sr' COI.& ¢-' ~ ~<S> Cl ~ ::) hl ~ ~ : ... ~ c ,. \ " \':1 ~ ~...' / <"/.r . , ~. ..~ :-.... I:. "• •' ••" ,:1 /~S·~~~~\ ROBERT J. PELLATT COMMISSION SECRETARY Mr. Robert H. Hobbs Director, Regulatory Affairs West Kootenay Power Ltd. 1290 Esplanade PO Box 130 Trail, BC VIR4L4 Dear Mr. Hobbs: Re: West Kootenay Power Ltd. Application - Approval in Principle Issuance of Series H Debentures This will acknowledge receipt of your letter dated January 5, 1996 applying to the Commission for approval in principle to issue a new series of debentures identified as Series H. It is proposed that the debenture issue will be in the amount of $25 million at an expected interest rate of 8.77 percent with a term of 20 years. We also note that the debentures will be conditional upon WKP providing to the purchaser, at the time of closing, an undertaking not to issue any additional debentures without first providing the holders of the Series H Debentures a guarantee from Utili Corp United Inc., parent company of West Kootenay Power Ltd. The Commission has reviewed your application and gives its approval in principle to this proposed financing 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. RJP/mmc WKP/Cor/ Approval in Principle-SeriesH LETTER NO. L-1-96 .. " .. " .. . fr.-! ; " . Y ; . 1: ' '/ 0 2 : e:;C:J SIXTH FLOOR. 900 HOWE STREET, BOX 250 VANCOUVER, B.C. CANADA V6Z 2N3 TELEPHONE: (604) 660-4700 BC TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 January 11, 1996 Yours truly, 'Obert J. Pellatt
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