[Federal Register Volume 62, Number 86 (Monday, May 5, 1997)]
[Notices]
[Page 24518]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-11615]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-26712]


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

April 30, 1997.
    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 May 22, 1997, 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 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.

Northeast Utilities, et al. (70-8875)

    Northeast Utilities (``NU''), 174 Brush Hill Avenue, West 
Springfield, Massachusetts 01809, a registered holding company and its 
wholly owned subsidiary companies (``Subsidiaries''), Holyoke Water 
Power Company (``HWP''), Canal Street, Holyoke, Massachusetts 01040, 
Western Massachusetts Electric Company (``WMECO''), 174 Brush Hill 
Avenue, West Springfield, Massachusetts 01809, Public Service Company 
of New Hampshire (``PSNH'') and North Atlantic Energy Corporation 
(``NAEC''), both of 1000 Elm Street, Manchester, New Hampshire 03015, 
and The Connecticut Light & Power Company (``CL&P''), 107 Selden 
Street, Berlin, Connecticut 06037 (all companies collectively, 
``Applicants''), have filed a post-effective amendment to their 
application-declaration under sections 6(a), 7, 9(a), 10 and 12(b) of 
the Act and rules 43, 45 and 54 thereunder.
    By orders dated February 11, 1997 (HCAR No. 26665) and March 25, 
1997 (HCAR No. 26692) (``Orders''), the Commission authorized among 
other things, the Applicants to enter into an unsecured revolving 
credit facility (``Facility'') with various lending institutions 
permitting borrowings thereunder aggregating up to $313.75 million.\1\ 
The Orders also authorized NAEC to issue short-term notes aggregating 
not more than $50 million, and the continued use, through December 31, 
2000, of the Northeast Utilities System Money Pool (``Money Pool'') to 
assist in meeting the short-term borrowing needs of the Applicants and 
certain other NU subsidiaries.\2\ The Orders provided however, that 
NAEC could borrow through the Money Pool to the extent that funds 
attributable to contributions from NU are available for such 
borrowings.
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    \1\ Under the Facility, the Applicants have the following 
maximum borrowing limits: NU--$150 million; CL&P--$313.75; and WMECO 
$150 million.
    \2\ The Orders authorized the issuance of short-term debt 
through December 31, 2000.
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    The Applicants now propose that NU, CL&P and WMECO enter into 
amendments to their Facility, which will provide, among other things, 
that: (1) CL&P and WMECO collateralize their obligations under the 
Facility with first mortgage bonds; \3\ (2) NU's borrowing limit under 
the Facility be reduced to zero, subject to reinstatement to up to $50 
million, until such time as NU, CL&P and WMECO meet certain financial 
tests; (3) the levels of CL&P's and WMECO's respective borrowings may 
not exceed the aggregate principal amount of the first mortgage bonds 
securing their respective obligations under the Facility; (4) on the 
closing date of the amendment, the borrowers pay each lender an 
amendment fee equal to .25% of its commitment under the Facility; and 
(5) the amendments become effective no later than May 30, 1997.
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    \3\ CL&P's and WMECO's issuance and sale of such bonds are 
exempt from prior Commission authorization under rule 52.
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    The Applicants also propose to increase the short-term borrowing 
limit of NAEC from $50 million to $60 million and to amend the Money 
Pool to enable NAEC to borrow funds contributed by all of the NU system 
Money Pool participants. The Applicants request, however, that the 
Commission reserve jurisdiction over PSNH and NAEC borrowing Money Pool 
funds attributable to WMECO, unless and until authorization is granted 
by the Massachusetts Department of Public Utilities.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-11615 Filed 5-2-97; 8:45 am]
BILLING CODE 8010-01-M