<TABLE>
AS OF 6/1/00 EXHIBIT C
KEYSPAN CORPORATION
FINANCING ARRANGEMENTS
<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>
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% 9,352
Series B 7.07% 55,300
Series C 7.17% 19,700
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TOTAL PREFERRED STOCK 84,352
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</TABLE>
<TABLE>
CREDIT FACILITIES
<S> <C> <C> <C> <C>
Interest AMOUNT Principal CREDIT
Rate OUTSTANDING Amount FACILITY
ISSUE DATE ($000) ($000)
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COMMERCIAL PAPER PROGRAM (3) 6.9305% (4) 6/1/00 125,050 700,000
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TOTAL 125,050 700,000
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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. (4) Weighted average interest rate.
<PAGE>
<TABLE>
EXHIBIT C
KEYSPAN CORPORATION
FINANCING ARRANGEMENTS
GUARANTEES FOR SUBSIDIARIES
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<S> <C> <C> <C> <C>
COMPANY DESCRIPTION AMOUNT ISSUE DATE TERMS
($000)
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KEYSPAN ENERGY DELIVERY LONG ISLAND
Supports Medium Term Notes issuance of 600,000 02/01/2000 02/01/2010
$400MM
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KEYSPAN CORPORATE SERVICES, LLC
Supports motor vehicle leases 10,000 03/05/99 12/31/04
with PHH Vehicle Management Services Corp.
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KEYSPAN ENERGY DEVELOPMENT CORPORATION Supports revolving credit agreement
with Royal Bank of Canada of $200MM Canadian
135,000 07/29/99 Revolving
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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
Enron Supports gas purchases 10,000 02/08/00 10/31/01
Sempra 5,000 02/08/00 10/31/01
Amoco 5,000 01/07/00 12/31/01
Hedge Accounts
ABN AMRO Supports hedge accounts for 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
Margin Accounts
Various Gas & Oil Suppliers Fuel Purchases for the Ravenswood Plant 40,000 01/11/00 10/12/02
Enron North American
Petrocom Energy
Trans Canada Gas Service
Koch
Aquila
Southern Company
Amoco Energy Trading
Cook Inlet Energy Company
Coral Energy
Dynegy Marketing and Trading
Noble Gas Marketing
Sub Total KeySpan Energy Services 74,320
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GEI DEVELOPMENT CORP.
NJR Energy Services Company Supports gas services agreement 4,022 05/06/99 12/31/04
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KEYSPAN RAVENSWOOD INC.
New York Independent Systems Operator Electricity purchases and/or transmission 1,000 03/01/01 03/01/01
services
Guarantee of Master Lease Agreement Support for synthetic lease agreement 425,000 06/18/99 06/18/04
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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 (5) Support for Chase Line of Credit 12,000 01/06/00 10/25/04
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KEYSPAN CONSTRUCTION (6) General credit support 13,000 To be determined To be determined
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TOTAL GUARANTEES 1,282,242
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</TABLE>
Notes
(5) Currently Hawkeye Construction has drawn upon $5MM of their $12MM guarantee.
(6) KeySpan is in the process of divesting this entity. KeySpan anticipates
providing certain guarantees to such entity after divestiture up to amount
indicated. Accordingly, there is no current amount outstanding.
