B R I T I S H C O LU M B I A U T I L I T IE S C O M M I S S I O N O R D E R N U M B E R G-46-99 SIXTH FLOOR, 900 HOWE STREET, BOX 250 TELEPHONE: (604) 660-4700 VANCOUVER, B.C. V6Z 2N3 CANADA BC TOLL FREE: 1-800-663-1385 web site: http://www.bcuc.com FACSIMILE: (604) 660-1102 IN THE MATTER OF the Utilities Commission Act, R.S.B.C. 1996, Chapter 473 and An Application by West Kootenay Power Ltd. for Approval of Utility Financing Options BEFORE: P. Ostergaard, Chair ) L.R. Barr, Deputy Chair ) May 7, 1999 O R D E R WHEREAS: A. On January 28, 1999, West Kootenay Power Ltd. (“WKP”) applied, pursuant to the Utilities Commission Act (“the Act”), for approval in principle of a series of utility financing transactions described as follows: • Redemption of a $20 million Term Loan with the Bank of Montreal. • Replacement of a $30 million Short-Term Operating Facility from UtiliCorp British Columbia Ltd. (“UCBC”). • Finance the above-noted redemptions by way of a 5-Year Term Loan of $50 million from UtiliCorp Canada Finance Corp. and its partnership UtiliCorp Canada Finance Partnership. • Reduce the authorized amount of an Operating Loan Facility with the Bank of Montreal from $20 million to $10 million; and B. On February 12, 1999, the Commission issued Letter No. L-9-99 approving in principle the proposed financing transactions pursuant to the Act; and C. On April 30, 1999, WKP submitted a certified true copy of a Resolution of the Board of Directors approving the financing transactions and requested the Commission give final approval to the transactions; and D. The Commission has reviewed the application and supporting material. . . . /2
2 NOW THEREFORE pursuant to Section 50 of the Act, the Commission approves the following for WKP: • The redemption of a $20 million Term Loan with the Bank of Montreal. • The replacement of the $30 million Short-Term Operating Facility with UCBC. • The placing of a 5-Year Term Loan in the amount of $50 million with UtiliCorp Canada Finance Corp. and its partnership UtiliCorp Canada Finance Partnership. • The reduction of the Operating Loan Facility with the Bank of Montreal from $20 million to $10 million. DATED at the City of Vancouver, in the Province of British Columbia, this 7 Orders/WKP-Utility Finance OptionsB R I T I S H C O L U M B I A U T I L I T IE S C O M M I S S I ON O R D E R N U M B E R G-46-99 th day of May 1999. BY ORDER Original signed by: Lorna R. Barr Deputy Chair
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