[Federal Register Volume 64, Number 188 (Wednesday, September 29, 1999)]
[Notices]
[Pages 52558-52559]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-25388]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27077]


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

September 24, 1999.
    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 under the Act. All interested persons are referred to the 
applications(s) and/or declaration(s) for complete statements of the 
proposed transaction(s) summarized below. The application(s) and/or 
declarations(s) and any amendment is/are available for public 
inspection through the Commission's Branch of Public Reference.
    Interested persons wishing to comment or request a hearing on the 
applications(s) and/or declaration(s) should submit their views in 
writing by October 14, 1999, to the Secretary, Securities and Exchange 
Commission, Washington, DC 20549-0609, and serve a copy on the relevant 
applicant(s) and/or decalarant(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 
should identify specifically issues of facts 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 October 14, 1999, the application(s) and/or declaration(s), as 
filed or as amended, may be granted and/or permitted to become 
effective.

Entergy Louisiana, Inc. (70-7580)

    Entergy Louisiana, Inc. (``Entergy Louisiana''), 639 Loyola Avenue, 
New Orleans, Louisiana 70113, a utility subsidiary of Entergy 
Corporation, a registered holding company, has filed a post-effective 
amendment to its application under sections 9(a) and 10 of the Act and 
rule 54 under the Act.
    As described in orders dated February 2, 1989, January 24, 1991, 
and January 24, 1996 (HCAR Nos. 24810, 25246, and 26460, respectively) 
(``Orders''), Entergy Louisiana (formerly Louisiana Power & Light 
Company) leases nuclear fuel required for use at its Waterford 3 
nuclear generating unit (``Waterford 3'') under a Fuel Lease, dated as 
of January 31, 1989 (``Lease), with River Fuel Company #2, Inc. 
(``River Fuel''). Under the Lease, River Fuel makes payments to 
suppliers, processors, and manufacturers necessary to provide

[[Page 52559]]

nuclear fuel for Waterford 3, or Entergy Louisiana makes these payments 
and receives reimbursement from River Fuel.
    In accordance with the terms of the Orders, Entergy Louisiana 
consented to allow River Fuel to finance the acquisition of nuclear 
fuel through (i) borrowings by River Fuel under a Credit Agreement, 
dated as of January 31, 1989, with The Bank of New York (``Credit 
Agreement'') and (ii) the issuance by River Fuel of secured notes under 
secured note agreements with certain institutional lenders.
    The Credit Agreement permits River Fuel to issue and sell its 
commercial paper through an agent under a depositary agreement 
supported by an irrevocable direct-pay letter of credit issued under 
the Credit Agreement. Alternatively, River Fuel may make revolving 
credit borrowings evidenced by River Fuel's promissory notes.
    The Credit Agreement requires River Fuel to pay a letter of credit 
fee of \5/8\ of 1% per annum on the average aggregate face amount of 
commercial paper outstanding during each quarter that Entergy 
Louisiana's senior debt is investment grade, and 1\1/8\% per annum on 
the average aggregate face amount of commercial paper outstanding 
during each quarter that Entergy Louisiana's senior debt is not 
investment grade. It is now proposed that these fees be increased to a 
maximum of 1% and 1\7/8\%, respectively.
    In addition, each revolving credit borrowing under the original 
Credit Agreement bears interest: (a) In the case of base rate 
borrowings, at the prime rate in effect on the date of the borrowing 
(``Base Rate''), and (b) in the case of the London Interbank Offered 
Rate (``LIBOR'') borrowings, at \3/4\ of 1% per annum in excess of 
LIBOR, provided that if the LIBOR option is unavailable because Entergy 
Louisiana's senior debtor rating falls below investment grade, 
borrowings would bear interest at the Base Rate plus 1%. It is now 
proposed that (a) Base Rate borrowings bear interest at a maximum rate 
equal to the higher of (i) the prime rate in effect on the date of the 
borrowing, and (ii) the sum of 1% per annum and the Federal Funds Rate 
in effect on the date of the borrowing, and (b) LIBOR borrowings bear 
interest at a maximum rate of 2% per annum above LIBOR.
    The Lease prohibits River Fuel from amending the Credit Agreement 
or entering into any successor credit agreement without Entergy 
Louisiana's consent. Entergy Louisiana requests authority to consent to 
the execution by River Fuel of an amendment to the original Credit 
Agreement or a successor credit agreement incorporating the revisions 
described above.

    For the Commission by the Division of Investment Management, 
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-25388 Filed 9-27-99; 9:50 am]
BILLING CODE 8010-01-M