TXU

(TXU)

has wrapped up a $3.5 billion debt deal, allowing the utility to repurchase a large chunk of its common stock as part of a restructuring program.

"With this announcement, we have completed phase one of our restructuring, restoring financial flexibility and positioning TXU well for the future," the company said.

TXU Monday said it purchased 52.5 million shares of its outstanding common stock at an initial price of $64.57 a share.

The company also said its outlook for operating earnings remains $2.65 to $2.70 a share for 2004 and $5.65 to $5.85 a share for 2005. The consensus forecasts are for $2.72 and $5.49, respectively, according to Thomson First Call.

On Friday, the Dallas-based company said it had closed on the sale of $3.5 billion of senior notes with registration rights in a private placement transaction.

Shares closed at $65.51 Friday.