7/22/09 N.Y. St. Reg. PSC-29-09-00009-P
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 Orange and Rockland Utilities, Inc. to issue $500 million in securities ($100 million may be preferred stock), to enter into revolving credit agreements not to exceed $200 million and issue long-term debt.
Statutory authority:
Public Service Law, section 69
Subject:
Issuance of securities and other forms of indebtedness including derivative contracts.
Purpose:
To authorize the issuance of securities and other forms of indebtedness including derivative contracts.
Text of proposed rule:
The Public Service Commission is considering whether to approve, deny, or modify, in whole or in part, a petition by Orange and Rockland Utilities, Inc. (the Company) for the approval to issue and sell up to a total of $500 million of securities, including up to $100 million in preferred stock; to enter into or continue revolving credit agreements totaling $200 million; and to issue and sell long-term debt for refunding existing debt (Refunding Securities) commencing immediately and from time to time through December 31, 2012.
In connection with issuance of the new securities and the Refunding Securities, the Company seeks authorization to use Treasury-related derivative contracts such as interest rate swaps, Treasury locks or other derivative products such as caps or collars as necessary to manage its interest rate risk and other financial exposures.
The Company will use the proceeds of the long-term debt for the refunding of maturing debt and to pay the costs and expenses of such refunding (including any premium).
The Company believes it needs a credit facility of $200 million for the Company’s commercial paper program and to provide letters of credit.
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:
leann_ayer@dps.state.ny.usData, 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:
jaclyn_brilling@dps.state.ny.usPublic 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.
