[Federal Register Volume 65, Number 49 (Monday, March 13, 2000)]
[Notices]
[Pages 13349-13350]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-6077]


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SECURITY AND EXCHANGE COMMISSION

[Release No. 35-27149]


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

March 8, 2000.
    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 
applicant(s) and/or declaration(s) for complete statements of the 
proposed transaction(s) summarized below. The applicant(s) and/or 
declaration(s) and any amendment(s) 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 
applicant(s) and/or declaration(s) should submit their views in writing 
by March 8, 2000, to the Secretary, Securities and Exchange Commission, 
Washington, D.C. 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

[[Page 13350]]

affidavit or, in the case of an attorney at law, by certificate) should 
be filed with the request. Any request for hearing should identify 
specifically the 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 March 
28, 2000, the application(s) and/or declaration(s), as filed or as 
amended, may be granted and/or permitted to become effective.

Eastern Utilities Associates (70-9611)

    Eastern Utilities Associates (``EUA''), a registered holding 
company located at 750 West Center Street, P.O. Box 543, West 
Bridgewater, Massachusetts 02379, has filed a declaration under section 
12(b) of the Act and rules 45 and 54 under the Act.
    EUA requests Commission approval to guaranty certain performance 
obligations of EUA Cogenex Corporation (``Cogenex''), a wholly owned 
nonutility subsidiary of EUA, in connection with (1) Cogenex's sale of 
certain (``Asset Sale'') to Fleet Business Credit Corporation 
(``Fleet''), and (2) the proposed restructuring and additional funding 
by Fleet of certain Cogenex contracts previously sold to Fleet under a 
separate program agreement (``Restructuring'').
    Under the Asset Sale and the Restructuring, Cogenex proposes to 
sell to Fleet, for 475 million, approximately $81 million dollars worth 
of assets, which will include energy service contracts, notes 
receivable, and energy efficient equipment. EUA estimates that the 
energy service contracts will generate, as of January 1, 2000, 
approximately $110 million of gross cash flow.
    As a condition to entering into the Asset Sale and the 
Restructuring, Fleet has requested that EUA (or its agreed upon 
successor) (1) Maintain a 51% ownership interest in Cogenex, and (2) 
Guaranty Cogenex's obligations under the Asset Sale and the 
Restructuring, including the continued service and performance of the 
energy service contracts (``Performance Guaranty''). Under the Asset 
Sale and Restructuring, Fleet will assume all third party credit risk 
under the contracts. The total principal subject to the Performance 
Guaranty will be approximately $100 million ($75 million for the Asset 
Sale and Restructuring and $25 million previously funded by Fleet prior 
to the Restructuring).

    For the Commission by the Division of Investment Management, 
under delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 00-6077 Filed 3-10-00; 8:45 am]
BILLING CODE 8010-01-M