B R I T IS H C O L U M B I A U T I L IT I E S C O M M I S S I O N O R D E R N U M B E R G-32-96 SIXTH FLOOR, 900 HOWE STREET, BOX 250 TELEPHONE: (604) 660-4700 VANCOUVER, B.C. V6Z 2N3 a BC TOLL FREE: 1-800-663-1385 CANADA FACSIMILE: (604) 660-1102 IN THE MATTER OF the Utilities Commission Act, S.B.C. 1980, c. 60, as amended and An Application by Centra Gas British Columbia Inc. for Approval to Fix the Cost of Floating Price Debt BEFORE: L.R. Barr, Deputy Chairperson; and ) F.C. Leighton, Commissioner ) April 10, 1996 O R D E R WHEREAS: A. The Commission by Order No.ÊG-105-95, approved for Centra Gas British Columbia Inc.Ê(ÒCentra GasÓ) and Pacific Coast Energy Corporation the refinancing of the combined operations including the issuance of short-term debt totalling $208Êmillion with a floating interest rate; and B. The Commission, by Order No.ÊG-28-96, approved in principle the MarchÊ8, 1996 Centra Gas application concerning a risk management strategy which intends to use interest rate swaps to fix the interest cost of a majority of the floating rate debt. The Order required Centra Gas to apply to the Commission prior to placement of an interest rate swap, for approval of a range of interest rates or a maximum interest rate resulting from the interest rate swap; and C. On AprilÊ10, 1996 Centra Gas, pursuant to SectionÊ57 of the Utilities Commission ActÊ(ÒtheÊActÓ) applied to the Commission to fix the cost of $190 million of its floating rate debt at a weighted average all-in cost rate of the proposed swaps not exceeding 8.75Êpercent, (Òthe ApplicationÓ); and D. The Commission has reviewed the Application and supporting material and finds that approval is necessary and in the public interest. NOW THEREFORE the Commission orders as follows: 1. The Commission approves for Centra Gas, pursuant to SectionÊ57 of the Act, the AprilÊ10, 1996 Application to fix $190Êmillion of its floating rate debt at a weighted average all-in cost not to exceed 8.75Êpercent. 2. Centra Gas is to provide the Commission with a copy of the competing bids from each financial institution showing the calculation of the all-in cost of each interest rate swap, including substantiation of the bid selected. 3. Centra Gas is to file with the Commission the final terms of the interest rate swaps approved by this Order. DATED at the City of Vancouver, in the Province of British Columbia, this ÊÊÊÊÊ10th ÊÊÊÊÊÊday of April, 1996. BY ORDER Original signed by: Lorna R. Barr Deputy Chairperson
You are being directed to the most recent version of the statute which may not be the version considered at the time of the judgment.