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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.

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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.