National Grid 2008 Annual Report Download - page 333

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 21540
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 127
Description: EXH 2(B).6.1
0/3731.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/731/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 21540
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 127 Description: EXH 2(B).6.1
0/3731.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/731/3*
financing the construction of certain pollution control facilities at the Company’s
g
eneration facilities (which the Company
subsequently sold) or to refund outstanding tax-exempt bonds and notes.
New England Hydro Finance
The Company’s long-term debt covenants provide for certain restrictive covenants and acceleration clauses. These covenants
stipulate that note holders may declare the debt to be due and payable if total debt becomes
g
reater than 70 percent of total
capitalization. At March 31, 2007 and 2006, the total long-term debt was 61 percent and 59 percent of total capitalization,
respectively.
New England Power
F-42
At March 31
Series Rate % Maturit
y
2007 2006
(In thousands
)
Series B 9.260 A
p
ril 17, 2007 $590 $ 6,350
Series C 9.410 October 17, 2015 46,270 46,270
Total long-term debt 46,860 52,620
Lon
g
-term debt due within one
y
ear 5,650 5,760
Total long-term debt, excluding current
portion
$ 41,210 $ 46,860
At March 31
Series Rate % Maturit
y
2007 2006
(In thousands
)
Pollution Control Revenue Bonds:
(1)
CDA
(2)
Variable October 15, 2015 $ 38,500 $ 38,500
MIFA 1
(3)
Variable March 1, 2018 79,250 79,250
BFA 1
(4)
Variable November 1, 2020 135,850 135,850
BFA 2
(4)
Variable November 1, 2020 50,600 50,600
MIFA 2
(3)
Variable October 1, 2022 106,150 106,150
Unamortized discounts (34) (40)
Total lon
g
-term debt $ 410,316 $ 410,310
Notes:
(1) At March 31, 2007, interest rates on NEP’s variable rate bonds ranged from 3.64 percent to 3.68 percent.
(2) CDA – Connecticut Development Authority
(
3
)
MIFA – Massachusetts Industrial Finance Authorit
y
(
now known as Massachusetts Develo
p
ment Finance A
g
enc
y)
(4) BFA – Business Finance Authority of the State of New Hampshire