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Applicants detail bond plan, bridge facility as fallback; tax status and costs left for late-filed documents
Summary
Witnesses said Barclays/Bank of America provided a bridge commitment as a backstop and that acquisition debt and issuance costs are expected to be recovered through existing rates; parties asked for documents to confirm taxable vs. tax-exempt treatment, make-whole estimates and the final financing plan.
Attorneys and company witnesses described a financing approach for the proposed acquisition that relies primarily on long-term bonds and includes a bridge commitment from Barclays and Bank of America as a fallback if the long-term bonds cannot be issued. Counsel testified the bridge is not expected to be drawn on but acknowledged it exists as a fallback.
Why it matters: Whether financing is taxable or tax-exempt, and how acquisition-related costs are recovered in rates, affect the size of future rate obligations…
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