Applications, hearings, determinations, etc.: Public utility holding company filings,

[Federal Register: September 29, 1999 (Volume 64, Number 188)]

[Notices]

[Page 52558-52559]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr29se99-121]

SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27077]

Filings Under the Public Utility Holding Company Act of 1935, as Amended (``Act'')

September 24, 1999.

Notice is hereby given that the following filing(s) has/have been made with the Commission pursuant to provisions of the Act and rules promulgated under the Act. All interested persons are referred to the applications(s) and/or declaration(s) for complete statements of the proposed transaction(s) summarized below. The application(s) and/or declarations(s) and any amendment is/are available for public inspection through the Commission's Branch of Public Reference.

Interested persons wishing to comment or request a hearing on the applications(s) and/or declaration(s) should submit their views in writing by October 14, 1999, to the Secretary, Securities and Exchange Commission, Washington, DC 20549-0609, and serve a copy on the relevant applicant(s) and/or decalarant(s) at the address(es) specified below. Proof of service (by affidavit or, in case of an attorney at law, by certificate) should be filedwith the request. Any request for hearing should identify specifically issues of facts or law that are disputed. A person who so requests will be notified of any hearing, if ordered, and will receive a copy of any notice or order issued in the matter. After October 14, 1999, the application(s) and/or declaration(s), as filedor as amended, may be granted and/or permitted to become effective.

Entergy Louisiana, Inc. (70-7580)

Entergy Louisiana, Inc. (``Entergy Louisiana''), 639 Loyola Avenue, New Orleans, Louisiana 70113, a utility subsidiary of Entergy Corporation, a registered holding company, has fileda post-effective amendment to its application under sections 9(a) and 10 of the Act and rule 54 under the Act.

As described in orders dated February 2, 1989, January 24, 1991, and January 24, 1996 (HCAR Nos. 24810, 25246, and 26460, respectively) (``Orders''), Entergy Louisiana (formerly Louisiana Power & Light Company) leases nuclear fuel required for use at its Waterford 3 nuclear generating unit (``Waterford 3'') under a Fuel Lease, dated as of January 31, 1989 (``Lease), with River Fuel Company #2, Inc. (``River Fuel''). Under the Lease, River Fuel makes payments to suppliers, processors, and manufacturers necessary to provide

[[Page 52559]]

nuclear fuel for Waterford 3, or Entergy Louisiana makes these payments and receives reimbursement from River Fuel.

In accordance with the terms of the Orders, Entergy Louisiana consented to allow River Fuel to finance the acquisition of nuclear fuel through (i) borrowings by River Fuel under a Credit Agreement, dated as of January 31, 1989, with The Bank of New York (``Credit Agreement'') and (ii) the issuance by River Fuel of secured notes under secured note agreements with certain institutional lenders.

The Credit Agreement permits River Fuel to issue and sell its commercial paper through an agent under a depositary agreement supported by an irrevocable direct-pay letter of credit issued under the Credit Agreement. Alternatively, River Fuel may make revolving credit borrowings evidenced by River Fuel's promissory notes.

The Credit Agreement requires River Fuel to pay a letter of credit fee of \5/8\ of 1% per annum on the average aggregate face amount of commercial paper outstanding during each quarter that Entergy Louisiana's senior debt is investment grade, and 1\1/8\% per annum on the average aggregate face amount of commercial paper outstanding during each quarter that Entergy Louisiana's senior debt is not investment grade. It is now proposed that these fees be increased to a maximum of 1% and 1\7/8\%, respectively.

In addition, each revolving credit borrowing under the original Credit Agreement bears interest: (a) In the case of base rate borrowings, at the prime rate in effect on the date of the borrowing (``Base Rate''), and (b) in the case of the London Interbank Offered Rate (``LIBOR'') borrowings, at \3/4\ of 1% per annum in excess of LIBOR, provided that if the LIBOR option is unavailable because Entergy Louisiana's senior debtor rating falls below investment grade, borrowings would bear interest at the Base Rate plus 1%. It is now proposed that (a) Base Rate borrowings bear interest at a maximum rate equal to the higher of (i) the prime rate in effect on the date of the borrowing, and (ii) the sum of 1% per annum and the Federal Funds Rate in effect on the date of the borrowing, and (b) LIBOR borrowings bear interest at a maximum rate of 2% per annum above LIBOR.

The Lease prohibits River Fuel from amending the Credit Agreement or entering into any successor credit agreement without Entergy Louisiana's consent. Entergy Louisiana requests authority to consent to the execution by River Fuel of an amendment to the original Credit Agreement or a successor credit agreement incorporating the revisions described above.

For the Commission by the Division of Investment Management, under delegated authority. Margaret H. McFarland, Deputy Secretary.

[FR Doc. 99-25388Filed9-27-99; 9:50 am]

BILLING CODE 8010-01-M