Refunding and Issuance of Securities
NY-ADR
10/26/11 N.Y. St. Reg. PSC-43-11-00014-P
NEW YORK STATE REGISTER
VOLUME XXXIII, ISSUE 43
October 26, 2011
RULE MAKING ACTIVITIES
PUBLIC SERVICE COMMISSION
PROPOSED RULE MAKING
NO HEARING(S) SCHEDULED
I.D No. PSC-43-11-00014-P
Refunding and Issuance of Securities
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 Consolidated Edison Company of New York, Inc. requesting permission to refund its preferred stock with unsecured debt as well as extend the period for issuance of securities to no later than 12/31/14.
Statutory authority:
Public Service Law, section 69
Subject:
Refunding and Issuance of Securities.
Purpose:
To permit the Company to issue and sell securities.
Substance of proposed rule:
The Public Service Commission is considering whether to approve, deny or modify, in whole or in part, a petition by Consolidated Edison Company of New York, Inc. enhancing their financing authority as outlined below under PSL Section 69. On September 30, 2011, Consolidated Edison Company of New York, Inc. submitted a petition requesting authority to enhance its order, issued and effective March 12, 2009, as previously enhanced by its order, issued and effective November 20, 2009, in the same proceeding, to (i) authorize the Company to issue and sell, not later than December 31, 2012, not to exceed $243 million of unsecured debt of the Company (the “Preferred Refunding Debt”) for purposes of the optional refunding of all or part of its outstanding preferred stock (the “Outstanding Preferred”): 1,915,319 shares of $5 Cumulative Preferred, without par value and 375,626 shares of its Cumulative Preferred Stock ($100 par value); and (ii) extend the period for issuance of the securities authorized pursuant to the Order, including the New Debt, the Refunding Securities and the RCA (revolving credit agreements) authorized in the Original Order, the New Preferred authorized in the Order Enhancement and the Preferred Refunding Debt for which authorization is requested herein, to not later than December 31, 2014.
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.
(08-M-1244SP3)
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