(Release No. 35-27675; 70-10051)
Supplemental Order Modifying Previous Order
Northeast Utilities ("NU"), a registered holding company under the Public Utility Holding Company Act of 1935, as amended, ("Act"), Berlin, Connecticut, has filed a declaration ("Declaration") with the Securities and Exchange Commission ("Commission") under sections 6(a) and 7 of the Act and rule 54 under the Act. The Commission issued a notice of the Declaration on January 31, 2003 (HCAR No. 35-27646) and an order authorizing the Declaration on March 18, 2003 (HCAR No. 35-27659) ("March Order").
In the March Order, among other things, NU was granted authority through the period ending June 30, 2005, to issue unsecured long-term debt securities ("Long-term Debt") in an aggregate amount at any time outstanding not to exceed $600 million and to enter into hedging transactions ("Interest Rate Hedges") with respect to existing indebtedness of NU and its nonutility subsidiaries1 ("Nonutility Subsidiaries") and to enter into hedging transactions with respect to future expected debt issuances of NU and its Nonutility Subsidiaries ("Anticipatory Hedges").
This supplemental order corrects a representation in the March Order relating to the authorization to issue Long-term Debt in the form of unsecured notes ("Debentures"). The March Order stated:
This order deletes that statement and replaces it with the following:
In all other respects the March Order remains the same.
IT IS ORDERED, under the applicable provisions of the Act and the rules under the Act, that the Declaration be permitted to become effective immediately, subject to the terms and conditions prescribed in rule 24 under the Act.
For the Commission, by the Division of Investment Management, pursuant to delegated authority.
1 Nonutility Subsidiaries includes companies formed according to rule 58 of the Act ("Rule 58 Subsidiaries"), exempt wholesale generators "(EWGs") as defined in the Act, foreign utility companies ("FUCOs") as defined in the Act, exempt telecommunications companies ("ETCs") and other competitive direct or indirect subsidiaries of NU, the acquisition of which has been authorized by Commission orders.