010
   SELL     7,587     $ 1.2584  
March 30, 2010
   SELL     15,623     $ 1.2621  
March 31, 2010
   SELL     9,050     $ 1.2612  
April 1, 2010
   SELL     6,030     $ 1.2408  

Page 13 of 14

 

LSP Gen Investors, L.P.
                         
Date of Transaction   Nature of Transaction   Number of Shares   Avg. Price per Share
March 23, 2010
   SELL     33,091     $ 1.425  
March 25, 2010
   SELL     8,305     $ 1.3387  
March 26, 2010
   SELL     7,699     $ 1.2707  
March 29, 2010
   SELL     5,559     $ 1.2584  
March 30, 2010
   SELL     11,448     $ 1.2621  
March 31, 2010
   SELL     6,632     $ 1.2612  
April 1, 2010
   SELL     4,418     $ 1.2408  

Page 14 of 14