New England Power Co., 021617 NHPUC, 25, 989

Case DateFebruary 16, 2017
CourtNew Hampshire
NEW ENGLAND POWER COMPANY
ORDER No. 25, 989
DE 16-844
New Hampshire Public Utilities Commission
February 16, 2017
         Petition for Authority to Issue Long-Term Debt          Order Approving Petition for Authority to Issue up to $800 Million of Long-Term Debt           Martin P. Honigberg Chairman          In this order, the Commission grants New England Power Company authority to issue up to $800 million of long-term debt securities over a three-year period. The Commission finds that the debt is consistent with the public good and approves the Petition as proposed.          I. BACKGROUND          On November 3, 2016, pursuant to RSA 369:1, New England Power Company d/b/a National Grid ("NEP" or "the Company") filed a Petition for Authority to Issue Long Term Debt Securities ("Petition"). NEP's filing included testimony, information required by Puc Form F-4, Authority to Issue Securities, and a request for waivers of N.H. Code Admin. Rules Puc 308.12(b) (7), (8), and (9). On December 28, 2016, Staff requested additional information regarding the interest rates described in the Petition and the requested waivers. NEP provided a response on January 5, 2017. On January 25, 2017, Staff issued a memorandum to the Commission recommending approval of the Petition and the requested waivers. The Petition and subsequent docket filings, other than any information for which confidential treatment is requested of or granted by the Commission, are posted to the Commission's website at http://www.puc.nh.gov/Regulatory/Docketbk/2016/16-844.html.          A. New England Power Company          In its Petition, NEP states that it seeks authority to take on new long-term debt not to exceed an aggregate principal amount of $800 million for a period of three years beginning on the date of the Commission's approval, plus an option for a two-year extension. The Company states that it will use the proceeds for one or more of the following purposes: refinancing short-term debt, financing NEP's capital needs, construction of utility plant and properties, reimbursing the treasury, funding maturing debt, and other general corporate purposes including restructuring NEP's capitalization. The Company also requests authorization to choose the type of debt to issue, which may include medium-term and long-term notes, bonds, debentures, revolving credit loans, and bank loans. According to the Petition, the terms to maturity will be no shorter than one year and no longer than thirty years. Further, NEP states that it...

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