[Federal Register Volume 60, Number 165 (Friday, August 25, 1995)]
[Notices]
[Page 44372]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-21128]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26357]


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

August 18, 1995.
    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 declaration(s) should submit their views in 
writing by September 11, 1995, to the Secretary, Securities and 
Exchange Commission, Washington, D.C. 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 or 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.
New England Electric System, et al. (70-8671)
    New England Electric System (``NEES''), 25 Research Drive, 
Westborough, Massachusetts 01582, a registered holding company, and its 
subsidiary company Narragansett Energy Resources Company (``NERC''), 
280 Melrose Street, Providence, Rhode Island 02901, have filed an 
application-declaration pursuant to sections 6(a), 7, 9(a), 10, and 12 
of the Act and rules 42 and 45 thereunder.
    NERC is a general partner with 20% interest in each of two 
partnerships owning the Ocean State Power Project (``OSP 
Partnerships''). The OSP Partnerships own a two-unit combined cycle 
electric generating facility located in Burrillville, Rhode Island. By 
prior order dated October 13, 1988 (HCAR No. 24727), the Commission 
authorized NERC to issue and sell notes to NEES (``NEES Notes'') in 
order to fund NERC's equity contributions to the OSP Partnerships. NERC 
now proposes to retire the NEES Notes.
    To accomplish this retirement, NERC proposes to issue and sell, on 
or before December 31, 1996, one or more long term notes to one or more 
third parties in an aggregate principal amount not to exceed $33 
million (the ``Note''). The Note will have a maturity of up to 17 
years, may provide for a sinking fund or other mandatory pre-payments, 
and may have limitations on callability or refundability depending upon 
market conditions. NERC 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. The interest rate for the Note 
will not exceed 12% per annum.
    As security for its obligations under the Note, NERC proposes to 
assign its interests in the OSP Partnerships, which assignment will 
include a security interest in distributions to NERC from the OSP 
partnerships. Additionally, NEES proposes to pledge its stock in NERC 
to the purchaser or purchasers of the Note as limited security for the 
Note.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-21128 Filed 8-24-95; 8:45 am]
BILLING CODE 8010-01-M