Debt Financing Arrangement
NY-ADR
2/23/22 N.Y. St. Reg. PSC-08-22-00004-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-08-22-00004-P
Debt Financing Arrangement
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 Bluestone Gas Corporation of New York, Inc. and DT Midstream, Inc. requesting authorization to issue debt financing.
Statutory authority:
Public Service Law, sections 5, 64, 65, 66 and 69
Subject:
Debt financing arrangement.
Purpose:
To review the proposed financing and consider whether it is within the public interest.
Substance of proposed rule:
The New York State Public Service Commission (Commission) is considering a petition, filed on November 4, 2021, by Bluestone Gas Corporation of New York, Inc. (Bluestone) and DT Midstream, Inc. (DTM) requesting to pledge the assets of Bluestone to secure debt financing up to $1.75 billion, with DTM, the parent of Bluestone, as the borrower.
Bluestone and DTM (Petitioners) intend to secure the financing to make capital available for future improvements to Bluestone’s jurisdictional facilities, provide Bluestone with continuing access to capital for its operations and working capital needs, and allow Bluestone to take advantage of favorable borrowing conditions. The Petitioners request that the Commission apply the reduced level of scrutiny it has used to review financings proposed by similar lightly regulated companies that operate in a competitive environment. Furthermore, the Petitioners request flexibility to modify, without prior Commission approval, the identity of the financing entities, payment terms, and the amount financed.
The full text of the petition and the full record of the proceeding may be reviewed online at the Department of Public Service website: 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) 474-6517, 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.
(21-G-0547SP1)
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