BRITISH COLUMBIA UTILITIES COMMISSION ORDER NUMBER G-84-02 SIXTH FLOOR, 900 HOWE STREET, BOX 250 VANCOUVER, B.C. V6Z 2N3 CANADA web site: http://www.bcuc.com TELEPHONE: (604) 660-4700 BC TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 IN THE MATTER OF the Utilities Commission Act, R.S.B.C. 1996, Chapter 473 and An Application by Pacific Northern Gas Ltd. for Approval to Issue Secured Debentures BEFORE: P. Ostergaard, Chair ) P.G. Bradley, Commissioner ) R.D. Deane, Commissioner ) December 5, 2002 N.F. Nicholls, Commissioner ) O R D E R WHEREAS: A. On November 28, 2002, Pacific Northern Gas Ltd. (“PNG”) applied to the Commission pursuant to Sections 50 and 52 of the Utilities Commission Act (“the Act”), for approval to issue $15 million in Secured Debentures; and B. Ten million dollars of the proceeds will be used to more closely match PNG’s actual capitalization to the Commission-approved ratio of debt to equity and $5 million will be used for normal working capital purposes; and C. The interest rate on the debt is a floating rate based on the RoyNat Inc. Floating Base Rate; and D. PNG has also applied for a deferral account to record the extent to which the floating interest rate on the secured debentures varies from that assumed for rate-making purposes in future revenue requirements applications; and E. The Commission has reviewed the Application and supporting material and finds that approval of the $15 million secured debenture issue is necessary and in the public interest. NOW THEREFORE the Commission orders as follows: 1. The Commission approves for PNG, pursuant to Sections 50 and 52 of the Act, the issuance of $15 million in secured debentures as described in the November 27, 2002 RoyNat Inc. Offer of Finance accompanying the Application. 2. The Commission approves for PNG the creation of a deferral account to record the extent to which the floating interest rate on the secured debentures varies from that assumed for rate-making purposes in future revenue requirements applications. DATED at the City of Vancouver, in the Province of British Columbia, this fifth day of December, 2002. BY ORDER Order/PNG-Secured Debenture Issue
2 Orders/G/E/F Sample (1Page) Original signed by: Peter Ostergaard Chair
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