Issuance of Securities and Other Forms of Indebtedness
NY-ADR
2/23/22 N.Y. St. Reg. PSC-08-22-00002-P
NEW YORK STATE REGISTER
VOLUME XLIV, ISSUE 8
February 23, 2022
RULE MAKING ACTIVITIES
PUBLIC SERVICE COMMISSION
PROPOSED RULE MAKING
NO HEARING(S) SCHEDULED
I.D No. PSC-08-22-00002-P
Issuance of Securities and Other Forms of Indebtedness
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:
Proposed Action:
The Commission is considering a petition filed by Orange and Rockland Utilities, Inc. requesting multi-year authority to issue up to $285 million in new long-term debt obligations, to enter into revolving credit agreements and to refund existing debt.
Statutory authority:
Public Service Law, section 69
Subject:
Issuance of securities and other forms of indebtedness.
Purpose:
To provide funding for capital needs, including construction, and refinancing of maturing debt.
Substance of proposed rule:
The Commission is considering a petition by Orange and Rockland Utilities, Inc. (Company), filed on January 25, 2022, requesting authority to issue long-term indebtedness pursuant to Public Service Law Section 69.
Specifically, the Company requests authority to issue up to $285 million in long-term debt securities through December 31, 2025. The proceeds from the sale of such securities would be used to finance construction expenditures. The Company also requests authority to enter into revolving credit agreements, not to exceed $200 million. In addition, the Company requests the option to refund existing long-term debt, not to exceed $125 million, and seeks an additional $25 million in costs to refund the existing long-term debt.
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, reject, or modify, 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.
(22-M-0062SP1)
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