As of 9/30/00 Exhibit C
KEYSPAN CORPORATION
FINANCING ARRANGEMENTS
<TABLE>
<CAPTION>
Debt Obligations
Promissory Notes Principal
Held by Long Island Lighting Company d/b/a LIPA Interest Maturity Amount
Obligors: KeySpan Corporation and certain subsidiaries (1), (2) Rate Date ($000)
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<S> <C> <C> <C> <C>
Debenture 8.20% 03/15/23 270,000
PCRBs Series 1985 A 5.15% 03/01/16 58,022
PCRBs Series 1985 B 5.15% 03/01/16 50,000
EFRBs Series 1989 B 7.15% 09/01/19 35,030
EFRBs Series 1990 A 7.15% 06/01/20 73,900
EFRBs Series 1991 A 7.15% 12/01/20 26,560
EFRBs Series 1992 B 7.15% 02/01/22 13,455
EFRBs Series 1992 D 6.90% 08/01/22 28,060
EFRBs Series 1993 B 5.30% 11/01/23 29,600
EFRBs Series 1994 A 5.30% 10/01/24 2,600
EFRBs Series 1995 A 5.30% 08/01/25 15,200
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Total Promissory Notes 602,427
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Preferred Stock
Series A 6.00% 9,323
Series B 7.07% 55,300
Series C 7.17% 19,700
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Total Preferred Stock 84,323
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Credit Facilities Amount Credit
Outstanding Facility
Issue Date ($000)
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Commercial Paper Program (3) 6.7561% (4) 9/29/00 382,090 700,000
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Total 382,090 700,000
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</TABLE>
Notes
(1) Each of the following entities are joint and serverably liable under each
promissory note: KeySpan Gas East Corporation (d/b/a KeySpan Energy Delivery
Long Island), KeySpan Energy Trading Services, LLC, KeySpan Generation, LLC,
KeySpan Corporate Services, LLC, KeySpan Utility Services, LLC and KeySpan
Electric Services, LLC.
(2) Under certain circumstances, KeySpan may be required to obtain letters of
credit to support the parent obligations under the promissory notes.
Accordingly, KeySpan requests that the approval of existing debt requested
herein include approval to obtain any such required letters of credit.
(3) Commercial Paper program is supported by a revolving line of credit
agreement, which is dated as of November 8, 1999, among the Company, as
Borrower, and the Several Lenders, Citibank, N.A., as Syndication Agent,
European American Bank, as Documentation Agent and The Chase Manhattan Bank, as
Administrative Agent. The credit agreement has a one year term with a one year
renewal option, which has been excercised and effective until 9/20/01.
(4) Weighted average interest rate.
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As of 9/30/00 Exhibit C
KEYSPAN CORPORATION
FINANCING ARRANGEMENTS
<TABLE>
<CAPTION>
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Company Description Amount Issue Date Terms
($000)
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<S> <C> <C> <C> <C>
Guarantees for Subsidiaries
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KeySpan Energy Delivery Long Island Supports Medium Term Notes 600,000 02/01/00 02/01/10
issuance of $400MM
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KeySpan Corporate Services, LLC Supports motor vehicle leases with 10,000 03/05/99 12/31/04
PHH Vehicle Management Services Corp.
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KeySpan Energy Development Corporation Supports revolving credit agreement
with Royal Bank of Canada of $200MM 135,000 07/29/99 Revolving
Canadian
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KeySpan Energy Solutions, LLC Supports motor vehicle leases 1,900 03/05/99 12/31/04
with PHH Vehicle Management Services
Corp.
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KeySpan Energy Services, Inc
Supply Purchased
Various Gas Suppliers (5) Supports gas purchases 20,000 To be To be
Enron North America determined determined
Sempra Energy Trading
Amoco Energy Trading
Hedge Accounts
ABN AMRO Supports hedge accounts 5,000 11/06/98 Written notice
Paribas 5,000 10/02/98 required
First Chicago 2,500 10/02/98 for termination
PSE&G 1,000 10/16/98
Gas Transportation & Storage
Tennessee Supports contracts for the 500 05/20/99 05/31/01
Sonat transportation and storage of gas 320 05/20/99 12/31/02
Commercial & Retail Access
Enermetrix.com (6) Supports a contract to participate 1,500 To be To be
in an on-line energy exchange of Determined Determined
commercial and retail load
Sub Total KeySpan Energy Services 35,820
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GEI Development Corp.
NJR Energy Services Company Supports gas services agreement 3,290 05/06/99 12/31/04
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KeySpan Generation, LLC Supports a letter of credit agreement 24,880 12/30/97 12/30/00
with Toronto Dominion Inc.
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KeySpan Ravenswood Inc.
New York Independent Systems Operator Electricity purchases and/or 1,000 08/02/99 03/01/01
transmission services
Guarantee of Master Lease Agreement Support for synthetic lease agreement 425,000 06/18/99 06/18/04
Margin Accounts
Various Gas & Oil Suppliers Fuel Purchases for the Ravenswood 40,000 01/11/00 10/12/02
Enron North America Plant
Petrocom Energy
Trans Canada Gas Service
Koch Energy Trading
Aquila Energy Marketing
Southern Company
Amoco Energy Trading
Cook Inlet Energy Company
Coral Energy Resources
Dynegy Marketing and Trade
Noble Gas Marketing
Sempra Energy Trading
Consolidated Edison Energy
Sub Total KeySpan Ravenswood Inc. 466,000
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Northeast Gas Markets, LLC Exchange of gas in the spot market 6,000 12/20/99 10/31/02
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Guarantees for Non-Affiliates
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Hawkeye Construction (7) Support for Chase Line of Credit 12,000 01/06/00 10/25/04
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Hawkeye Construction, LLC General credit support 13,000 10/25/99 10/25/04
(f/n/a KeySpan Construction) (8)
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</TABLE>
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As of 9/30/00 Exhibit C
KEYSPAN CORPORATION
FINANCING ARRANGEMENTS
<TABLE>
<CAPTION>
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Company Description Amount Issue Date Terms
($000)
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<S> <C> <C> <C> <C>
Other Guarantees
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Surety Bonds (9) Supports entities requirement for various bonds, 500,000 12/16/98 Revolving
undertakings and instruments of guarantee in
connection with construction activities.
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Surety Bonds (10) Supports requirement for various bonds, 70,000 07/26/00 Revolving
undertakings and instruments of guarantee in 80,000 09/28/00 Revolving
connection with contracts between WDF and NYC
School Construction Authority.
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Total Guarantees 1,957,890
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</TABLE>
Notes
(5) This guarantee replaces existing guarantees for each supplier totaling
$20MM. The Board of Directors granted approval on 7/26/00 for the replacement
guarantee to be issued.
(6) The Board of Directors granted approval on 7/26/00 for this guarantee to be
issued.
(7) Currently Hawkeye Construction has utilized $5MM of their $12MM guarantee.
(8) KeySpan has divested its interest in this entity. KeySpan has a continuing
contractual obligation to provide guarantees in an amount not to exceed $13MM at
any one time. Currently, there is no amount outstanding.
(9) As of 9/30/00 approximtely $152MM of surety bond guarantees outstanding.
(10) As of 9/30/00 approximtely $64.3MM of surety bond guarantees outstanding.
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