Issuance of Promissory Notes
NY-ADR
8/2/17 N.Y. St. Reg. PSC-31-17-00009-P
NEW YORK STATE REGISTER
VOLUME XXXIX, ISSUE 31
August 02, 2017
RULE MAKING ACTIVITIES
PUBLIC SERVICE COMMISSION
PROPOSED RULE MAKING
NO HEARING(S) SCHEDULED
I.D No. PSC-31-17-00009-P
Issuance of Promissory Notes
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 National Fuel Gas Distribution Corp. to issue promissory notes up to $400 million for construction programs and for general corporate purposes and to enter into derivative instruments through December 31, 2020.
Statutory authority:
Public Service Law, section 69
Subject:
Issuance of promissory notes.
Purpose:
To consider the petition of National Fuel Gas Distribution Corp. to issue up to $400 million in promissory notes.
Substance of proposed rule:
The Public Service Commission is considering a petition filed by National Fuel Gas Distribution Corporation (Petitioner), on June 30, 2017, authorizing the issuance of long-term indebtedness for the purposes authorized under Public Service Law Section 69. Specifically, the Petitioner proposes to issue, as part of this financing, secured promissory notes to National in the principal amount of not more than $400,000,000 applying the proceeds from the sale of such notes to: (i) fund, in part, Petitioner's construction programs for calendar years 2018, 2019 and 2020, (ii) to repay short-term debt obligations outstanding and promissory notes issued by Distribution to National in exchange for loans from National to Distribution in connection with Distribution's 6.69% promissory note issued April 11, 2008 and due April 15, 2018, or as otherwise agreed by the parties and Distribution's 8.93% promissory note issued April 6, 2009 and due May 1, 2019, or as otherwise agreed by the parties, and (iii) use for general corporate purposes. The full text of the petition 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 relief 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:
Kathleen H. Burgess, 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.
(17-G-0414SP1)
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