-----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, F2DjJO/v4ijOBDyMYhIv7ANy1hiDFDAPTs/Pn19dJ9/yYeJmKRmXuT6iz9fVMMWl N9Co+a/QXO/GTaF9qebZ+A== 0000065984-96-000001.txt : 19960111 0000065984-96-000001.hdr.sgml : 19960111 ACCESSION NUMBER: 0000065984-96-000001 CONFORMED SUBMISSION TYPE: U-1 PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 19960105 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOUISIANA POWER & LIGHT CO /LA/ CENTRAL INDEX KEY: 0000060527 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 720245590 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-1 SEC ACT: 1935 Act SEC FILE NUMBER: 070-08771 FILM NUMBER: 96501280 BUSINESS ADDRESS: STREET 1: PO BOX 61000 CITY: NEW ORLEANS STATE: LA ZIP: 70161 BUSINESS PHONE: 5045953100 U-1 1 File No. 70- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM U-1 APPLICATION-DECLARATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 __________________________________ Louisiana Power & Light Company 639 Loyola Avenue New Orleans, Louisiana 70113 (Name of company filing this statement and address of principal executive offices) _________________________________ Entergy Corporation (Name of top registered holding company parent of each applicant or declarant) ________________________________ William J. Regan, Jr. Vice President and Treasurer Entergy Services, Inc. 639 Loyola Avenue New Orleans, Louisiana 70113 ________________________________ The Commission is also requested to send copies of any communications in connection with this matter to: Laurence M. Hamric, Esq. John T. Hood, Esq. Entergy Services, Inc. Reid & Priest LLP 639 Loyola Avenue 40 West 57th Street New Orleans, Louisiana 70113 New York, New York 10019 Item 1. Description of Proposed Transactions. Louisiana Power & Light Company ("Company"), a subsidiary of Entergy Corporation ("Entergy"), a registered holding company under the Public Utility Holding Company Act of 1935, as amended ("Holding Company Act"), proposes to cause First National Bank of Commerce, as owner trustee of the three separate trusts described below ("Owner Trustee"), to issue not in excess of $326,000,000 in the aggregate of secured lease obligation bonds in one or more separate series ("Refunding Bonds") through December 31, 1997. The Refunding Bonds will be issued under the three Indentures of Mortgage and Deeds of Trust, dated as of September 1, 1989, as heretofore and hereafter amended and supplemented, among the Owner Trustee, the Company and the corporate and individual trustees named therein, or a comparable instrument or instruments (each an "Indenture" and collectively, "Indentures"), in order to refund the secured lease obligation bonds issued in 1989, as described below ("Original Bonds"). Each series of Refunding Bonds will have such interest rate, maturity date, redemption and sinking fund provisions, be secured by such means, be sold in such manner and at such price and have such other terms and conditions as shall be determined through negotiation at the time of sale or when the agreement to sell is entered into, as the case may be. No series of Refunding Bonds will be issued at rates in excess of those rates generally obtainable at the time of pricing for sales of bonds having the same or reasonably similar maturities, issued by companies of the same or reasonably comparable credit quality and having reasonably similar terms, conditions and features. Each series of Refunding Bonds will mature not later than July 2, 2017. On September 28, 1989, the Company sold to and leased back from three separate trusts acting as lessors ("Lessors"), for the benefit of an owner participant (the "Owner Participant"), on a long-term net lease basis pursuant to three separate facility leases ("Leases"), an approximate 9.3% aggregate ownership interest ("Undivided Interests") in Unit No. 3 (nuclear) of the Waterford Steam Electric Generating Station ("Waterford 3") in three substantially identical, but entirely separate, transactions. The Owner Trustee acts as the trustee for each of these trusts. The Company now has an approximate 90.7% undivided ownership interest and an approximate 9.3% leasehold interest in Waterford 3. The aggregate purchase price of the Undivided Interests was $353,600,000, of which approximately $43,603,000 was provided by the equity contributions of the Owner Participant in each of the three Lessor trusts and approximately $309,997,000 was provided by the issuance of the Original Bonds by the Owner Trustee in an underwritten public offering. The Original Bonds consist of three separate series of secured lease obligation bonds bearing interest at an annual rate of 10.30% and maturing on January 2, 2005 issued in a combined aggregate principal amount of $140,452,000 ("2005 Bonds"), and three separate series of secured lease obligation bonds bearing interest at an annual rate of 10.67% and maturing on January 2, 2017 issued in a combined aggregate principal amount of $169,545,000 ("2017 Bonds"). Reference is made to File No. 70-7653 and Commission orders dated September 26, 1989 and September 27, 1989 (Release No. 35-24956 and 35-24958) for further information concerning these prior transactions. The 2005 Bonds were first optionally redeemable on July 2, 1994 and are currently redeemable at 104.120% of their principal amount. The 2017 Bonds were first optionally redeemable on July 2, 1994 and are currently redeemable at 107.469% of their principal amount. The Refunding Bonds will be structured and issued under the documents and pursuant to the procedures applicable to the issuance of the Original Bonds, or comparable documents having similar terms and provisions. Reference is made to File No. 70- 7653 for a description of the terms, provisions and issuance procedures relating to the Original Bonds. The proceeds from the sale of the Refunding Bonds, together with any funds provided by the Company and/or the Owner Participant, will be applied to the cost of redeeming the Original Bonds and, in addition, may be applied to pay a portion of the transaction expenses incurred in issuing the Refunding Bonds and a portion of the premium on the Original Bonds. The Company is unconditionally obligated to make payments under the Leases in amounts that will provide for scheduled payments, when due, of the principal of and interest on the Refunding Bonds. Upon refunding of the Original Bonds, amounts payable by the Company under the Leases will be adjusted pursuant to the terms of supplements to the Leases, which supplements will be entered into at that time. In the event that the Owner Participant elects to provide an additional equity investment to pay a portion of the transaction costs incurred in issuing the Refunding Bonds or a portion of the premium on the Original Bonds, the adjustment of the amounts payable by the Company under the Leases will reflect such additional equity investment. The Refunding Bonds will not be direct obligations of, or guaranteed by, the Company. However, under certain circumstances the Company may assume all, or a portion of, the obligations of the issuer of the Refunding Bonds. Each Refunding Bond will be secured by, among other things, (a) a lien on and security interest in the Undivided Interest of the Lessor issuing such Refunding Bond and (b) certain other amounts payable by the Company thereunder. The Refunding Bonds are to be issued in fully registered form without coupons. Interest on the Refunding Bonds of each series will be payable January 2 and July 2 of each year, commencing with the interest payment date next following the initial issuance of the Refunding Bonds. The Refunding Bonds may be redeemed if any Lease is to be terminated prior to the end of the basic lease term provided for therein. Upon the occurrence of certain Events of Default under an Indenture ("Indenture Events of Default"), the trustee thereunder may declare the Refunding Bonds to be immediately due and payable. However, no such declaration can be made in the case of any Indenture Event of Default that results from a failure by the Company to make a payment of rent under the related Lease until such time as the Lessor under such Lease has been given the opportunity to exercise its rights, if any, and cure such Indenture Event of Default. The Refunding Bonds may also include provisions for redemption, in whole or in part, prior to maturity at the option of the Owner Trustee and may include various restrictions on optional redemption for a specified number of years or for the life of the issue. In addition, the Refunding Bonds may include provisions for the mandatory retirement of all or varying amounts of each series prior to maturity. Refunding Bonds of any series, or any portion of the principal amount thereof, will, on or prior to the maturity thereof, be deemed to have been paid for purposes of the Indenture, and the entire indebtedness of the Owner Trustee in respect thereof will be deemed to have been satisfied and discharged, if there shall have been irrevocably deposited with the trustee under the Indenture, in trust, money, and/or certain government securities the principal of and interest on which when due will provide money, in an amount which will be sufficient to pay when due the principal of and premium, if any, and interest due and to become due on such Refunding Bonds or portions thereof on and prior to the stated maturity or redemption date thereof. As an alternative to sale of the Refunding Bonds by the Owner Trustee, the Company may arrange for formation of a funding corporation to sell the Refunding Bonds. If this structure were used, the proceeds of the sale of the Refunding Bonds would be loaned by the funding corporation to the Lessors, which would issue notes ("Lessor Notes") to the funding corporation to evidence the loans and secure the Refunding Bonds, and the Lessors would apply the proceeds of the loans to repay the Original Bonds. The terms of the Lessor Notes and the indentures under which they would be issued would reflect the redemption and other terms of the Refunding Bonds. The Company's rental payments would be used to pay principal of and interest on the Lessor Notes, which amounts would, in turn, be used to provide payments on Refunding Bonds when due. The Refunding Bonds would be secured by the Lessor Notes, which would be secured by a lien on and security interest in the Undivided Interests and by certain rights under the Leases, as described above. As an alternative to utilizing Refunding Bonds issued by the Owner Trustee or a funding corporation, the Company may choose to utilize a trust structure in which the Lessors would issue Lessor Notes to one or more passthrough trusts and the trusts would issue certificates evidencing ownership interests in the trusts. If such a structure is utilized, the debt terms of the Refunding Bonds described herein would generally be comparable to the terms of the Lessor Notes and the indentures under which they would be issued. For further information with respect to the transaction documents related to the issuance of the Refunding Bonds described herein, reference is made to Exhibits A-1 to A-3 and B- 1 to B-4. The Company may cause any series of the Refunding Bonds or trust certificates to be sold by competitive bidding or by negotiated underwritten public offering or by private placement with institutional investors. In connection with any private placement of unregistered Refunding Bonds, the Company may be required to enter into a registration rights agreement wherein the Company would agree to use its best efforts to either cause the Commission to declare effective a shelf registration statement covering resales of the Refunding Bonds or the exchange of such unregistered Refunding Bonds for other bonds ("Exchange Bonds") that would have been registered under the Securities Act of 1933. The Company anticipates that any such registration rights agreement would provide that failure to cause such a registration of the Refunding Bonds for resale or an exchange offer to be completed within a negotiated time period could result in an increase in the interest rate on the Refunding Bonds of the lower of 0.5% per annum or those incremental rate increases generally obtainable at the time of pricing for sales of bonds having the same or reasonably similarly maturities, issued by companies of the same or reasonably comparable credit-quality and having reasonably similar terms, conditions and features. In the event of such an increase in the interest rate, rent payable under the Lease would correspondingly increase by an amount equal to the increase in interest. Any Exchange Bonds would be substantially identical to the Refunding Bonds except that such Exchange Bonds would not contain a legend as to Securities Act and state law restrictions on transferability or the provisions providing for an increase in interest rate if an appropriate registration has not occurred. In view of the possibility that the Company may privately place the Refunding Bonds and enter into such a registration rights agreement, the Company also hereby seeks authorization to take such action as may be necessary or desirable in connection with the Owner Trustee's issuance of such Exchange Bonds. The Company shall not cause the Owner Trustee to sell the Refunding Bonds or the trust certificates to enter into refinancing transactions unless (a) the estimated present value savings derived from the net difference between interest payments on a new issue of comparable securities and those securities refunded is, on an after-tax basis, greater than the present value of all redemption and issuing costs, assuming an appropriate discount rate, determined on the basis of the then estimated after-tax cost of capital of Entergy and its subsidiaries on a consolidated basis, or (b) the Company shall have notified the Commission of the proposed refinancing transaction (including the terms thereof) by amendment hereto and obtained appropriate supplemental authorization from the Commission to consummate such transaction. Pursuant to the terms of the separate participation agreements entered into in 1989 in connection with the sale of the Undivided Interests, the Company issued three separate promissory notes to the Owner Participant in an aggregate principal amount equal to the higher of the maximum net casualty value and the maximum net special casualty value payable under the Leases during the basic lease term (approximately $208 million). Refinancing the Original Bonds through the means described in this proceeding could, in some circumstances, cause an increase in these values and therefore require an increase in the principal amount of the related promissory notes. Further, the Company was required to collateralize its obligations to the Owner Participant by delivering first mortgage bonds in a principal amount equal to that of the promissory notes (the issuance of which was approved by the Commission in Rel. No. 35- 24956, September 26, 1989). To the extent that the refinancing described herein would necessitate the issuance of promissory notes and first mortgage bonds in a principal amount greater than that previously authorized, the Company also seeks authorization of such increases. The proceeds to be received from the issuance and sale of the Refunding Bonds will not be used to invest directly or indirectly in an exempt wholesale generator ("EWG") or foreign utility company ("FUCO"), as defined in Sections 32 or 33, respectively, of the Holding Company Act. In addition, any savings derived from the refunding transaction will not be used to acquire or otherwise invest in an EWG or FUCO. Information with respect to the EWG investments of Entergy and its consolidated subsidiaries (the "Entergy System") will be supplied by amendment. The proposed transactions are also subject to Rule 54. In determining whether to approve the issue or sale of a security by a registered holding company for purposes other than the acquisition of an EWG or FUCO, or other transactions by such registered holding company or its subsidiaries other than with respect to EWGs or FUCOs, the Commission shall not consider the effect of the capitalization or earnings of any subsidiary which is an EWG or FUCO upon the registered holding company system if Rules 53(a), (b) and (c) are satisfied. In that regard, assuming consummation of the transactions proposed in this application, all of the conditions set forth in Rule 53(a) are and will be satisfied and none of the conditions set forth in Rule 53(b) exists or, as a result thereof, will exist. The Entergy System's "aggregate investment" in EWGs and FUCOs is approximately $197 million, representing approximately 9.7% of the Entergy System's consolidated retained earnings as of September 30, 1995. Furthermore, the Entergy System has complied with and will continue to comply with the record keeping requirements of Rule 53(a)(2) concerning affiliated EWGs and FUCOs. In addition, as required by Rule 53(a)(3), no more than 2% of the employees of the Entergy System's domestic public utility subsidiary companies would render services to affiliated EWGs and FUCOs. Finally, none of the conditions set forth in Rule 53(b), under which the provisions of Rule 53 would not be available, have been met. Item 2. Fees, Commissions and Expenses. The fees, commissions and expenses, other than those of underwriters, to be incurred in connection with the issuance and sale of the Refunding Bonds will be supplied by amendment. The fees, commissions and expenses of underwriters or placement agents expected to be incurred with respect to the Refunding Bonds will not exceed the lesser of 2% of the principal amount of the Refunding Bonds to be sold or those fees generally paid at the time of pricing for sales of securities having the same or reasonably comparable credit quality and having reasonably similar terms, conditions and features. Item 3. Applicable Statutory Provisions. The Company believes that Sections 6(a) and 7 of the Holding Company Act and Rules 23 and 24 thereunder apply to the contingent obligation with respect to the Refunding Bonds and trust certificates. Item 4. Regulatory Approval. No Federal or state commission, other than the Commission, has jurisdiction over the transactions proposed in this Application-Declaration. Item 5. Procedure. The Company requests that the Commission's notice of proposed transactions published pursuant to Rule 23(e) be issued by January 10, 1996, or as soon thereafter as practicable. The Company further requests that the Commission's order authorizing the transactions proposed in this proceeding be entered by February 5, 1996 or as soon thereafter as practicable. The Company hereby waives a recommended decision by a hearing officer or any other responsible officer of the Commission; agrees that the Staff of the Division of Investment Management may assist in the preparation of the Commission's decision; and requests that there be no waiting period between the issuance of the Commission's order and the date it is to become effective. Item 6. Exhibits and Financial Statements. (a) Exhibits: *A-1(a) Indenture of Mortgage and Deed of Trust No. 1, dated as of September 1, 1989, among the Owner Trustee, the Company, and Bankers Trust Company and Stanley Burg as trustees ("Indenture No. 1") (filed as Exhibit 4(a)-1 in Registration No. 33-30660). *A-1(b) Indenture of Mortgage and Deed of Trust No. 2, dated as of September 1, 1989, among the Owner Trustee, the Company, and Bankers Trust Company of California, National Association, and Cecil D. Bobey as trustees ("Indenture No. 2") (filed as Exhibit 4(a)-2 in Registration No. 33-30660). *A-1(c) Indenture of Mortgage and Deed of Trust No. 3, dated as of September 1, 1989, among the Owner Trustee, the Company, and Security Pacific National Trust Company (New York) and Kenneth T. McGraw as trustees ("Indenture No. 3") (filed as Exhibit 4(a)-3 in Registration No. 33-30660). *A-2(a) Supplemental Indenture No. 1 to Indenture No. 1 (filed as Exhibit A-2(b)(1) to Rule 24 Certificate in File No. 70-7653). *A-2(b) Supplemental Indenture No. 1 to Indenture No. 2 (filed as Exhibit A-2(b)(2) to Rule 24 Certificate in File No. 70-7653). *A-2(c) Supplemental Indenture No. 1 to Indenture No. 3 (filed as Exhibit A-2(b)(3) to Rule 24 Certificate in File No. 70-7653). **A-3 Proposed form of Supplemental Indenture No. 2 to each of Indenture Nos. 1, 2 and 3. **A-4 Proposed form of Registration Rights Agreement. *B-1(a) Participation Agreement No. 1 among ESSL 2, Inc. as Owner Participant ("Owner Participant"), the Owner Trustee, the Company and Bankers Trust Company and Stanley Burg as Indenture trustees (filed as Exhibit 4(d)-1 in Registration No. 33-30660). *B-1(b) Participation Agreement No. 2 among the Owner Participant, the Owner Trustee, the Company and Bankers Trust Company of California, National Association, and Cecil D. Bobey as Indenture trustees (filed as Exhibit 4(d)-2 in Registration No. 33-30660). *B-1(c) Participation Agreement No. 3 among the Owner Participant, the Owner Trustee, the Company and Security Pacific National Trust Company (New York) and Kenneth T. McGraw as Indenture trustees (filed as Exhibit 4(d)-3 in Registration No. 33-30660). *B-2(a) Facility Lease No. 1 between the Owner Trustee and the Company (filed as Exhibit 4(c)-1 in Registration No. 33- 30660). *B-2(b) Facility Lease No. 2 between the Owner Trustee and the Company (filed as Exhibit 4(c)-2 in Registration No. 33- 30660). *B-2(c) Facility Lease No. 3 between the Owner Trustee and the Company (filed as Exhibit 4(c)-3 in Registration No. 33- 30660). **B-3 Proposed form of Lease Supplement No. 1 to each of Facility Lease Nos. 1, 2 and 3. *B-4 Trust Agreements No. 1, 2 and 3 between the Owner Participant and the Owner Trustee (filed as Exhibit No. B-3(b) in File No. 70-7653). **B-5 Proposed form of Underwriting Agreement or Placement Agreement. **C Registration Statement on Form S-3 relating to the Refunding Bonds. D Not applicable. E Not applicable. **F-1 Opinion of Laurence M. Hamric, General Attorney - Corporate and Securities of Entergy Services, Inc. G Financial Data Schedule. H Suggested form of notice of proposed transactions for publication in the Federal Register. (b) Financial Statements. Financial Statements of the Company and of Entergy and its subsidiaries consolidated, each as of September 30, 1995. Notes to Financial Statements (included in the Annual Report on Form 10-K for the fiscal year ended December 31, 1994 and the Quarterly Reports on Form 10- Q for the quarterly periods ended March 31, 1995, June 30, 1995 and September 30, 1995 of the Company and Entergy in File Nos. 1-8474 and 1-11299, respectively, and incorporated herein by reference). Except as reflected in the Financial Statements, no material changes not in the ordinary course of business have taken place since September 30, 1995. Item 7. Information as to Environmental Effects. (a) As more fully described in Item 1, the proposed transactions subject to the jurisdiction of the Commission involve the refunding of indebtedness related to the sale and leaseback by the Company of a portion of its interest in Waterford 3 and certain related activities and, as such, do not involve a major Federal action having a significant impact on the human environment. (b) Not applicable. - ---------- * Incorporated herein by reference. ** To be filed by amendment. SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned company has duly caused this Application-Declaration to be signed on its behalf by the undersigned thereunto duly authorized. LOUISIANA POWER & LIGHT COMPANY By: /s/ William J. Regan, Jr. William J. Regan, Jr. Vice President and Treasurer Dated: January 5, 1996 EX-99 2
LOUISIANA POWER & LIGHT COMPANY PRO FORMA BALANCE SHEET SEPTEMBER 30, 1995 (Unaudited) Adjustments to Reflect Transactions Proposed ----------------------------------------------------------- Before In Present After ASSETS Transaction Filing Transaction ------------------- ------------------- ------------------- (In Thousands) Utility Plant: Electric $ 4,864,083 $ 4,864,083 Electric plant under lease 229,468 229,468 Construction work in progress 74,130 74,130 Nuclear fuel under capital lease 69,267 69,267 Nuclear fuel 14,049 14,049 ------------------- ------------------- ------------------- Total 5,250,997 5,250,997 Less - accumulated depreciation and amortization 1,706,469 1,706,469 ------------------- ------------------- ------------------- Utility plant - net 3,544,528 3,544,528 ------------------- ------------------- ------------------- Other Property and Investments: Nonutility property 20,060 20,060 Decommissioning trust fund 33,953 33,953 Investment in subsidiary company - at equity 14,230 14,230 Other 1,087 1,087 ------------------- ------------------- ------------------- Total 69,330 69,330 ------------------- ------------------- ------------------- Current Assets: Cash and cash equivalents: Cash 3,720 (3,720) 0 Temporary cash investments - at cost, which approximates market - Associated companies 5,880 5,880 Other 62,990 (17,946) 45,044 ------------------- ------------------- ------------------- Total cash and cash equivalents 72,590 (21,666) 50,924 Accounts receivable: Customer (less allowance for doubtful accounts of $1.2 million) 103,913 103,913 Associated companies 8,278 8,278 Other 9,206 9,206 Accrued unbilled revenues 73,132 73,132 Accumulated deferred income taxes 6,079 6,079 Materials and supplies - at average cost 90,342 90,342 Rate deferrals 28,422 28,422 Prepayments and other 14,931 14,931 ------------------- ------------------- ------------------- Total 406,893 (21,666) 385,227 ------------------- ------------------- ------------------- Deferred Debits and Other Assets: Regulatory Assets: Rate deferrals 3,945 3,945 SFAS 109 regulatory asset - net 373,257 373,257 Unamortized loss on reacquired debt 40,508 21,321 61,829 Other regulatory assets 23,981 23,981 Other 25,989 345 26,334 ------------------- ------------------- ------------------- Total 467,680 21,666 489,346 ------------------- ------------------- ------------------- TOTAL $ 4,488,431 $ 0 $ 4,488,431 =================== =================== ===================
LOUISIANA POWER & LIGHT COMPANY PRO FORMA BALANCE SHEET SEPTEMBER 30, 1995 (Unaudited) Adjustments to Reflect Transactions Proposed ----------------------------------------------------------- Before In Present After CAPITALIZATION AND LIABILITIES Transaction Filing Transaction ------------------- ------------------- ------------------- (In Thousands) Capitalization: Common stock, no par value, authorized 250,000,000 shares; issued and outstanding 165,173,180 shares $ 1,088,900 $ 1,088,900 Capital stock expense and other (4,835) (4,835) Retained earnings 145,206 145,206 ------------------- ------------------- ------------------- Total common shareholder's equity 1,229,271 1,229,271 Preferred stock: Without sinking fund 160,500 160,500 With sinking fund 100,009 100,009 Long-term debt 1,368,386 1,368,386 ------------------- ------------------- ------------------- Total 2,858,166 2,858,166 ------------------- ------------------- ------------------- Other Noncurrent Liabilities: Obligations under capital leases 41,267 41,267 Other 53,679 53,679 ------------------- ------------------- ------------------- Total 94,946 94,946 ------------------- ------------------- ------------------- Current Liabilities: Currently maturing long-term debt 110,260 110,260 Notes payable: Associated companies 0 0 Other 0 0 Accounts payable: Associated companies 45,239 45,239 Other 57,016 57,016 Customer deposits 56,363 56,363 Taxes accrued 82,284 82,284 Interest accrued 37,755 37,755 Dividends declared 5,239 5,239 Deferred fuel cost 1,161 1,161 Obligations under capital leases 28,000 28,000 Other 13,718 13,718 ------------------- ------------------- ------------------- Total 437,035 437,035 ------------------- ------------------- ------------------- Deferred Credits: Accumulated deferred income taxes 862,417 862,417 Accumulated deferred investment tax credits 146,977 146,977 Deferred interest - Waterford 3 lease obligation 25,146 25,146 Other 63,744 63,744 ------------------- ------------------- ------------------- Total 1,098,284 1,098,284 ------------------- ------------------- ------------------- TOTAL $ 4,488,431 $ 0 $ 4,488,431 =================== =================== ===================
LOUISIANA POWER & LIGHT COMPANY PRO FORMA STATEMENT OF INCOME TWELVE MONTHS ENDED SEPTEMBER 30, 1995 (Unaudited) Adjustments to Reflect Transactions Proposed ----------------------------------------------------------- Before In Present After Transaction Filing Transaction ------------------- ------------------- ------------------- (In Thousands) Operating Revenues: $ 1,668,695 $ $ 1,668,695 ------------------- ------------------- ------------------- Operating Expenses: Operation and maintenance: Fuel and fuel-related expenses 301,724 301,724 Purchased power 338,702 338,702 Nuclear refueling outage expenses 18,066 18,066 Other operation and maintenance 304,607 304,607 Depreciation and decommissioning 158,281 158,281 Taxes other than income taxes 56,549 56,549 Income taxes 87,946 87,946 Amortization of rate deferrals 28,422 28,422 ------------------- ------------------- ------------------- Total 1,294,297 1,294,297 ------------------- ------------------- ------------------- Operating Income 374,398 374,398 ------------------- ------------------- ------------------- Other Income (Deductions): Allowance for equity funds used during construction 2,158 2,158 Miscellaneous - net 2,178 2,178 Income taxes (34) (34) ------------------- ------------------- ------------------- Total 4,302 4,302 ------------------- ------------------- ------------------- Interest Charges: Interest on long-term debt 130,380 130,380 Other interest - net 6,959 6,959 Allowance for borrowed funds used during construction (1,964) (1,964) ------------------- ------------------- ------------------- Total 135,375 135,375 ------------------- ------------------- ------------------- Net Income 243,325 243,325 Preferred Stock Dividend Requirements and Other 21,828 21,828 ------------------- ------------------- ------------------- Earnings Applicable to Common Stock $ 221,497 $ 0 $ 221,497 =================== =================== ===================
LOUISIANA POWER & LIGHT COMPANY PRO FORMA STATEMENT OF RETAINED EARNINGS TWELVE MONTHS ENDED SEPTEMBER 30, 1995 (Unaudited) Adjustments to Reflect Transactions Proposed ----------------------------------------------------------- Before In Present After Transaction Filing Transaction ------------------- ------------------- ------------------- (In Thousands) Retained Earnings - October 1, 1994 $ 134,409 $ $ 134,409 Add Net Income 243,325 243,325 ------------------- ------------------- ------------------- Total 377,734 377,734 ------------------- ------------------- ------------------- Deduct: Dividends declared on common stock 210,700 210,700 Dividends declared on preferred stock 21,134 21,134 Preferred stock expense 694 694 ------------------- ------------------- ------------------- Total 232,528 232,528 ------------------- ------------------- ------------------- Retained Earnings - September 30, 1995 $ 145,206 $ 0 $ 145,206 =================== =================== ===================
LOUISIANA POWER & LIGHT COMPANY ADJUSTMENTS TO REFLECT TRANSACTIONS PROPOSED IN PRESENT FILING AT SEPTEMBER 30, 1995 Entry No. 1 Unamortized loss on reacquired debt 21,321 Unamortized debt expense 2,871 Cash 18,450 To record early redemption of Secured Lease Obligation Bonds, at various maturity dates and at various interest rates. Entry No. 2 Unamortized debt expense 3,216 Cash 3,216 To record the initial expenses incurred in connection with issuance of refunding bonds of Owner Participant. Entry No. 3 Cash 17,946 Temporary Cash Investments 17,946 To reclass negative cash balance. The effect of the refinancing on future lease payments cannot be determined, therefore, the pro forma financial statements do not show the effect of the refinancing on future lease payments. However, as stated in the U-1, LP&L will not enter into the refinancing transactions "unless (a) the estimated present value savings derived from the net difference between interest payments on a new issue of comparable securities and those securities refunded is, on an after-tax basis, greater than the present value of all redemption and issuing costs, assuming an appropriate discount rate, determined on the basis of the then estimated after-tax cost of capital of Entergy and its subsidiaries on a consolidated basis, or (b) the Company shall have notified the Commission of the proposed refinancing transaction amendment and obtained appropriate supplemental authorization from the Commission." EX-99 3
ENTERGY CORPORATION AND SUBSIDIARIES PRO FORMA CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 1995 (Unaudited) Adjustments to Reflect Transactions Proposed ------------------------------------------------------------- Before In Present After ASSETS Transaction Filing Transaction ------------------- ------------------- ------------------- (In Thousands) Utility Plant: Electric $ 21,603,761 $ 21,603,761 Plant acquisition adjustment - GSU 475,756 475,756 Electric plant under lease 672,725 672,725 Property under capital leases - electric 151,640 151,640 Natural gas 165,483 165,483 Steam products 77,414 77,414 Construction work in progress 415,242 415,242 Nuclear fuel under capital lease 311,072 311,072 Nuclear fuel 60,633 60,633 ------------------- ------------------- ------------------- Total 23,933,726 23,933,726 Less - accumulated depreciation and amortization 8,131,661 8,131,661 ------------------- ------------------- ------------------- Utility plant - net 15,802,065 15,802,065 ------------------- ------------------- ------------------- Other Property and Investments: Decommissioning trust fund 256,180 256,180 Other 273,883 273,883 ------------------- ------------------- ------------------- Total 530,063 530,063 ------------------- ------------------- ------------------- Current Assets: Cash and cash equivalents: Cash 97,486 (21,666) 75,820 Temporary cash investments - at cost, which approximates market 621,546 621,546 ------------------- ------------------- ------------------- Total cash and cash equivalents 719,032 (21,666) 697,366 Special deposits 5,772 5,772 Notes receivable 15,194 15,194 Accounts receivable: Customer (less allowance for doubtful accounts of $6.7 million) 414,177 414,177 Other 83,314 83,314 Accrued unbilled revenues 334,744 334,744 Deferrred fuel 6,495 6,495 Fuel inventory 127,050 127,050 Materials and supplies - at average cost 372,605 372,605 Rate deferrals 412,952 412,952 Prepayments and other 122,494 122,494 ------------------- ------------------- ------------------- Total 2,613,829 (21,666) 2,592,163 ------------------- ------------------- ------------------- Deferred Debits and Other Assets: Regulatory Assets: Rate deferrals 1,142,811 1,142,811 SFAS 109 regulatory asset - net 1,429,652 1,429,652 Unamortized loss on reacquired debt 223,717 21,321 245,038 Other regulatory assets 292,248 292,248 Long-term receivables 224,789 224,789 Other 337,442 345 337,787 ------------------- ------------------- ------------------- Total 3,650,659 21,666 3,672,325 ------------------- ------------------- ------------------- TOTAL $ 22,596,616 $ 0 $ 22,596,616 =================== =================== ===================
ENTERGY CORPORATION AND SUBSIDIARIES PRO FORMA CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 1995 (Unaudited) Adjustments to Reflect Transactions Proposed ------------------------------------------------------------- Before In Present After CAPITALIZATION AND LIABILITIES Transaction Filing Transaction ------------------- ------------------- ------------------- (In Thousands) Capitalization: Common stock, $.01par value, authorized 500,000,000 shares; issued 230,017,485 shares $ 2,300 $ 2,300 Paid-in capital 4,201,435 4,201,435 Retained earnings 2,396,953 2,396,953 Less - treasury stock (2,261,318 shares in 1995) 67,122 67,122 ------------------- ------------------- ------------------- Total common shareholders' equity 6,533,566 6,533,566 Subsidiary's preference stock 150,000 150,000 Subsidiaries preferred stock: Without sinking fund 550,955 550,955 With sinking fund 260,342 260,342 Long-term debt 6,749,860 6,749,860 ------------------- ------------------- ------------------- Total 14,244,723 14,244,723 ------------------- ------------------- ------------------- Other Noncurrent Liabilities: Obligations under capital leases 308,068 308,068 Other 321,247 321,247 ------------------- ------------------- ------------------- Total 629,315 629,315 ------------------- ------------------- ------------------- Current Liabilities: Currently maturing long-term debt 667,375 667,375 Notes payable 648 648 Accounts payable 400,464 400,464 Customer deposits 138,851 138,851 Taxes accrued 312,292 312,292 Accumulated deferred income taxes 60,844 60,844 Interest accrued 187,871 187,871 Dividends declared 12,942 12,942 Deferred fuel cost 0 0 Obligations under capital leases 152,968 152,968 Reserve for rate refund 5,287 5,287 Other 257,324 257,324 ------------------- ------------------- ------------------- Total 2,196,866 2,196,866 ------------------- ------------------- ------------------- Deferred Credits: Accumulated deferred income taxes 3,892,970 3,892,970 Accumulated deferred investment tax credits 658,038 658,038 Other 974,704 974,704 ------------------- ------------------- ------------------- Total 5,525,712 5,525,712 ------------------- ------------------- ------------------- TOTAL $ 22,596,616 $ 0 $ 22,596,616 =================== =================== ===================
ENTERGY CORPORTAION AND SUBSIDIARIES PRO FORMA CONSOLIDATED STATEMENT OF INCOME TWELVE MONTHS ENDED SEPTEMBER 30, 1995 (Unaudited) Adjustments to Reflect Transactions Proposed ------------------------------------------------------------- Before In Present After Transaction Filing Transaction ------------------- ------------------- ------------------- (In Thousands) Operating Revenues: Electric $ 5,873,075 $ 5,873,075 Natural gas 100,871 100,871 Steam Products 47,075 47,075 ------------------- ------------------- ------------------- Total 6,021,021 6,021,021 ------------------- ------------------- ------------------- Operating Expenses: Operation and maintenance: Fuel and fuel-related expenses 1,409,498 1,409,498 Purchased power 329,359 329,359 Nuclear refueling outage expenses 87,584 87,584 Other operation and maintenance 1,428,490 1,428,490 Depreciation and decommissioning 684,038 684,038 Taxes other than income taxes 296,546 296,546 Income taxes 205,176 205,176 Amortization of rate deferrals 412,297 412,297 ------------------- ------------------- ------------------- Total 4,852,988 4,852,988 ------------------- ------------------- ------------------- Operating Income 1,168,033 1,168,033 ------------------- ------------------- ------------------- Other Income (Deductions): Allowance for equity funds used during construction 9,683 9,683 Miscellaneous - net 17,517 17,517 Income taxes 15,548 15,548 ------------------- ------------------- ------------------- Total 42,748 42,748 ------------------- ------------------- ------------------- Interest Charges: Interest on long-term debt 643,701 643,701 Other interest - net 30,687 30,687 Allowance for borrowed funds used during construction (8,723) (8,723) Preferred dividend requirements 79,399 79,399 ------------------- ------------------- ------------------- Total 745,064 745,064 ------------------- ------------------- ------------------- Net Income $ 465,717 $ $ 465,717 =================== =================== ===================
ENTERGY CORPORATION AND SUBSIDIARIES PRO FORMA CONSOLIDATED STATEMENT OF RETAINED EARNINGS TWELVE MONTHS ENDED SEPTEMBER 30, 1995 (Unaudited) Adjustments to Reflect Transactions Proposed ------------------------------------------------------------- Before In Present After Transaction Filing Transaction ------------------- ------------------- ------------------- (In Thousands) Retained Earnings - October 1, 1994 $ 2,345,156 $ 2,345,156 Add Net Income 465,717 465,717 ------------------- ------------------- ------------------- Total 2,810,873 2,810,873 ------------------- ------------------- ------------------- Deduct: Dividends declared on common stock 409,647 409,647 Common Stock requirements 1,640 1,640 Capital stock and other expenses 2,633 2,633 ------------------- ------------------- ------------------- Total 413,920 413,920 ------------------- ------------------- ------------------- Retained Earnings - September 30, 1995 $ 2,396,953 $ 0 $ 2,396,953 =================== =================== ===================
ENTERGY CORPORATION AND SUBSIDIARIES CONSOLIDATED ADJUSTMENTS TO REFLECT TRANSACTIONS PROPOSED IN PRESENT FILING AT SEPTEMBER 30, 1995 Entry No. 1 Unamortized loss on reacquired debt 21,321 Unamortized debt expense 2,871 Cash 18,450 To record early redemption of Secured Lease Obligation Bonds, at various maturity dates and at various interest rates. Entry No. 2 Unamortized debt expense 3,216 Cash 3,216 To record the initial expenses incurred in connection with issuance of refunding bonds of Owner Participant. The effect of the refinancing on future lease payments cannot be determined, therefore, the pro forma financial statements do not show the effect of the refinancing on future lease payments. However, as stated in the U-I, LP&L will not enter into the refinancing transactions "unless (a) the estimated present value savings derived from the net difference between interest payments on a new issue of comparable securities and those securities refunded is, on an after-tax basis, greater than the present value of all redemption and issuing costs, assuming an appropriate discount rate, determined on the basis of the then estimated after-tax cost of capital of Entergy and its subsidiaries on a consolidated basis, or (b) the Company shall have notified the Commission of the proposed refinancing transaction amendment and obtained appropriate supplemental authorization from the Commission." EX-99 4 EXHIBIT-H Form of Notice of Proposed Transactions SECURITIES AND EXCHANGE COMMISSION (Release No. 35- ) Filings Under the Public Utility Holding Company Act of 1935 ("Act") January 5, 1996 Notice is hereby given that the following filings(s) has/have been made with the Commission pursuant to provisions of the Act and rules promulgated thereunder. All interested persons are referred to the application(s) and/or declarations(s) for complete statements of the proposed transactions(s) summarized below. The application(s) and/or declaration(s) and any amendments thereto is/are available for public inspection through the Commission's Office of Public Reference. Interested persons wishing to comment or request a hearing on the application(s) and/or declarations(s) should submit their views in writing by , 1995 to the Secretary, Securities and Exchange Commission, Washington, D.C. 20549, and serve a copy on the relevant applicant(s) and/or declarant(s) at the address(es) specified below. Proof of service (by affidavit or, in case of an attorney at law, by certificate) should be filed with the request. Any request for 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 the matter. After said date, the application(s) and/or declaration(s), as filed or as amended, may be granted and/or permitted to become effective. Louisiana Power & Light Company (70- ) Louisiana Power & Light Company ("LP&L"), 639 Loyola Avenue, New Orleans, Louisiana 70113, an electric utility subsidiary of Entergy Corporation, a registered holding company, has filed an application-declaration pursuant to Sections 6(a) and 7 of the Act. Pursuant to Commission orders dated September 26, 1989 and September 27, 1989 (HCAR Nos. 24956 and 24958), on September 28, 1989, LP&L sold to and leased back from three separate trusts acting as lessors ("Lessors"), for the benefit of an owner participant (the "Owner Participant"), on a long-term net lease basis pursuant to three separate facility leases ("Leases"), an approximate 9.3% aggregate ownership interest ("Undivided Interests") in Unit No. 3 (nuclear) of the Waterford Steam Electric Generating Station ("Waterford 3") in three substantially identical, but entirely separate, transactions. The aggregate purchase price of the Undivided Interests was $353,600,000, of which approximately $43,603,000 was provided by the equity contributions of the Owner Participant in the three Lessor trusts and approximately $309,997,000 was provided by the issuance of secured lease obligation bonds (the "Original Bonds") by the trustee of these trusts ("Owner Trustee") in an underwritten public offering. The Original Bonds consist of three separate series of secured lease obligation bonds bearing interest at an annual rate of 10.30% and maturing on January 2, 2005 issued in a combined aggregate principal amount of $140,452,000 ("2005 Bonds"), and three separate series of secured lease obligation bonds bearing interest at an annual rate of 10.67% and maturing on January 2, 2017 issued in a combined aggregate principal amount of $169,545,000 ("2017 Bonds"). LP&L now proposes to cause the Owner Trustee to issue not in excess of $326,000,000 in the aggregate of secured lease obligation bonds ("Refunding Bonds") in one or more separate series through December 31, 1997 under one or more indentures ("Indenture") to refund the Original Bonds. The 2005 Bonds were first optionally redeemable on July 2, 1994 and are currently redeemable at 104.120% of their principal amount. The 2017 Bonds were first optionally redeemable on July 2, 1994 and are currently redeemable at 107.469% of their principal amount. The proceeds from the sale of the Refunding Bonds, together with any funds provided by LP&L and/or the Owner Participant, will be applied to the cost of redeeming the Original Bonds and, in addition, may be applied to pay a portion of the transaction expenses incurred in issuing the Refunding Bonds and a portion of the premium on the Original Bonds. Each series of Refunding Bonds will have such interest rate, maturity date, redemption and sinking fund provisions, be secured by such means, be sold in such manner and at such price and have such other terms and conditions as shall be determined through negotiation at the time of sale or when the agreement to sell is entered into, as the case may be. No series of Refunding Bonds will be issued at rates in excess of those rates generally obtainable at the time of pricing for sales of bonds having the same or reasonably similar maturities, issued by companies of the same or reasonably comparable credit quality and having reasonably similar terms, conditions and features. Each series of Refunding Bonds will mature not later July 2, 2017. The Refunding Bonds will be structured and issued under the documents and pursuant to the procedures applicable to the issuance of the Original Bonds, or comparable documents having similar terms and provisions. In connection with any private placement of unregistered Refunding Bonds, the Company may be required to enter into a registration rights agreement wherein the Company would agree to use its best efforts to either cause the Commission to declare effective a shelf registration statement covering resales of the Refunding Bonds or the exchange of such unregistered Refunding Bonds for other bonds ("Exchange Bonds") that would have been registered under the Securities Act of 1933. The Company anticipates that any such registration rights agreement would provide that failure to cause such a registration of the Refunding Bonds for resale or an exchange offer to be completed within a negotiated time period could result in an increase in the interest rate on the Refunding Bonds of the lower of 0.5% per annum or those incremental rate increases generally obtainable at the time of pricing for sales of bonds having the same or reasonably similarly maturities, issued by companies of the same or reasonably comparable credit-quality and having reasonably similar terms, conditions and features. In the event of such an increase in the interest rate, rent payable under the Lease would correspondingly increase by an amount equal to the increase in interest. Any Exchange Bonds would be substantially identical to the Refunding Bonds except that such Exchange Bonds would not contain a legend as to Securities Act and state law restrictions on transferability or the provisions providing for an increase in interest rate if an appropriate registration has not occurred. In view of the possibility that the Company may privately place the Refunding Bonds and enter into such a registration rights agreement, the Company also seeks authorization to take such action as may be necessary or desirable in connection with the Owner Trustee's issuance of such Exchange Bonds. LP&L is unconditionally obligated to make payments under the Leases in amounts that will be at least sufficient to provide for scheduled payments, when due, of the principal of and interest on the Refunding Bonds. Upon refunding of the Original Bonds, amounts payable by LP&L under the Leases will be adjusted pursuant to the terms of supplements to the Leases which supplements will be entered into at that time. In the event that the Owner Participant elects to provide an additional equity investment to pay a portion of the transaction costs incurred in issuing the Refunding Bonds or a portion of the premium on the Original Bonds, the adjustment of the amounts payable by LP&L under the Leases will reflect such additional equity investment. The Refunding Bonds will not be direct obligations of, or guaranteed by, LP&L. However, under certain circumstances LP&L may assume all, or a portion of, the obligations of the issuer of the Refunding Bonds. Each Refunding Bond will be secured by, among other things, (a) a lien on and security interest in the Undivided Interest of the Lessor issuing such Refunding Bond and (b) certain other amounts payable by LP&L thereunder. As an alternative to the sale of the Refunding Bonds by the Owner Trustee, LP&L may arrange for formation of a funding corporation to sell the Refunding Bonds. If this structure were used, the proceeds of the sale of the Refunding Bonds would be loaned by the funding corporation to the Lessors, which would issue notes ("Lessor Notes") to the funding corporation to evidence the loans and secure the Refunding Bonds, and the Lessors would apply the proceeds of the loans to repay the Original Bonds. The terms of the Lessor Notes and the indentures under which they would be issued would reflect the redemption and other terms of the Refunding Bonds. LP&L's rental payments would be used to pay principal of and interest on the Lessor Notes, which amounts would, in turn, be used to provide payments on Refunding Bonds when due. The Refunding Bonds would be secured by the Lessor Notes, which would be secured by a lien on and security interest in the Undivided Interests and by certain rights under the Leases, as described above. As an alternative to utilizing Refunding Bonds issued by the Owner Trustee or a funding corporation, LP&L may choose to utilize a trust structure in which the Lessors would issue Lessor Notes to one or more passthrough trusts and the trusts would issue certificates evidencing ownership interests in the trusts. If such a structure is utilized, the debt terms of the Refunding Bonds described herein would generally be terms of the Lessor Notes and the indentures under which they would be issued. LP&L states that it will not cause the Owner Trustee to sell the Refunding Bonds or the trust certificates to enter into refinancing transactions unless (a) the estimated present value savings derived from the net difference between interest payments on a new issue of comparable securities and those securities refunded is, on an after-tax basis, greater than the present value of all redemption and issuing costs, assuming an appropriate discount rate, determined on the basis of the then estimated after-tax cost of capital of Entergy and its subsidiaries on a consolidated basis, or (b) LP&L shall have notified the Commission of the proposed refinancing transaction (including the terms thereof) by amendment hereto and obtained appropriate supplemental authorization from the Commission to consummate such transaction. Pursuant to the terms of the separate participation agreements entered into in 1989 in connection with the sale of the Undivided Interests, LP&L issued three separate promissory notes to the Owner Participant in an aggregate principal amount equal to the higher of the maximum net casualty value and the maximum net special casualty value payable under the Leases during the basic lease term (approximately $208 million). Refinancing the Original Bonds through the means described above could, in some circumstances, cause an increase in these values and therefore require an increase in the principal amount of the related promissory notes. Further, LP&L was required to collateralize its obligations to the Owner Participant by delivering first mortgage bonds in a principal amount equal to that of the promissory notes (the issuance of which was approved by the Commission in HCAR No. 24956, September 26, 1989). To the extent that the refinancing described herein would necessitate the issuance of promissory notes and first mortgage bonds in a principal amount greater than that previously authorized, LP&L also seeks authorization of such increases. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Jonathan G. Katz Secretary EX-27 5 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 009 LOUISIANA POWER & LIGHT COMPANY 9-MOS 9-MOS DEC-31-1995 DEC-31-1995 SEP-30-1995 SEP-30-1995 PER-BOOK PRO-FORMA 3,544,528 3,544,528 69,330 69,330 406,893 385,227 467,680 489,346 0 0 4,488,431 4,488,431 1,088,900 1,088,900 (4,835) (4,835) 145,206 145,206 1,229,271 1,229,271 100,009 100,009 160,500 160,500 1,368,386 1,368,386 0 0 0 0 0 0 110,260 110,260 0 0 41,267 41,267 28,000 28,000 1,450,738 1,450,738 4,488,431 4,488,431 1,668,695 1,668,695 87,946 87,946 1,206,351 1,206,351 1,294,297 1,294,297 374,398 374,398 4,302 4,302 378,700 378,700 135,375 135,375 243,325 243,325 21,828 21,828 221,497 221,497 210,700 210,700 0 0 0 0 0 0 0 0
EX-27 6 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 017 ENTERGY CORPORATION & SUBSIDIARIES CONSOLIDATED 9-MOS 9-MOS DEC-31-1995 DEC-31-1995 SEP-30-1995 SEP-30-1995 PER-BOOK PRO-FORMA 15,802,065 15,802,065 530,063 530,063 2,613,829 2,592,163 3,650,659 3,672,325 0 0 22,596,616 22,596,616 2,300 2,300 4,201,435 4,201,435 2,369,953 2,369,953 6,533,566 6,533,566 260,342 260,342 550,955 550,955 6,749,860 6,749,860 648 648 0 0 0 0 667,375 667,375 0 0 308,068 308,068 152,968 152,968 7,305,712 7,305,712 22,596,616 22,596,616 6,021,021 6,021,021 205,176 205,176 4,647,812 4,647,812 4,852,988 4,852,988 1,168,033 1,168,033 42,748 42,748 1,210,781 1,210,781 665,665 665,665 545,116 545,116 79,399 79,399 465,717 465,717 409,647 409,647 0 0 0 0 0 0 0 0
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