-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JCfhHlAfSNcuIhsI3koVeUZ37kS73Br4nXqdHe5FjVoaANmLW9sIxDav5gCcrX1l PSifdE8camyNT3sXNfJRIQ== 0000893220-95-000648.txt : 19951016 0000893220-95-000648.hdr.sgml : 19951016 ACCESSION NUMBER: 0000893220-95-000648 CONFORMED SUBMISSION TYPE: U-1/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19951013 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA GAS SYSTEM INC CENTRAL INDEX KEY: 0000022099 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION & DISTRIBUTION [4923] IRS NUMBER: 131594808 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-1/A SEC ACT: 1935 Act SEC FILE NUMBER: 070-08471 FILM NUMBER: 95580482 BUSINESS ADDRESS: STREET 1: 20 MONTCHANIN RD CITY: WILMINGTON STATE: DE ZIP: 19807 BUSINESS PHONE: 3024295000 U-1/A 1 COLUMBIA GAS SYSTEM PE AMENDMENT NO. 6 FORM U-1 1 File No. 70-8471 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Post-Effective Amendment No. 6 to Form U-1 JOINT APPLICATION-DECLARATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 THE COLUMBIA GAS SYSTEM, INC. COLUMBIA ENERGY SERVICES CORPORATION COLUMBIA GAS SYSTEM SERVICE CORPORATION COLUMBIA ENERGY MARKETING CORPORATION COLUMBIA LNG CORPORATION 121 Hill Pointe Drive COLUMBIA ATLANTIC TRADING CORPORATION Suite 100 TRISTAR VENTURES CORPORATION Canonsburg, Pennsylvania 15317 TRISTAR CAPITAL CORPORATION TRISTAR PEDRICK LIMITED CORPORATION COLUMBIA GULF TRANSMISSION COMPANY TRISTAR PEDRICK GENERAL CORPORATION COLUMBIA GAS TRANSMISSION CORPORATION TRISTAR BINGHAMTON LIMITED CORPORATION 1700 MacCorkle Avenue, S.E. TRISTAR BINGHAMTON GENERAL CORPORATION Charleston, WV 25314 TRISTAR VINELAND LIMITED CORPORATION TRISTAR VINELAND GENERAL CORPORATION COLUMBIA GAS DEVELOPMENT CORPORATION TRISTAR RUMFORD LIMITED CORPORATION One Riverway TRISTAR GEORGETOWN GENERAL CORPORATION Houston, TX 77056 TRISTAR GEORGETOWN LIMITED CORPORATION TRISTAR FUEL CELLS CORPORATION COMMONWEALTH PROPANE, INC. TVC NINE CORPORATION COLUMBIA PROPANE CORPORATION TVC TEN CORPORATION 9200 Arboretum Parkway, Ste 140 20 Montchanin Road Richmond, VA 23236 Wilmington, DE 19807 COLUMBIA GAS OF KENTUCKY, INC. COLUMBIA NATURAL RESOURCES, INC COLUMBIA GAS OF OHIO, INC. COLUMBIA COAL GASIFICATION CORPORATION COLUMBIA GAS OF MARYLAND, INC. 900 Pennsylvania Avenue COLUMBIA GAS OF PENNSYLVANIA, INC. Charleston, WV 25302 COMMONWEALTH GAS SERVICES, INC. 200 Civic Center Drive Columbus, OH 43215
- -------------------------------------------------------------------------------- (Names of company or companies filing this statement and addresses of principal executive offices) THE COLUMBIA GAS SYSTEM, INC. - -------------------------------------------------------------------------------- (Name of top registered holding company parent of each applicant or declarant) L. J. Bainter, Treasurer THE COLUMBIA GAS SYSTEM, INC. 20 Montchanin Road Wilmington, DE 19807 - -------------------------------------------------------------------------------- (Name and address of agent for service) (Other Agents for Service are Listed on the Reverse Side of the Front Cover) 2 PAGE 2 Names and Addresses of Subsidiary Company Agents for Service: W. H. HARMON, Treasurer H. F. HAYES, Treasurer Columbia Natural Resources, Inc. Commonwealth Propane, Inc. Columbia Coal Gasification Corp. Columbia Propane Corporation 900 Pennsylvania Avenue 9200 Arboretum Parkway, Ste 140 Charleston, West Virginia 25302 Richmond, Virginia 23236 D. DETAR, Treasurer D. L. GELBAUGH, Vice President TriStar Ventures Corporation Columbia Gas of Ohio, Inc. TriStar Pedrick Limited Corporation Columbia Gas of Kentucky, Inc. TriStar Pedrick General Corporation Commonwealth Gas Services, Inc. TriStar Binghamton Limited Corporation Columbia Gas of Pennsylvania, Inc. TriStar Binghamton General Corporation Columbia Gas of Maryland, Inc. TriStar Vineland Limited Corporation 200 Civic Center Drive TriStar Vineland General Corporation Columbus, Ohio 43215 TriStar Rumford Limited Corporation TriStar Georgetown Limited Corporation S. L. PARKS-DOWNEY, Asst. Treasurer TriStar Georgetown General Corporation Columbia Gas Transmission Corporation TriStar Fuel Cells Corporation Columbia Gulf Transmission Company TVC Nine Corporation 1700 MacCorkle Avenue, S.E. TVC Ten Corporation Charleston, West Virginia 25314 20 Montchanin Road Wilmington, Delaware 19807 J. R. LISENBY, Treasurer Columbia Gas Development Corporation S. J. MacQueen, Treasurer One Riverway Columbia LNG Corporation Houston, Texas 77056 Columbia Atlantic Trading Corp. 20 Montchanin Road ROBERT GUSTAFSON, Controller Wilmington, Delaware 19807 Columbia Energy Services Corporation Columbia Energy Marketing Corporation L. J. BAINTER, Vice President 121 Hill Pointe Drive Columbia Gas System Service Corp. Suite 100 TriStar Capital Corporation Canonsburg, Pennsylvania 15317 20 Montchanin Road Wilmington, Delaware 19807
- -------------------------------------------------------------------------------- (Names and Addresses of Other Agents for Service) 3 PAGE 3 The amendments proposed in this document apply only to financing transactions occurring during 1996. Item 1. Description of Proposed Transaction. Columbia and Columbia Maryland are seeking Commission authorization for: (A) the sale of securities ("Notes") by Columbia Maryland to Columbia or around December 31, 1995; the proceeds of which will be used to refund the Installment Notes previously sold by Columbia Maryland to Columbia, and (B) the future issuance of Notes in lieu of Installment Notes herein referenced for the 1995 Financing Program to meet the financing needs of Columbia Maryland in 1996. The Notes will be issued under a loan agreement between Columbia Maryland and Columbia. It is Columbia's intention, upon emergence from bankruptcy, to refinance the existing Installment Notes of all its Subsidiaries with new Notes. However, as discussed below in Items 3 and 4, Commission approval is not required for the refunding of securities held by any Subsidiary other than Columbia Maryland. As required under Rule 52, any financing transactions undertaken between Columbia and any Subsidiary, other than Columbia Maryland, will be reported on Form U-6B-2. Columbia is requesting Commission authorization for the filing of Form U-6B-2 form on a quarterly basis, all as more fully described herein. EXCHANGE OF INSTALLMENT NOTES FOR NOTES On or about December 31, 1995, Columbia Maryland will refund all outstanding Installment Notes previously sold to Columbia. At the present time, Columbia Maryland has sold Installment Notes in the amount of approximately $14.0 million to Columbia. Columbia Maryland has received Commission approval in this Application-Declaration to issue, through December 31, 1996, Installment Notes in a principal amount of up to $5.5 million. The pro forma financials included in this Amendment No. 6 assume that Columbia Maryland will refund its existing debt prior to the issuance of any additional long-term debt under this authorization. Funds to implement the refunding will be raised from Columbia Maryland's sale of Notes to Columbia. Based on current interest rates, the Notes will have a weighted average interest rate lower than the weighted average interest rate of the Installment Notes currently outstanding. 4 PAGE 4 The maturities and interest rates of the Note issuance will mirror the Debentures issued by Columbia upon emergence from bankruptcy as previously authorized by the Commission (Release No. 35-26361; 70-8627). The Notes will be issued pursuant to a loan agreement in certificated form, will be secured or unsecured, will be dated the date of their issue, and may have other provisions as described in the form of Note herein provided as Exhibit A-5. 1996 FINANCING PROGRAM OF COLUMBIA MARYLAND Columbia Maryland plans to finance part of its 1996 capital expenditure program with funds generated from the sale to Columbia, for cash, of Notes (instead of Installment Notes, as previously indicated in this file). The interest rate and maturity on the Notes issued for the purposes of funding 1996 capital expenditure programs will be equal to the weighted average cost of any long-term fixed rate financing issued by Columbia issued during the calendar quarter prior to an issuance of Notes by Columbia Maryland (the "Columbia Rate"). The interest rate on Columbia's emergence from bankruptcy financing, as referenced in File No. 70-8627, will not be used as a Columbia Rate. If Columbia does not issue long-term fixed rate financing during a calendar quarter prior to an issuance of Notes by Columbia Maryland, the interest rate of Columbia Maryland's funding will default to the Benchmark Rate as defined in the original Application-Declaration. The Benchmark Rate would be used for all Notes issued in the subsequent quarter. The Notes will be repaid over a term not exceeding thirty years. All of the Notes will be purchased by Columbia on or before December 31, 1996. THE LOAN AGREEMENT The loan agreement will provide for Columbia Maryland to issue both secured and unsecured debt securities to Columbia in exchange for cash. The loan agreement will contain numerous terms, such as the principal amount, interest rate, redemption terms, denominations, events of default, etc. In theory, any combination of the terms could be included in a single series of securities. The loan agreement terms are modelled after the indenture under which Columbia will issue the public debt securities authorized by the Commission (Release No. 35-26361; 70-8627). 5 PAGE 5 Item 2. Fees, Commissions and Expenses. (a) State (1) the fees, commissions and expenses paid or incurred, or to be paid or incurred, directly or indirectly, in connection with the proposed transaction by the applicant or declarant or any associate company thereof, and (2) if the proposed transaction involves the sale of securities at competitive bidding, the fees and expenses to be paid to counsel selected by applicant or declarant to act for the successful bidder. Services of Columbia Gas System Service Corporation in connection with the preparation of the Application-Declaration . . . . . . . . . . . . . . $ 2,000 ------------- Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,000 =============
(b) If any person to whom fees or commissions have been or are to be paid in connection with the proposed transaction is an associate company or an affiliate of the applicant or declarant, or is an affiliate of an associate company, set forth the facts with respect thereto. Service Corporation will perform certain services at cost as set forth in Item 2(a) above. Item 3. Applicable Statutory Provisions (a) State the section of the Act and the rules thereunder believed to be applicable to the proposed transaction. If any section or rule would be applicable in the absence of a specific exemption, state the basis of exemption. The issuance of securities by the Subsidiaries is governed by Sections 6 and 7 of the Act and Rule 43 thereunder. Section 9 and 10 of the Act, and Rule 43 promulgated thereunder, are applicable to the acquisition of the Subsidiaries' securities by Columbia. The lending of funds by Columbia to the Subsidiaries is governed by Section 12(b) and Rule 45 thereunder. 6 PAGE 6 Rule 52 provides an exemption from the provisions of Sections 6, 7, 9 and 10 for the issuance of securities by the Subsidiaries and the acquisition thereof by Columbia, except for Columbia Maryland which does not qualify for such an exemption. However, Rule 45(b)(1) provides an exemption from the provisions of Section 12(b) and Rule 45(a) for the lending of funds by Columbia to the Subsidiaries. It is requested that the authority be granted to file certificates under Form U-6B-2 on a quarterly basis with respect to the proposed transactions hereafter consummated pursuant to this Application-Declaration, not later than 30 days following the end of each quarter. To the extent that the transactions which are the subject matter of the Application-Declaration are considered by the Commission to require authorization, approval or exemption under any section of the Act or provision of the rules and regulations other than those specifically referred to herein, request for such authorization, approval or exemption is hereby made. (b) If any person to whom fees or commissions have been or are to be paid in connection with the proposed transaction is an associate company or an affiliate of any applicant or declarant, or is an affiliate of an associate company, set forth the facts with respect thereto. Not Applicable Item 4. Regulatory Approval (a) State the nature and extent of the jurisdiction of any State commission or any Federal commission (other than the Securities and Exchange Commission) over the proposed transaction. Columbia has utility subsidiary companies in five states, including Ohio, Virginia, Pennsylvania, Kentucky, and Maryland. All of these states have state public utility commissions which are statutorily authorized to approve the issuance and sale of securities by utility companies within their respective states. Maryland, however, only requires state commission approval of the issuance of securities of a public service company incorporated under the laws of Maryland. Columbia Maryland is incorporated in the state of Delaware, and therefore does not require public service commission approval of an issuance of securities. 7 PAGE 7 (b) Describe the action taken or proposed to be taken before any commission named in answer to paragraph (a) of this item in connection with the proposed transaction. An application will be made by the aforementioned subsidiary companies to their respective state regulatory commissions as set forth in the answer to Item 3(a) above. Item 5. Procedure. (a) State the date when Commission action is requested. If the date is less than 40 days from the date of the original filing, set forth the reasons for acceleration. It is requested that the Commission issue its Notice by October 27, 1995 and its Order on or before November 30, 1995. (b) State (i) whether there should be a recommended decision by a hearing officer, (ii) whether there should be a recommended decision by any other responsible officer of the Commission, (iii) whether the Division of Investment Management may assist in the preparation of the Commission's decision, and (iv) whether there should be a 30-day waiting period between the issuance of the Commission's order and the date on which it is to become effective. Applicants hereby (i) waive a recommended decision by a hearing officer, (ii) waive a recommended decision by any other responsible officer or the Commission, (iii) consent that the Division of Investment Management may assist in the preparation of the Commission's decision, and (iv) waive a 30-day waiting period between the issuance of the Commission's order and the date on which it is to become effective. 8 PAGE 8 Item 6. Exhibits and Financial Statements. (a) Exhibits A-5 Form of Columbia Maryland Note (to be filed by Amendment) B Form of Loan Agreement for Columbia Maryland (to be filed by Amendment) F-4 Opinion of Counsel for Columbia and Columbia Maryland (to be filed by Amendment) G-3 Financial Data Schedule (incorporated herein as Exhibit No. 27) H-4 Proposed Notice (b) Financial Statements 1. The Columbia Gas System, Inc. (a.) Balance Sheet Statement as of July 31, 1995 (actual and pro forma) (b.) Statements of Capitalization as of July 31, 1995 (actual and pro forma) (c.) Condensed Statement of Income for the Twelve months ended July 31, 1995 (actual and pro forma) (d.) Statements of Common Equity as of July 31, 1995 (actual and pro forma) (e.) Pro Forma Entries 2. Columbia Maryland (a.) Balance Sheet Statement as of July 31, 1995 (actual and pro forma) (b.) Statements of Capitalization as of July 31, 1995 (actual and pro forma) (c.) Condensed Statement of Income for the Twelve months ended July 31, 1995 (actual and pro forma) (d.) Statements of Common Equity as of July 31, 1995 (actual and pro forma) (e.) Pro Forma Entries. There have been no material changes, not in the ordinary course of business, since the date of the financial statements filed herewith. 9 PAGE 9 Item 7. Information as to Environmental Effects. (a) Describe briefly the environmental effects of the proposed transaction in terms of the standards set forth in Section 102(2)(C) of the National Environmental Policy Act (42 U.S.C. 4232(2)(C)). If the response to this term is a negative statement as to the applicability of Section 102(2)(C) in connection with the proposed transaction, also briefly state the reasons for that response. As more fully described in Item 1, the proposed transactions subject to the jurisdiction of this Commission relate only to the means of financing activities. The proposed transactions subject to the jurisdiction of this Commission have no environmental impact in and of themselves. (b) State whether any other federal agency has prepared or is preparing an environmental impact statement ("EIS") with respect to the proposed transaction. If any other federal agency has prepared or is preparing an EIS, state which agency or agencies and indicate the status of that EIS preparation. No federal agency has prepared or, to Columbia's knowledge, is preparing an EIS with respect to the proposed transaction. 10 PAGE 10 SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned companies have duly caused this Post-Effective Amendment to be signed on their behalf by the undersigned thereunto duly authorized. The signatures of the applicants and of the persons signing on their behalf are restricted to the information contained in this application which is pertinent to the application of the respective companies. THE COLUMBIA GAS SYSTEM, INC. Date: October 12, 1995 By: /s/ L. J. BAINTER ---------------------------- L. J. Bainter Treasurer COLUMBIA GAS OF OHIO, INC. COLUMBIA GAS OF PENNSYLVANIA, INC. COLUMBIA GAS OF KENTUCKY, INC. COLUMBIA GAS OF MARYLAND, INC. COMMONWEALTH GAS SERVICES, INC. COLUMBIA GULF TRANSMISSION COMPANY COLUMBIA GAS TRANSMISSION CORPORATION COLUMBIA GAS DEVELOPMENT CORPORATION COLUMBIA PROPANE CORPORATION COMMONWEALTH PROPANE, INC. COLUMBIA GAS SYSTEM SERVICE CORPORATION COLUMBIA NATURAL RESOURCES, INC. COLUMBIA ATLANTIC TRADING CORPORATION COLUMBIA COAL GASIFICATION CORPORATION COLUMBIA LNG CORPORATION COLUMBIA ENERGY SERVICES CORPORATION COLUMBIA ENERGY MARKETING CORPORATION TRISTAR VENTURES CORPORATION TRISTAR CAPITAL CORPORATION Dated: October 12, 1995 By: /s/ L. J. BAINTER ----------------------------- L. J. Bainter, Vice President TRISTAR VENTURES CORPORATION TRISTAR PEDRICK LIMITED CORPORATION TRISTAR PEDRICK GENERAL CORPORATION TRISTAR BINGHAMTON LIMITED CORPORATION TRISTAR BINGHAMTON GENERAL CORPORATION TRISTAR VINELAND LIMITED CORPORATION TRISTAR VINELAND GENERAL CORPORATION TRISTAR RUMFORD LIMITED CORPORATION TRISTAR FUEL CELLS CORPORATION TRISTAR GEORGETOWN GENERAL CORPORATION TRISTAR GEORGETOWN LIMITED CORPORATION TVC NINE CORPORATION TVC TEN CORPORATION Dated: October 12, 1995 By: /s/ D. DETAR --------------------------- D. Detar, Treasurer
11 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(1)(a) (1 of 2) BALANCE SHEET ACTUAL and PRO FORMA As of July 31, 1995 ($000)
CG Pro Forma CG Actual Entries Pro Forma ------------ ------------ ------------ ASSETS Investments and Other Assets Accounts receivable - noncurrent ................. 27,047 0 27,047 Unconsolidated affiliates ........................ 0 0 0 ------------ ------------ ------------ Total Investments and Other Assets ................. 27,047 0 27,047 ------------ ------------ ------------ Investments in Subsidiaries Capital stock .................................... 1,301,364 0 1,301,364 Equity in undistributed retained earnings ........ (424,281) (189) (424,470) Installment promissory notes receivable .......... 695,089 (12,319) 682,770 Other investments ................................ 437,833 19,500 457,333 Other receivables - TCO .......................... 1,695,633 0 1,695,633 ------------ ------------ ------------ Total Investments in Subsidiaries .................. 3,705,638 6,992 3,712,630 ------------ ------------ ------------ Current Assets Cash and temporary cash investments .............. 17,910 (5,501) 12,409 Accounts receivable, net Customers ...................................... 0 0 0 Affiliated ..................................... 514,400 (1,389) 513,011 Other .......................................... 10,292 0 10,292 Prepayments ...................................... 381 0 381 Other ............................................ 34,702 0 34,702 ------------ ------------ ------------ Total Current Assets ............................... 577,685 (6,890) 570,795 ------------ ------------ ------------ Deferred Charges ................................... 2,638 0 2,638 ------------ ------------ ------------ Total Assets ....................................... 4,313,008 102 4,313,110 ============ ============ ============
12 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(1)(a) (2 of 2) BALANCE SHEET ACTUAL and PRO FORMA As of July 31, 1995 ($000)
CG Pro Forma CG Actual Entries Pro Forma ------------ ------------ ------------ CAPITALIZATION AND LIABILITIES Capitalization Stockholder's equity ............................. 1,643,130 0 1,643,130 Long-term debt ................................... 0 0 0 ------------ ------------ ------------ Total Capitalization ............................... 1,643,130 0 1,643,130 ------------ ------------ ------------ Current Liabilities Debt obligations ................................. 0 0 0 Debtor in possession financing ................... 0 0 0 Accounts and drafts payable ...................... 379 0 379 Affiliated accounts payable ...................... 3,416 0 3,416 Accrued taxes .................................... (3,639) 102 (3,537) Accrued interest ................................. 1,389 0 1,389 Deferred income taxes - current .................. 0 0 0 Other ............................................ 11,197 0 11,197 ------------ ------------ ------------ Total Current Liabilities .......................... 12,742 102 12,844 ------------ ------------ ------------ Liabilities Subject to Chapter 11 Proceedings ...... 2,382,625 0 2,382,625 ------------ ------------ ------------ Other Liabilities and Deferred Credits Deferred income taxes, noncurrent ................ 268,639 0 268,639 Postretirement benefits other than pensions ...... 5,839 0 5,839 Other ............................................ 33 0 33 ------------ ------------ ------------ Total Other Liabilities and Deferred Credits ....... 274,511 0 274,511 ------------ ------------ ------------ Total Capitalization and Liabilities ............... 4,313,008 102 4,313,110 ============ ============ ============
13 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(1)(b) STATEMENT OF CAPITALIZATION ACTUAL and PRO FORMA As of July 31, 1995 ($000)
CG Pro Forma CG Actual Entries Pro Forma ------------ ------------ ------------ Stockholder's Equity Common Stock, $10 par value, authorized 100,000,000 shares, outstanding 50,573,335 shares .......................................... 505,733 0 505,733 Additional paid in capital ....................... 602,026 0 602,026 Retained earnings ................................ 605,337 0 605,337 Unearned employee compensation ................... (69,966) 0 (69,966) ------------ ------------ ------------ Total Stockholder's Equity ......................... 1,643,130 0 1,643,130 ------------ ------------ ------------ Long-Term Debt Debentures, net of unamortized discount less premium ......................................... 0 0 0 ------------ ------------ ------------ Total Long-Term Debt ............................... 0 0 0 ------------ ------------ ------------ Total Capitalization ............................... 1,643,130 0 1,643,130 ============ ============ ============
14 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(1)(c) STATEMENT OF INCOME ACTUAL and PRO FORMA Twelve Months Ended July 31, 1995 ($000)
CG Pro Forma CG Actual Entries Pro Forma ------------ ------------ ------------ Operating Revenues Gas Sales ........................................ 0 0 0 Transportation ................................... 0 0 0 Other ............................................ 0 0 0 ------------ ------------ ------------ Total Operating Revenues ........................... 0 0 0 ------------ ------------ ------------ Operating Expenses Products purchased ............................... 0 0 0 Operation ........................................ 104,655 0 104,655 Maintenance ...................................... 0 0 0 Depreciation and depletion ....................... 0 0 0 Other taxes ...................................... 180 0 180 ------------ ------------ ------------ Total Operating Expenses ........................... 104,835 0 104,835 ------------ ------------ ------------ Operating Income (Loss) ............................ (104,835) 0 (104,835) ------------ ------------ ------------ Other Income (Deductions) Interest income and other, net ................... 368,494 102 368,596 Interest expense and related charges ............. (354) 0 (354) Reorganization items, net ........................ 3,086 0 3,086 ------------ ------------ ------------ Total Other Income (Deductions) .................... 371,226 102 371,328 ------------ ------------ ------------ Income before Income Taxes and Cumulative Effect of Accounting Change ............................. 266,391 102 266,493 Income taxes ....................................... 42,516 102 42,618 ------------ ------------ ------------ Income before Cumulative Effect of Accounting Change ........................................... 223,875 0 223,875 Cumulative Effect of Accounting for Postemployment Benefits ......................................... (7) 0 (7) ------------ ------------ ------------ Net Income ......................................... 223,868 0 223,868 ============ ============ ============
15 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(1)(d) STATEMENTS OF COMMON STOCK EQUITY ACTUAL and PRO FORMA Twelve Months Ended July 31, 1995 ($000)
CG Pro Forma CG Actual Entries Pro Forma ------------ ------------ ------------ COMMON STOCK Balance at August 1, 1994 .......................... 505,633 0 505,633 Common stock issued - Subsidiaries ..................................... 0 0 0 Leveraged employee stock ownership plan (LESOP) .. 0 0 0 Dividend reinvestment plan ....................... 0 0 0 Long-term incentive plan ......................... 100 0 100 Public offering .................................. 0 0 0 ------------ ------------ ------------ Balance at July 31, 1995 ........................... 505,733 0 505,733 ------------ ------------ ------------ PREFERRED STOCK Balance at August 1, 1994 .......................... 0 0 0 Preferred stock issued ............................. 0 0 0 ------------ ------------ ------------ Balance at July 31, 1995 ........................... 0 0 0 ------------ ------------ ------------ ADDITIONAL PAID IN CAPITAL Balance at August 1, 1994 .......................... 601,828 0 601,828 Common stock issued - Subsidiaries ..................................... 0 0 0 Leveraged employee stock ownership plan (LESOP) .. 0 0 0 Dividend reinvestment plan ....................... 0 0 0 Long-term incentive plan ......................... 198 0 198 Public offering .................................. 0 0 0 Preferred stock issued ............................. 0 0 0 ------------ ------------ ------------ Balance at July 31, 1995 ........................... 602,026 0 602,026 ------------ ------------ ------------ RETAINED EARNINGS Balance at August 1, 1994 .......................... 381,469 0 381,469 Net income ......................................... 223,868 0 223,868 Common stock dividends - CG ............................................... 0 0 0 Subsidiaries (to CG) ............................. 0 0 0 Other .............................................. 0 0 0 ------------ ------------ ------------ Balance at July 31, 1995 ........................... 605,337 0 605,337 ------------ ------------ ------------ UNEARNED EMPLOYEE COMPENSATION Balance at August 1, 1994 .......................... (69,966) 0 (69,966) Adjustment ......................................... 0 0 0 ------------ ------------ ------------ Balance at July 31, 1995 ........................... (69,966) 0 (69,966) ------------ ------------ ------------ TOTAL COMMON STOCK EQUITY .......................... 1,643,130 0 1,643,130 ============ ============ ============
16 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(1)(e) PRO FORMA ENTRIES ($000)
Debit Credit ------- -------- 1. Other investments (Notes) 19,500 Cash 19,500 To record the issuance of securities (Notes) from CMD. 2. Cash 13,999 Installment promissory notes receivable (Noncurrent) 12,319 Accounts receivable - Affiliated (Current maturity) 1,680 To record the retirement of CMD installment promissory notes. 3. Affiliated accounts receivable 291 Interest income 291 Income Taxes 102 Accrued Taxes 102 To record the incremental interest income on long-term notes, over the previous interest income, in order to reflect an average rate of 7.5% and a federal income tax effect of 35%. 4. Income from affiliated equity investments 189 Equity in undistributed retained earnings 189 To reflect the change in CG's investment in CMD related to CMD's pro forma income due to the increase in interest expense net of tax applicable to the retirement of long-term installment promissory notes.
17 COLUMBIA GAS OF MARYLAND, INC. UNAUDITED 6(b)(2)(a) (1 of 2) BALANCE SHEET ACTUAL and PRO FORMA As of July 31, 1995 ($000)
CMD Pro Forma CMD Actual Entries Pro Forma ------------ ------------ ------------ ASSETS Property, Plant and Equipment Gas Utility and Other Plant ...................... 62,044 0 62,044 Accumulated Depreciation and Depletion ........... (23,706) 0 (23,706) ------------ ------------ ------------ Net Gas Utility and Other PP&E ..................... 38,338 0 38,338 ------------ ------------ ------------ Current Assets Cash and temporary cash investments .............. 93 5,501 5,594 Accounts receivable, net Customers ...................................... 1,365 0 1,365 Affiliated ..................................... 179 0 179 Other .......................................... 125 0 125 Gas Inventory .................................... 2,750 0 2,750 Other Inventories at Average Cost ................ 487 0 487 Prepayments ...................................... 986 0 986 Other ............................................ 419 0 419 ------------ ------------ ------------ Total Current Assets ............................... 6,404 5,501 11,905 ------------ ------------ ------------ Deferred Charges ................................... 3,749 0 3,749 ------------ ------------ ------------ Total Assets ....................................... 48,491 5,501 53,992 ============ ============ ============
18 COLUMBIA GAS OF MARYLAND, INC. UNAUDITED 6(b)(2)(a) (2 of 2) BALANCE SHEET ACTUAL and PRO FORMA As of July 31, 1995 ($000)
CMD Pro Forma CMD Actual Entries Pro Forma ------------ ------------ ------------ CAPITALIZATION AND LIABILITIES Capitalization Stockholder's equity ............................. 17,712 (189) 17,523 Long-term debt ................................... 12,397 7,181 19,578 ------------ ------------ ------------ Total Capitalization ............................... 30,109 6,992 37,101 ------------ ------------ ------------ Current Liabilities Debt obligations ................................. 0 0 0 Debtor in possession financing ................... 0 0 0 Accounts and drafts payable ...................... 1,519 0 1,519 Affiliated Notes and Loans - Cur. Maturity ....... 1,680 (1,680) 0 Affiliated Short Term Loans ...................... 1,176 0 1,176 Affiliated accounts payable ...................... 2,232 291 2,523 Accrued taxes .................................... (184) (102) (286) Accrued interest ................................. 43 0 43 Estimated Rate Refunds ........................... 871 0 871 Deferred income taxes - current .................. 0 0 0 Other ............................................ 3,827 0 3,827 ------------ ------------ ------------ Total Current Liabilities .......................... 11,164 (1,491) 9,673 ------------ ------------ ------------ Other Liabilities and Deferred Credits Deferred income taxes, noncurrent ................ 1,758 0 1,758 Deferred Investment Tax Credits .................. 1,135 1,135 Postretirement benefits other than pensions ...... 2,017 0 2,017 Other ............................................ 2,308 0 2,308 ------------ ------------ ------------ Total Other Liabilities and Deferred Credits ....... 7,218 0 7,218 ------------ ------------ ------------ Total Capitalization and Liabilities ............... 48,491 5,501 53,992 ============ ============ ============
19 COLUMBIA GAS OF MARYLAND, INC. UNAUDITED 6(b)(2)(b) STATEMENT OF CAPITALIZATION ACTUAL and PRO FORMA As of July 31, 1995 ($000)
CMD Pro Forma CMD Actual Entries Pro Forma ------------ ------------ ------------ Stockholder's Equity Common Stock, $25 par value, authorized 420,000, shares outstanding 283,686 shares ......................................... 7,092 0 7,092 Additional paid in capital ....................... 0 0 0 Retained earnings ................................ 10,620 (189) 10,431 Unearned employee compensation ................... 0 0 0 ------------ ------------ ------------ Total Stockholder's Equity ......................... 17,712 (189) 17,523 ------------ ------------ ------------ Long-Term Debt Capitalized Leases ............................... 78 0 78 Notes Payable .................................... 0 19,500 19,500 Installment Promissory Notes Payable ............. 12,319 (12,319) 0 ------------ ------------ ------------ Total Long-Term Debt ............................... 12,397 7,181 19,578 ------------ ------------ ------------ Total Capitalization ............................... 30,109 6,992 37,101 ============ ============ ============
20 COLUMBIA GAS OF MARYLAND, INC. UNAUDITED 6(b)(2)(c) STATEMENT OF INCOME ACTUAL and PRO FORMA Twelve Months Ended July 31, 1995 ($000)
CMD Pro Forma CMD Actual Entries Pro Forma ------------ ------------ ------------ Operating Revenues Gas Sales ........................................ 28,560 0 28,560 Transportation ................................... 1,765 0 1,765 Other ............................................ (16) 0 (16) ------------ ------------ ------------ Total Operating Revenues ........................... 30,309 0 30,309 ------------ ------------ ------------ Operating Expenses Products purchased ............................... 12,515 0 12,515 Operation ........................................ 8,814 0 8,814 Maintenance ...................................... 1,374 0 1,374 Depreciation and depletion ....................... 2,262 0 2,262 Other taxes ...................................... 1,829 0 1,829 ------------ ------------ ------------ Total Operating Expenses ........................... 26,794 0 26,794 ------------ ------------ ------------ Operating Income (Loss) ............................ 3,515 0 3,515 ------------ ------------ ------------ Other Income (Deductions) Interest income and other, net ................... 15 0 15 Interest expense and related charges ............. (1,190) (291) (1,481) ------------ ------------ ------------ Total Other Income (Deductions) .................... (1,175) (291) (1,466) ------------ ------------ ------------ Income before Income Taxes and Cumulative Effect of Accounting Change ............................. 2,340 (291) 2,049 Income taxes ....................................... 857 (102) 755 ------------ ------------ ------------ Income before Cumulative Effect of Accounting Change ........................................... 1,483 (189) 1,294 Cumulative Effect of Accounting for Postemployment Benefits ......................................... 0 0 0 ------------ ------------ ------------ Net Income ......................................... 1,483 (189) 1,294 ============ ============ ============
21 COLUMBIA GAS OF MARYLAND, INC. UNAUDITED 6(b)(2)(d) STATEMENTS OF COMMON STOCK EQUITY ACTUAL and PRO FORMA Twelve Months Ended July 31, 1995 ($000)
CMD Pro Forma CMD Actual Entries Pro Forma ------------ ------------ ------------ COMMON STOCK Balance at August 1, 1994 .......................... 7,092 0 7,092 Common stock issued - Subsidiaries ..................................... 0 0 0 Leveraged employee stock ownership plan (LESOP) .. 0 0 0 Dividend reinvestment plan ....................... 0 0 0 Long-term incentive plan ......................... 0 0 0 Public offering .................................. 0 0 0 ------------ ------------ ------------ Balance at July 31, 1995 ........................... 7,092 0 7,092 ------------ ------------ ------------ ADDITIONAL PAID IN CAPITAL Balance at August 1, 1994 .......................... 0 0 0 Common stock issued - Subsidiaries ..................................... 0 0 0 Leveraged employee stock ownership plan (LESOP) .. 0 0 0 Dividend reinvestment plan ....................... 0 0 0 Long-term incentive plan ......................... 0 0 0 Public offering .................................. 0 0 0 Preferred stock issued ............................. 0 0 0 ------------ ------------ ------------ Balance at July 31, 1995 ........................... 0 0 0 ------------ ------------ ------------ RETAINED EARNINGS Balance at August 1, 1994 .......................... 9,761 0 9,761 Net income ......................................... 1,483 (189) 1,294 Common stock dividends - CG ............................................... 0 0 0 Subsidiaries (to CG) ............................. (624) 0 (624) Other .............................................. 0 0 0 ------------ ------------ ------------ Balance at July 31, 1995 ........................... 10,620 (189) 10,431 ------------ ------------ ------------ UNEARNED EMPLOYEE COMPENSATION Balance at August 1, 1994 .......................... 0 0 0 Adjustment ......................................... 0 0 0 ------------ ------------ ------------ Balance at July 31, 1995 ........................... 0 0 0 ------------ ------------ ------------ TOTAL COMMON STOCK EQUITY .......................... 17,712 (189) 17,523 ============ ============ ============
22 COLUMBIA GAS OF MARYLAND, INC. UNAUDITED 6(b)(2)(e) PRO FORMA ENTRIES ($000)
Debit Credit -------- -------- 1. Cash 19,500 Notes - Long-Term Debt 19,500 To record the issuance of notes to Parent Company. 2. Installment Promissory Notes Payable 12,319 Affiliated Notes and Loans - Cur. Maturity 1,680 Cash 13,999 To record the retirement of installment notes to Parent Company. 3. Interest expense 291 Affiliated accounts payable 291 Accrued Taxes 102 Income Taxes 102 To record the incremental interest expense on long-term notes, over the previous debt expense, in order to reflect an average rate of 7.5% and a federal income tax effect of 35%.
23 PAGE 1 EXHIBIT INDEX (a) Exhibits A-5 Form of Columbia Maryland Note (to be filed by Amendment) B Form of Draft Loan Agreement for Columbia Maryland (to be filed by Amendment) F-4 Opinion of Counsel for Columbia and Columbia Maryland (to be filed by Amendment) G-3 Financial Data Schedules (incorporated herein as Exhibit 27.1 and Exhibit 27.2) H-4 Proposed Notice EX-27.1 2 FINANCIAL DATA SCHEDULE FOR CG WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 CG 1,000 12-MOS 12-MOS DEC-31-1994 DEC-31-1994 AUG-01-1994 AUG-01-1994 JUL-31-1995 JUL-31-1995 PER-BOOK PRO-FORMA 0 0 3,732 685 3,739,677 577,685 570,795 2,638 2,638 0 0 4,313,008 4,313,110 505,733 505,733 602,026 602,026 605,337 605,337 1,643,130 1,643,130 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,669,878 2,669,980 4,313,008 4,313,110 0 0 42,516 42,618 104,835 104,835 104,835 104,835 (104,835) (104,835) 371,580 371,682 266,745 266,847 354 354 223,868 223,868 0 0 223,868 223,868 0 0 0 0 0 0 4.43 4.43 4.43 4.43
EX-27.2 3 FINANCIAL DATA SCHEDULE FOR CMD WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 CMD 1,000 12-MOS 12-MOS DEC-31-1994 DEC-31-1994 AUG-01-1994 AUG-01-1994 JUL-31-1995 JUL-31-1995 PER-BOOK PRO-FORMA 38,338 38,338 0 0 6,404 11,905 3,749 3,749 0 0 48,491 53,992 7,092 7,092 0 0 10,620 10,431 17,712 17,523 0 0 0 0 12,397 19,578 0 0 0 0 0 0 0 0 0 0 78 78 0 0 18,382 16,891 48,491 53,992 30,309 30,309 857 755 26,794 26,794 26,794 26,794 3,515 3,515 15 15 3,530 3,530 1,190 1,481 1,483 1,294 0 0 1,483 1,294 0 0 0 0 0 0 5.23 4.56 5.23 4.56
EX-99.H.4 4 COLUMBIA GAS PROPOSED 1996 FINANCIAL AMENDMENT 1 PAGE 1 EXHIBIT H-4 SECURITIES AND EXCHANGE COMMISSION (Release No. 35-26201) THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES NOTICE OF PROPOSED 1996 FINANCING AMENDMENT FOR THE PERIOD JANUARY 1, 1995 THROUGH DECEMBER 1996. The Columbia Gas System, Inc. ("Columbia"), a Delaware corporation and registered holding company and subsidiaries: COLUMBIA GAS OF OHIO, INC. COLUMBIA GAS OF PENNSYLVANIA, INC. COLUMBIA GAS OF KENTUCKY, INC. COLUMBIA GAS OF MARYLAND, INC. COMMONWEALTH GAS SERVICES, INC. 200 Civic Center Drive Columbus, Ohio 43215 COLUMBIA GULF TRANSMISSION COMPANY COLUMBIA GAS TRANSMISSION CORPORATION 1700 Mac Corkle Avenue, S.E. Charleston, West Virginia 25314 COLUMBIA GAS DEVELOPMENT CORPORATION One Riverway Houston, Texas 77056 COMMONWEALTH PROPANE, INC. COLUMBIA PROPANE CORPORATION 9200 Arboretum Parkway, Suite 140 Richmond, Virginia 23236 COLUMBIA ENERGY SERVICES CORPORATION COLUMBIA ENERGY MARKETING CORPORATION 121 Hill Pointe Drive Suite 100 Canonsburg, Pennsylvania 15317 COLUMBIA GAS SYSTEM SERVICE CORPORATION COLUMBIA LNG CORPORATION COLUMBIA ATLANTIC TRADING CORPORATION TRISTAR VENTURES CORPORATION TRISTAR PEDRICK LIMITED CORPORATION TRISTAR PEDRICK GENERAL CORPORATION TRISTAR BINGHAMTON LIMITED CORPORATION TRISTAR BINGHAMTON GENERAL CORPORATION TRISTAR VINELAND LIMITED CORPORATION TRISTAR VINELAND GENERAL CORPORATION TRISTAR RUMFORD LIMITED CORPORATION TRISTAR GEORGETOWN GENERAL CORPORATION TRISTAR GEORGETOWN LIMITED CORPORATION TRISTAR FUEL CELLS CORPORATION TVC NINE CORPORATION TVC TEN CORPORATION TRISTAR CAPITAL CORPORATION 20 Montchanin Road Wilmington, Delaware 19807 COLUMBIA NATURAL RESOURCES, INC. COLUMBIA COAL GASIFICATION CORPORATION 900 Pennsylvania Avenue Charleston, West Virginia 25302 (the "Subsidiaries") have filed a joint application-declaration with this Commission pursuant to Sections 6, 7, 9, 10, 12(b) and 12(f) under the Public Utility Holding Company Act of 1935 (the "Act") and Rules 43 and 45 thereunder. 2 PAGE 2 Columbia and Columbia Maryland are seeking Commission authorization for: (A) the sale of securities ("Notes") by Columbia Maryland to Columbia on or around December 31, 1995, the proceeds of which will be to refund the Installment Notes previously sold by Columbia Maryland to Columbia, and (B) the future issuance of Notes in lieu of Installment Notes herein referenced for the 1995 Financing Program for the financing needs of Columbia Maryland in 1996. The Notes will be issued under a loan agreement between Columbia Maryland and Columbia. It is Columbia's intention, upon emergence from bankruptcy, to refinance the existing Installment Notes of all its Subsidiaries with new Notes. However, pursuant to Rule 52, Commission approval is not required for the refunding of any securities held by Subsidiary other than Columbia Maryland. As required under Rule 52, any financing transactions undertaken between Columbia and any Subsidiary, other than Columbia Maryland, will be reported on Form U-6B-2. Columbia is requesting Commission authorization for the filing of this form on a quarterly basis. On or about December 31, 1995, Columbia Maryland will refund all outstanding Installment Notes previously sold to Columbia. Funds for the refunding of the Installment Notes will be raised from Columbia Maryland's sale of Notes to Columbia. The maturities and interest rates of the Note issuance will mirror the Debentures issued by Columbia upon emergence from bankruptcy as previously approved by the Commission (Release No. 35-26361; 70-8627). The Notes will be issued pursuant to a loan agreement, will be secured or unsecured and will be dated the date of their issue. Columbia Maryland plans to finance their 1996 long-term financing needs with Notes instead of Installment Notes as previously approved by the Commission in this Application-Declaration. At the present time, Columbia Maryland has sold Installment Notes to Columbia in the amount of approximately $14.0 million. Columbia Maryland has received Commission approval in this Application-Declaration to issue, through December 31, 1996, Installment Notes in the amount of up to an additional $5.5 million. The interest rate and maturity on the Notes issued for the purposes of funding 1996 capital expenditure programs will be equal to the weighted average cost of any long-term fixed rate financing of Columbia issued during the calendar quarter prior to an issuance of Notes by Columbia Maryland (the "Columbia Rate"). The interest rate on Columbia's securities issued upon emergence from bankruptcy financing will not be used as a Columbia Rate. If Columbia does not issue long-term fixed rate financing during a calendar quarter prior to an issuance by Columbia Maryland, the interest rate of that funding will default to the Benchmark Rate. The Joint Applicant-Declaration and any amendments thereto are available for public inspection through the Commission's Office of Public Reference. Interested persons wishing to comment or request a hearing should submit their views in writing by ________________________ ____________ to the Secretary, U.S. Securities Exchange Commission, Washington, D.C. 20549, and serve a copy on the applicants-declarants at the address specified above. Proof of service (by affidavit or, in the case of any attorney-at-law, by certificate) should be filed with the request. Any request for a hearing shall identify specifically the issues of fact 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 this matter. After said date, the Joint Applicant-Declarant, as filed or as it may be amended, may be permitted to become effective. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Jonathon G. Katz Secretary -----END PRIVACY-ENHANCED MESSAGE-----