Authorization for RED-Rochester, LLC to Incur Indebtedness of Up to $200 Million
NY-ADR
8/12/20 N.Y. St. Reg. PSC-32-20-00013-P
NEW YORK STATE REGISTER
VOLUME XLII, ISSUE 32
August 12, 2020
RULE MAKING ACTIVITIES
PUBLIC SERVICE COMMISSION
PROPOSED RULE MAKING
NO HEARING(S) SCHEDULED
I.D No. PSC-32-20-00013-P
Authorization for RED-Rochester, LLC to Incur Indebtedness of Up to $200 Million
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:
Proposed Action:
The Public Service Commission is considering a petition filed on July 1, 2020, by RED-Rochester, LLC, to incur indebtedness for a term in excess of twelve months.
Statutory authority:
Public Service Law, sections 2(12), (13), 4(1), 5(2), 65(1), 66(1), (2), (4), (5), 69, 82 and 89-f
Subject:
Authorization for RED-Rochester, LLC to incur indebtedness of up to $200 million.
Purpose:
To ensure that the proposed debt financing is within the public interest.
Substance of proposed rule:
The Public Service Commission (Commission) is considering a petition filed by RED-Rochester, LLC on July 1, 2020, seeking approval to incur indebtedness, for a term in excess of twelve months, pursuant to Public Service Law § § 69, 82, and 89-f. Specifically, the petition seeks authorization to enter into indebtedness of up to $200 million, including the authority to guarantee and to pledge ownership interests in the jurisdictional assets owned by RED-Rochester LLC as collateral security for the repayment of up to $200 million in long-term indebtedness. The petition maintains that the approval sought is in the public interest because it would reimburse RED-Rochester LLC for capital improvements made to date at the Eastman Business Park (Park), provide for the availability of capital for future plant improvements at the Park, provide RED-Rochester LLC with continuing access to capital for its operations, and enable RED-Rochester to take advantage of favorable borrowing conditions.
The full text of the petition and the full record of the proceeding may be reviewed online at the Department of Public Service web page: www.dps.ny.gov. The Commission may adopt, modify, or reject, in whole or in part, the action proposed and may resolve related matters.
Text of proposed rule and any required statements and analyses may be obtained by filing a Document Request Form (F-96) located on our website http://www.dps.ny.gov/f96dir.htm. For questions, contact:
John Pitucci, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 486-2655, email: [email protected]
Data, views or arguments may be submitted to:
Michelle L. Phillips, Secretary, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 474-6530, email: [email protected]
Public comment will be received until:
60 days after publication of this notice.
Regulatory Impact Statement, Regulatory Flexibility Analysis, Rural Area Flexibility Analysis and Job Impact Statement
Statements and analyses are not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.
(20-M-0316SP1)
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