SIXTH FLOOR, 900 HOWE STREET, BOX 250 VANCOUVER, B.C. V6Z 2N3 CANADA web site: http://www.bcuc.com IN THE MATTER OF the Utilities Commission Act, R.S.B.C. 1996, Chapter 473 and An Application by Terasen Gas (Whistler) Inc. for Approval of Long-Term Financing BEFORE: L.F. Kelsey, Commissioner K.L. Hall, Commissioner O R D E R WHEREAS: A. On May 3, 2004 Terasen Gas (Whistler) Inc. (“Terasen Whistler”) filed with the Commission, pursuant to Section 50 of the Utilities Commission Act (“the Act”), for approval to fix the terms of $8 million of floating rate debt through a medium term loan with its parent company, Terasen Inc., for a term of five years (‘the Application”); and B. Terasen Whistler’s rate base is presently financed by floating rate debt and participants in the negotiated settlement approved by Commission Order No. G-14-04 agreed with the above proposal; and C. Prevailing interest rates are near their lowest point in the past ten years and the 4.90% interest rate is based on the current five year swap rate of 4.05% plus 85 basis points; and D. The Commission has reviewed the Application, together with the supporting information. NOW THEREFORE the Commission approves for Terasen Gas (Whistler) Inc. the fixing of $8 million of debt with Terasen Inc. for a term of five years at an interest rate of 4.90%. DATED at the City of Vancouver, in the Province of British Columbia, this 21 Order/TGW-Long-Term Financing BRITISH COL UMBIA UTILITIES COM MISSION ORDER NUMBER G -50-04 TELEPHONE: (604) 660-4700 BC TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 ) ) May 21, 2004 st day of May 2004. BY ORDER Original signed by: L.F. Kelsey Commissioner
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