LETTER NO. L-20-95 SIXTH FLOOR, 900 HOWE STREET, BOX 250 VANCOUVER, B.C. CANADA V6Z 2N3 TELEPHONE: (604) 660-4700 ROBERT J. PELLATT BC TOLL FREE: 1-800-663-1385 COMMISSION SECRETARY FACSIMILE: (604) 660-1102 April 20, 1995 Mr. R.H. Hobbs Director, Regulatory Affairs and Corporate Secretary West Kootenay Power Ltd. P.O. Box 130, Waneta Plaza Trail, B.C. VIR 4N7 Dear Mr. Hobbs: Re: West Kootenay Power Ltd. Application - Approval in Principle Redemption of Debentures and Refinancing This will acknowledge receipt of your letter dated April 13, 1995 applying to the Commission for approval in principle to redeem WKP's Series I 14.75 percent Subordinated Debentures and Series B 14.25 percent Secured Debentures effective May 1, 1995. It is proposed that the Bank of Montreal will finance the redemption with a 5-year loan of $20 million at a fixed annual interest rate not to exceed 9 percent with semi-annual payments. We also note that the promissory note will be unsecured but will have a guarantee from UtiliCorp United Inc., parent of West Kootenay Power Ltd. The Commission has reviewed your application and gives its approval in principle to this proposed transaction pursuant to Section 57 of the Utilities Commission Act. Following final approval, and upon application, the Commission will issue an Order based on the terms outlined in the application. Yours truly, Robert J. Pellatt RJP/mmc WKP/Cor/Approval in Principle-Debenture
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