Issuance of Securities and Other Forms of Indebtedness
NY-ADR
4/22/09 N.Y. St. Reg. PSC-16-09-00021-P
NEW YORK STATE REGISTER
VOLUME XXXI, ISSUE 16
April 22, 2009
RULE MAKING ACTIVITIES
PUBLIC SERVICE COMMISSION
PROPOSED RULE MAKING
NO HEARING(S) SCHEDULED
I.D No. PSC-16-09-00021-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 the petition of Central Hudson Gas & Electric Corporation to enter into multi-year credit agreements in amounts not to exceed $175 million in the aggregate, and issue long-term debt in an amount not to exceed $250 million.
Statutory authority:
Public Service Law, section 69
Subject:
Issuance of securities and other forms of indebtedness.
Purpose:
To authorize the issuance of securities and other forms of indebtedness.
Substance of proposed rule:
The Public Service Commission is considering whether to approve, deny, or modify, in whole or in part, a petition by Central Hudson Gas & Electric Corporation (the company) for the approval to enter into multi-year credit agreements totaling $175 million and to issue and sell long-term debt, commencing immediately and from time to time through December 31, 2012, in an amount not to exceed $250 million.
The company will use the proceeds of the long-term debt for the payment of $60 million on maturing debt, the refinancing of $116 million of auction rate securities, the funding of future construction expenditures, funding programs to remediate former gas plants and for pension funding.
The company believes it needs a credit facility of $175 million for construction forecasts, working capital needs and financing requirements.
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.state.ny.us/f96dir.htm. For questions, contact:
Leann Ayer, 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:
Jaclyn A. Brilling, 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:
45 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.
(09-M-0308SP1)
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