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Staff orders pro forma swap analysis and loan documents after hearing on company's embedded debt
Summary
PURA staff requested pro forma calculations showing how the company's interest-rate swap affects the embedded cost of a 2.5M construction loan and asked for finalized loan documents, updated amortization schedules and bank amortization tables so staff can compute accurate pro forma interest for 04/01/2026'027.
PURA staff told the hearing they could not reconcile the company's testimony that its embedded cost of long-term debt is 3.96 percent with the line-item interest rates in Schedule D-1, and requested documentary support.
Jonathan Norton of PURA staff asked the company to provide a pro forma calculation that includes the interest-rate swap's cash flows beginning at the commencement of the loan and to explain the calculation. "What I'm asking for is calculation of the interest expense at the 3.76% and then an adjustment down from that interest…
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