G-114-91 IN TIIE MAT IER OF the Utilities Commission Act, S.B.C. 1980, c.60, as amended and IN TIIE MAT IER OF an Application by Pacific Northern Gas Ltd. BEFORE: J.G. McIntyre, ) Chainnan; ) J.D.V. Newlands, ) November 22, 1991 Deputy Chainnan; and ) N. Martin, ) Commissioner ) o R D E R WHEREAS: A. On November 22, 1991 Pacific Northern Gas Ltd. ("PNG") filed an Application for Commission approval, pursuant to Section 57 of the Utilities Commission Act ("the Act"), for the issuance of a $15 million private placement of Secured Debentures ("the Debentures") [2011 Series] containing a twenty-year term with final pricing scheduled for November 25, 1991 and closing of the issue to take place on December 13, 1991; and B. The Debentures are intended to replace a portion of PNG's short-term debt which is currently in excess of $21 million; and C. The coupon interest rate on the Debentures will be priced at 140 to 160 basis points above the current yield on the benchmark, Government of Canada 9.75 percent Bonds, maturing June 1,2021; and D. The Commission has reviewed the Application and is satisfied that approval is necessary and in the public interest. NOW THEREFORE the Commission orders as follows: 1. The issuance by PNG of up to $15 million of the Debentures is approved. 2. The coupon interest rate on the Debentures shall not exceed 10.9 percent. DATED at the City of Vancouver, in the Province of British Columbia, this of November, 1991. BY ORDER BCUC/Orders/pNG/Secured Debentures SIXTH FLOOR, 900 HOWE FACSIMILE (604) 102
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