[Federal Register Volume 59, Number 77 (Thursday, April 21, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-9636]


[[Page Unknown]]

[Federal Register: April 21, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26027]

 

Filings Under the Public Utility Holding Company Act of 1935 
(``Act'')

April 15, 1994.
    Notice is hereby given that the following filing(s) has/have been 
made with the Commission pursuant to provisions of the Act and rules 
promulgated thereunder. All interested persons are referred to the 
application(s) and/or declaration(s) for complete statements of the 
proposed transaction(s) summarized below. The application(s) and/or 
declaration(s) and any amendments thereto is/are available for public 
inspection through the Commission's Office of Public Reference.
    Interested persons wishing to comment or request a hearing on the 
application(s) and/or declarant(s) should submit their views in writing 
by May 9, 1994, to the Secretary, Securities and Exchange Commission, 
Washington, DC 20549, and serve a copy on the relevant applicant(s) 
and/or declarant(s) at the address(es) specified below. Proof of 
service (by affidavit or, in case of an attorney at law, by 
certificate) should be filed with the request. Any request for hearing 
shall identify specifically the issues of fact of law that are 
disputed. A person who so requests will be notified of any hearing, if 
ordered, and will receive a copy of any notice or order issued in the 
matter. After said date, the application(s) and/or declaration(s), as 
filed or as amended, may be granted and/or permitted to become 
effective.

Narragansett Energy Resources Company (70-8383)

    Narragansett Energy Resources Company (``Resources''), 280 Melrose 
Street, Providence, Rhode Island 02901, a subsidiary company of New 
England Electric System (``NEES''), a registered holding company, has 
filed an application-declaration under sections 6(a), 7, 9(a), 10 and 
12(c) of the Act and Rules 42 and 50(a)(5) thereunder.
    By orders dated October 13, 1988 and December 23, 1988 (HCAR Nos. 
24727 and 24790), the Commission authorized, among other things:
    (1) Resources to acquire a 20% equity interest in the Ocean State 
Power Project (``OSP'');
    (2) NEES to fund Resources' obligation to contribute to the capital 
of OSP under the OSP partnership agreement and guarantee such 
obligation; and
    (3) The construction financing of OSP.
    Resources now proposes to refinance a portion of its outstanding 
common equity by issuing, through December 31, 1994, long-term notes, 
under an exception from the competitive bidding requirements pursuant 
to Rule 50(a)(5), up to an aggregate principal amount of $30 million 
(``Note''). As of December 31, 1993, total capitalization of Resources 
was approximately $40 million, 100% of which was in the form of common 
equity.
    The Note will have a maturity of up to 17 years from the time of 
issuance and will bear interest at a fixed rate not to exceed 12% per 
annum. The note will be issued pursuant to a note agreement 
(``Agreement''). The Agreement may provide for a sinking fund and 
limitations on callability or refundability, depending upon market 
conditions. Resources proposes that the Note will be redeemable at any 
time at its option, upon reasonable notice, at the then outstanding 
principal amount plus accrued interest and redemption premium, and may 
include a yield to maturity premium. Resources requests authorization 
to begin negotiations regarding the issuance of the Notes. It may do 
so.
    The proceeds from the issuance and sale of the Note will be used 
for the retirement of subordinated notes issued by Resources to NEES in 
order to fund Resources' equity contribution obligation to the OSP 
units.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-9636 Filed 4-20-94; 8:45 am]
BILLING CODE 8010-01-M