[Federal Register Volume 60, Number 184 (Friday, September 22, 1995)]
[Notices]
[Pages 49271-49272]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-23544]



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DEPARTMENT OF ENERGY
[Docket No. ES95-37-003]


Texas-New Mexico Power Company and Texas Generating Company II; 
Notice of Amended Application

September 18, 1995.
    Take notice that on September 18, 1995, Texas-New Mexico Power 
Company (TNP) filed an amendment to the application submitted by TNP 
and Texas Generating Company II (TGC II) in Docket No. ES95-37-000, et 
al. The amendment deleted the proposal that TGC II be the principal 
obligor of borrowings under a proposed Amended Credit Facility and 
proposes that TNP be the obligor of borrowings under the Amended Credit 
Facility.
    The application was amended as follows:
    (1) Subparagraph (1) of Paragraph (e) on page 2 of the referenced 
application is amended by deleting the fourth sentence in its entirety 
and substituting in its place the following sentence: ``TNP will be the 
obligor under the Amended Credit Facility.''
    (2) Subparagraph (7) of Paragraph (e) on page 5 of the referenced 
application is amended by deleting the second sentence after the chart 
in its entirety and substituting in its place the following sentence: 
``Of all the proposals submitted to TNP, the Amended Credit Facility 
secured by the New Bonds will provide TNP with the lowest cost of money 
and the greatest net proceeds.''
    (3) Paragraph (f) on page 6 of the referenced application is 
amended by deleting the second sentence in its entirety.
    (4) Paragraph (f) on page 6 of the referenced application is 
further amended by deleting the third sentence in its entirety and 
substituting in its place the following sentence: ``TNP will be able to 
borrow and prepay funds on one to three days' notice with interest 
determined pursuant to TNP's election between a LIBOR rate and an 
alternate base or prime rate.''
    (5) Paragraph (f) on page 6 of the referenced application is 
further amended by deleting the last sentence in its entirety.
    (6) Subparagraph (1)(ii) of Paragraph (g) on page 6 of the 
referenced application is amended by deleting the first sentence in its 
entirety and substituting in its place the following sentence: ``Each 
syndicate bank will receive a commitment fee at closing, the amount of 
which will depend on the amount that each bank commits to loan to 
TNP.''
    (7) Subparagraph (2) of Paragraph (h) on page 9 of the referenced 
application is amended by deleting the first sentence in its entirety 
and substituting in its place the following sentence: ``At closing, TNP 
will draw on the Amended Credit Facility to repay outstanding 
indebtedness under the Existing Credit Facility.''
    (8) Subparagraph (3) of Paragraph (h) on page 10 of the referenced 
application is amended by deleting the first sentence in its entirety 
and substituting in its place the following sentence: ``In addition to 
repaying Existing Credit Facility borrowings and other long-term debt, 
TNP expects Amended Credit Facility funds to be used for general 
working capital on an ongoing basis.''

[[Page 49272]]

    (9) Subparagraph (2) of Paragraph (j) on page 11 of the referenced 
application is amended by deleting the first two sentences in their 
entirety and substituting in their places the following sentences:
    ``Approval of the Amended Credit Facility will enable TNP to borrow 
and repay funds as appropriate to manage normal fluctuations in cash 
flow experienced by a seasonal peaking utility. Enhanced flexibility in 
the use of proceeds under the New Credit Facility will also enable TNP 
to avoid arranging permanent financing before certain unfavorable 
conditions are removed.''
    (10) Paragraph (k) on page 12 of the referenced application is 
amended by deleting the first two sentences in their entirety and 
substituting in their places the following sentences:
    ``The Amended Credit Facility is expected to require that TNP 
maintain a minimum ratio of earnings before interest and taxes to 
interest expense ranging from 1.2 from closing through June 30, 1996, 
to 1.5 from July 1, 1999, until the Amended Credit Facility is repaid. 
TNP must also maintain a maximum ratio of debt to capitalization 
ranging from 77 percent from closing through June 30, 1996, to 65 
percent from July 1, 1999, until the Amended Credit Facility is 
repaid.''
    TNP and TGC II request that the Commission's order in Docket No. 
ES94-12-000\1\ concerning the Existing Credit Facility remain effective 
until closing and funding of the Amended Credit Facility.

    \1\66 FERC para. 62,054 (1994).
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    Any person desiring to be heard or to protest said filing should 
file a motion to intervene or protest with the Federal Energy 
Regulatory Commission, 825 North Capitol Street, NE., Washington, DC 
20426 in accordance with Rules 211 and 214 of the Commission's Rules of 
Practice and Procedure (18 CFR 385.211 and 385.214). All such motions 
or protests should be filed on or before September 22, 1995. Protests 
will be considered by the Commission in determining the appropriate 
action to be taken, but will not serve to make the protestants parties 
to the proceedings. Any person wishing to become a party must file a 
motion to intervene. Copies of this filing are on file with the 
Commission and are available for public inspection.
Lois D. Cashell,
Secretary.
FR Doc. 95-23544 Filed 9-21-95; 8:45 am]
BILLING CODE 6717-01-M