BRITISH COL UMBIA UTILITIES COM MISSION ORDER NUMBER G -102-05 SIXTH FLOOR, 900 HOWE STREET, BOX 250 TELEPHONE: (604) 660-4700 VANCOUVER, B.C. V6Z 2N3 CANADA BC TOLL FREE: 1-800-663-1385 web site: http://www.bcuc.com FACSIMILE: (604) 660-1102 IN THE MATTER OF the Utilities Commission Act, R.S.B.C. 1996, Chapter 473 and An Application by FortisBC Inc. (“FortisBC”) for Approval to Issue New Unsecured Debenture BEFORE: L.F. Kelsey, Commissioner L.A. Boychuk, Commissioner October 6, 2005 O R D E R WHEREAS: A. On September 23, 2005, FortisBC Inc. (“FortisBC”) pursuant to Section 50(2) of the Utilities Commission Act (“the Act”) applied for approval to issue a new unsecured debenture in a principal amount of approximately $100 million with interest rates not exceeding 5.2 percent for a 10-year issue and 6.2 percent for a 30-year issue and a term between 10 and 30 years; and B. On October 5, 2005, FortisBC submitted a letter requesting the wording of the Application changed from ‘approximately $100 million’ debenture issuance to read ‘in the principal amount of no more than $100 million’ debenture issuance; and C. The proceeds of the new debenture issue will be used to reduce the short term floating rate debt and bank lines of credit; and D. The Commission has reviewed the Application along with the supporting material and finds that approval is warranted. …/2
2 NOW THEREFORE pursuant to Section 50(2) of the Act, the Commission 1. Approves the Application for FortisBC to issue new unsecured debenture in a principal amount of no more than $100 million with interest rates not exceeding 5.2 percent for a 10-year issue and 6.2 percent for a 30-year issue and a term between ten and thirty years. 2. Requires FortisBC to advise the Commission of the actual pricing following the issuance of the new debentures. DATED at the City of Vancouver, in the Province of British Columbia, this 12 ORDERS/G-102-05-FortisBC-New Debenture BRITISH COLUMBIA UTILITIES COMMISSION ORDER NUMBER G-102-05 th day of October, 2005. BY ORDER Original signed by: L.F. Kelsey Commissioner
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