<PAGE> 1
File No. 70-8219
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Post-Effective Amendment No. 5 to Form U-1
JOINT APPLICATION-DECLARATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
THE COLUMBIA GAS SYSTEM, INC. COLUMBIA GULF
COLUMBIA GAS SYSTEM SERVICE CORPORATION TRANSMISSION COMPANY
COLUMBIA LNG CORPORATION 1700 MacCorkle Avenue, S.E.
COLUMBIA ATLANTIC TRADING CORPORATION Charleston, WV 25314
TRISTAR VENTURES CORPORATION
TRISTAR CAPITAL CORPORATION COLUMBIA GAS DEVELOPMENT
20 Montchanin Road CORPORATION
Wilmington, DE 19807 5847 San Felipe
Houston, TX 77057
COLUMBIA NATURAL RESOURCES, INC.
COLUMBIA COAL GASIFICATION CORPORATION
900 Pennsylvania Avenue COMMONWEALTH PROPANE, INC.
Charleston, WV 25302 COLUMBIA PROPANE CORPORATION
800 Moorefield Park Drive
COLUMBIA ENERGY SERVICES CORPORATION Richmond, VA 23236
2581 Washington Road
Upper Saint Clair, PA 15241
COLUMBIA GAS OF KENTUCKY, INC
COLUMBIA GAS OF OHIO, INC.
COLUMBIA GAS OF MARYLAND, INC.
COLUMBIA GAS OF PENNSYLVANIA, INC
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)
<PAGE> 2
PAGE 2
Names and Addresses of Subsidiary Company Agents for Service:
W. H. HARMON, Treasurer D. L. GELBAUGH, Vice President
Columbia Natural Resources, Inc. Columbia Gas of Ohio, Inc.
Columbia Coal Gasification Corp. Columbia Gas of Kentucky, Inc.
900 Pennsylvania Avenue Commonwealth Gas Services, Inc.
Charleston, West Virginia 25302 Columbia Gas of Pennsylvania, Inc.
Columbia Gas of Maryland, Inc.
D. DETAR, Treasurer 200 Civic Center Drive
TriStar Ventures Corporation Columbus, Ohio 43215
20 Montchanin Road
Wilmington, Delaware 19807
E. O'LEARY, Treasurer
J. W. GROSSMAN, Treasurer Columbia Gulf Transmission Company
Columbia LNG Corporation 1700 MacCorkle Avenue, S.E.
Columbia Atlantic Trading Corp. Charleston, West Virginia 25314
20 Montchanin Road
Wilmington, Delaware 19807 J. R. LISENBY, Treasurer
Columbia Gas Development Corp.
L. J. BAINTER, Vice President 5847 San Felipe
Columbia Gas Service Corp. Houston, Texas 77057
TriStar Capital Corporation
20 Montchanin Road ROBERT GUSTAFSON, Controller
Wilmington, Delaware 19807 Columbia Energy Services Corp.
2581 Washington Road
H. F. HAYES, Treasurer Upper Saint Clair, PA 15241
Commonwealth Propane, Inc.
Columbia Propane Corporation
800 Moorefield Park Drive
Richmond, Virginia 23236
---------------------------------------------------------------------------
(Names and Addresses of Other Agents for Service)
<PAGE> 3
PAGE 3
Post-Effective Amendment No. 4 to the Application-Declaration
previously filed is hereby amended by adding the following:
Item 1. Description of Proposed Transaction.
Item 1 is amended by adding the following sentence after the last
paragraph.
"Columbia does not own, operate or is not an equity participant in any
Exempt Wholesale Generator or any Foreign Utility Company and will not be a
company that owns, operates or has an equity participation in an Exempt
Wholesale Generator or Foreign Utility Company as a result of the approvals
requested herein."
Item 6. Exhibits and Financial Statements.
(a) Exhibits
F-2 Opinion of Counsel
L-13 1994 Cash Flow Projection - The Columbia Gas System, Inc.
L-14 1994 Cash Flow Projection - Columbia Gas of Ohio, Inc.
(b) Financial Statements
1. The Columbia Gas System, Inc. and Subsidiaries
(a) Consolidated Balance Sheet as of April 30, 1994
(actual and pro forma)
(b) Consolidated Statement of Capitalization as of
April 30, 1994 (actual and pro forma)
<PAGE> 4
PAGE 4
(c) Statement of Consolidated Income for the twelve
months ended April 30, 1994 (actual and pro forma)
(d) Consolidated Statements of Common Stock Equity as
of April 30, 1994 (actual and pro forma)
(e) Pro Forma Entries
2. The Columbia Gas System Inc.
(a) Consolidated Balance Sheet as of April 30, 1994
(actual and pro forma)
(b) Consolidated Statement of Capitalization as of
April 30, 1994 (actual and pro forma)
(c) Statement of Consolidated Income for the twelve
months ended April 30, 1994 (actual and pro forma)
(d) Consolidated Statements of Common Stock Equity as
of April 30, 1994 (actual and pro forma)
(e) Pro Forma Entries
3. Columbia Gas of Ohio, Inc.
(a) Consolidated Balance Sheet as of April 30, 1994
(actual and pro forma)
(b) Consolidated Statement of Capitalization as of
April 30, 1994 (actual and pro forma)
(c) Statement of Consolidated Income for the twelve
months ended April 30, 1994 (actual and pro forma)
(d) Consolidated Statements of Common Stock Equity as
of April 30, 1994 (actual and pro forma)
(e) Pro Forma Entries
<PAGE> 5
SIGNATURE
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned companies have duly caused this
Declaration 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: July 19, 1994 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 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
TRISTAR VENTURES CORPORATION
TRISTAR CAPITAL CORPORATION
Date: July 19, 1994 By: /s/ L. J. Bainter
-------------------------------
L. J. Bainter, Vice President
<PAGE> 6
UNAUDITED
6(b)(1)(a)
THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES (1 of 2)
CONSOLIDATED BALANCE SHEET
ACTUAL and PRO FORMA
As of April 30, 1994
($000)
<TABLE>
<CAPTION>
CGS Pro Forma CGS
Actual Entries Pro Forma
----------- ---------- -----------
<S> <C> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost .... 6,380,176 - 6,380,176
Accumulated depreciation and depletion ........... (3,107,864) - (3,107,864)
----------- ---------- -----------
Net Gas Utility and Other Plant .................. 3,272,312 - 3,272,312
----------- ---------- -----------
Oil and gas producing properties, full cost method 1,217,521 - 1,217,521
Accumulated depletion ............................ (613,766) - (613,766)
----------- ---------- -----------
Net Oil and Gas Producing Properties ............. 603,755 - 603,755
----------- ---------- -----------
Net Property, Plant, and Equipment ................. 3,876,067 - 3,876,067
----------- ---------- -----------
Investments and Other Assets
Accounts receivable - noncurrent ................. 222,594 - 222,594
Unconsolidated affiliates ........................ 68,569 - 68,569
Investment in Columbia LNG Corporation ........... 10,500 - 10,500
Other ............................................ 26,134 - 26,134
----------- ---------- -----------
Total Investments and Other Assets ................. 327,797 - 327,797
----------- ---------- -----------
Current Assets
Cash and temporary cash investments .............. 1,672,897 (40,000) 1,632,897
Accounts receivable, net ......................... 704,382 - 704,382
Gas inventories .................................. 44,281 40,000 44,281
Other inventories at average cost ................ 43,227 - 43,227
Prepayments ...................................... 88,138 - 88,138
Other ............................................ 37,483 - 77,483
----------- ---------- -----------
Total Current Assets ............................... 2,590,408 - 2,590,408
----------- ---------- -----------
Deferred Charges ................................... 282,895 - 282,895
----------- ---------- -----------
Total Assets ....................................... 7,077,167 - 7,077,167
=========== ========== ===========
</TABLE>
<PAGE> 7
THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES (2 of 2)
CONSOLIDATED BALANCE SHEET
ACTUAL and PRO FORMA
As of April 30, 1994
($000)
<TABLE>
<CAPTION>
CGS Pro Forma CGS
Actual Entries Pro Forma
----------- ---------- -----------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity .............................. 1,374,981 - 1,374,981
Long-term debt ................................... 4,536 - 4,536
----------- ---------- -----------
Total Capitalization ............................... 1,379,517 - 1,379,517
----------- ---------- -----------
Current Liabilities
Debt obligations ................................. 1,285 - 1,285
Debtor in possession financing ................... - - -
Accounts and drafts payable ...................... 177,635 - 177,635
Accrued taxes .................................... 131,024 - 131,024
Accrued interest ................................. (2,436) - (2,436)
Estimated rate refunds ........................... 208,134 - 208,134
Estimated supplier obligations ................... 141,577 - 141,577
Deferred income taxes - current .................. 2,100 - 2,100
Other ............................................ 361,594 - 361,594
----------- ---------- -----------
Total Current Liabilities .......................... 1,020,913 - 1,020,913
----------- ---------- -----------
Liabilities Subject to Chapter 11 Proceedings ..... 3,911,732 - 3,911,732
----------- ---------- -----------
Other Liabilities and Deferred Credits
Deferred income taxes, noncurrent ................ 298,398 - 298,398
Deferred investment tax credits .................. 39,521 - 39,521
Postretirement benefits other than pensions ...... 234,182 - 234,182
Other ............................................ 192,904 - 192,904
----------- ---------- -----------
Total Other Liabilities and Deferred Credits ....... 765,005 - 765,005
----------- ---------- -----------
Total Capitalization and Liabilities ............... 7,077,167 - 7,077,167
=========== ========== ===========
</TABLE>
<PAGE> 8
UNAUDITED
6(b)(1)(b)
THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CAPITALIZATION
ACTUAL and PRO FORMA
As of April 30, 1994
($000)
<TABLE>
<CAPTION>
CGS Pro Forma CGS
Actual Entries Pro Forma
----------- ---------- -----------
<S> <C> <C> <C>
Common Stock Equity
Common Stock, The Columbia Gas System, Inc.,
$10 par value, authorized 100,000,000 shares,
outstanding 50,559,225 shares ................... 505,592 - 505,592
Additional paid in capital ....................... 601,759 - 601,759
Retained earnings ................................ 337,596 - 337,596
Unearned employee compensation ................... (69,966) - (69,966)
----------- ---------- -----------
Total Common Stock Equity .......................... 1,374,981 - 1,374,981
----------- ---------- -----------
Long-Term Debt
Miscellaneous debt of subsidiaries ............... 1,888 - 1,888
Capitalized lease obligations .................... 2,648 - 2,648
----------- ---------- -----------
Total Long-Term Debt ............................... 4,536 - 4,536
----------- ---------- -----------
Total Capitalization ............................... 1,379,517 - 1,379,517
=========== ========== ===========
</TABLE>
<PAGE> 9
UNAUDITED
6(b)(1)(c)
THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
STATEMENT OF CONSOLIDATED INCOME
ACTUAL and PRO FORMA
Twelve Months Ended April 30, 1994
($000)
<TABLE>
<CAPTION>
CGS Pro Forma CGS
Actual Entries Pro Forma
----------- ---------- -----------
<S> <C> <C> <C>
Operating Revenues
Gas sales......................................... 2,368,347 - 2,368,347
Transportation ................................... 668,982 - 668,982
Other ............................................ 223,374 - 223,374
----------- ---------- -----------
Total Operating Revenues ........................... 3,260,703 - 3,260,703
----------- ---------- -----------
Operating Expenses
Products purchased .............................. 1,405,452 - 1,405,452
Operation ........................................ 826,707 - 826,707
Maintenance ...................................... 166,880 - 166,880
Depreciation and depletion ....................... 245,511 - 245,511
Other taxes ...................................... 202,857 - 202,857
Write-Down of investment in Columbia LNG Corp. ... 57,472 - 57,472
----------- ---------- -----------
Total Operating Expenses ........................... 2,904,879 - 2,904,879
----------- ---------- -----------
Operating Income ................................... 355,824 - 355,824
----------- ---------- -----------
Other Income (Deductions)
Interest income and other, net ................... (8,858) - (8,858)
Interest expense and related charges.............. (79,020) - (79,020)
Reorganization items, net ........................ 13,830 - 13,830
----------- ---------- -----------
Total Other Income (Deductions) .................... (74,048) - (74,048)
----------- ---------- -----------
Income before Income Taxes and Cumulative Effect
of Accounting Change ............................. 281,776 - 281,776
Income taxes ....................................... 137,027 - 137,027
----------- ---------- -----------
Income before Cumulative Effect of Accounting
Change ........................................... 144,749 - 144,749
Cumulative Effect of Change in Accounting for
Postemployment Benefits .......................... (5,644) - (5,644)
----------- ---------- -----------
Net Income ......................................... 139,105 - 139,105
=========== ========== ===========
</TABLE>
<PAGE> 10
UNAUDITED
6(b)(1)(d)
THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY
ACTUAL and PRO FORMA
Twelve Months Ended April 30, 1994
($000)
<TABLE>
<CAPTION>
CGS Pro Forma CGS
Actual Entries Pro Forma
----------- ---------- -----------
<S> <C> <C> <C>
COMMON STOCK
Balance at May 1, 1993 ............................. 505,592 - 505,592
Common stock issued -
Leveraged employee stock ownership plan (LESOP) .. - - -
Dividend reinvestment plan ....................... - - -
Long-term incentive plan ......................... - - -
Public offering .................................. - - -
----------- ---------- -----------
Balance at April 30, 1994 .......................... 505,592 - 505,592
----------- ---------- -----------
ADDITIONAL PAID IN CAPITAL
Balance at May 1, 1993 ............................. 601,759 - 601,759
Common stock issued -
Leveraged employee stock ownership plan (LESOP) .. - - -
Dividend reinvestment plan ....................... - - -
Long-term incentive plan ......................... - - -
Public offering .................................. - - -
----------- ---------- -----------
Balance at April 30, 1994 .......................... 601,759 - 601,759
----------- ---------- -----------
RETAINED EARNINGS
Balance at May 1, 1993 ............................. 198,491 - 198,491
Net income ......................................... 139,105 - 139,105
Common stock dividends ............................. - - -
Other .............................................. - - -
----------- ---------- -----------
Balance at April 30, 1994 .......................... 337,596 - 337,596
----------- ---------- -----------
UNEARNED EMPLOYEE COMPENSATION
Balance at May 1, 1993 ............................. (69,966) - (69,966)
Adjustment ......................................... - - -
----------- ---------- -----------
Balance at April 30, 1994 .......................... (69,966) - (69,966)
----------- ---------- -----------
TOTAL COMMON STOCK EQUITY .......................... 1,374,981 - 1,374,981
=========== ========== ===========
</TABLE>
<PAGE> 11
THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES UNAUDITED
PRO FORMA ENTRIES 6(b)(1)(e)
($000)
<TABLE>
<S> <C> <C>
Gas Inventory ................................ 40,000
Cash ....................................... 40,000
To reflect the contingency for higher
gas prices of up to $1.00 per Mcf for
inventory gas purchases.
</TABLE>
<PAGE> 12
UNAUDITED
6(b)(2)(a)
THE COLUMBIA GAS SYSTEM, INC. (1 of 2)
BALANCE SHEET
ACTUAL and PRO FORMA
As of April 30, 1994
($000)
<TABLE>
<CAPTION>
CG Pro Forma CG
Actual Entries Pro Forma
---------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Investments and Other Assets
Accounts receivable - noncurrent ................. 24,426 - 24,426
Unconsolidated affiliates ........................ - - -
Investment in Columbia LNG Corporation ........... 12,665 - 12,665
---------- ---------- ----------
Total Investments and Other Assets ................. 37,091 - 37,091
---------- ---------- ----------
Investments in Subsidiaries
Capital stock .................................... 1,160,907 - 1,160,907
Equity in undistributed retained earnings ........ (393,974) (460) (394,434)
Installment promissory notes receivable .......... 792,574 - 792,574
Other investments ................................ 437,833 40,000 477,833
Other receivables - TCO .......................... 1,508,443 - 1,508,443
---------- ---------- ----------
Total Investments in Subsidiaries .................. 3,505,783 39,540 3,545,323
---------- ---------- ----------
Current Assets
Cash and temporary cash investments .............. 288,244 (40,000) 248,244
Accounts receivable, net
Customers ...................................... - - -
Affiliated ..................................... 103,228 708 103,936
Other .......................................... 15,259 - 15,259
Prepayments ...................................... 28 - 28
Other ............................................ 1 - 1
---------- ---------- ----------
Total Current Assets ............................... 406,760 (39,292) 367,468
---------- ---------- ----------
Deferred Charges ................................... 3,126 - 3,126
---------- ---------- ----------
Total Assets ....................................... 3,952,760 248 3,953,008
========== ========== ==========
</TABLE>
<PAGE> 13
THE COLUMBIA GAS SYSTEM, INC. (2 of 2)
BALANCE SHEET
ACTUAL and PRO FORMA
As of April 30, 1994
($000)
<TABLE>
<CAPTION>
CG Pro Forma CG
Actual Entries Pro Forma
--------- ---------- ----------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity .............................. 1,374,981 - 1,374,981
Long-term debt ................................... - - -
---------- ---------- ----------
Total Capitalization ............................... 1,374,981 - 1,374,981
---------- ---------- ----------
Current Liabilities
Debt obligations ................................. - - -
Debtor in possession financing ................... - - -
Accounts and drafts payable ...................... 1,216 - 1,216
Affiliated accounts payable ...................... 7,080 - 7,080
Accrued taxes .................................... 549 248 797
Accrued interest ................................. 931 - 931
Deferred income taxes - current .................. (1,191) - (1,191)
Other ............................................ 10,677 - 10,677
---------- ---------- ----------
Total Current Liabilities .......................... 19,262 248 19,510
---------- ---------- ----------
Liabilities Subject to Chapter 11 Proceedings ...... 2,382,216 - 2,382,216
---------- ---------- ----------
Other Liabilities and Deferred Credits
Deferred income taxes, noncurrent ................ 170,120 - 170,120
Postretirement benefits other than pensions ...... 6,132 - 6,132
Other ............................................ 49 - 49
---------- ---------- ----------
Total Other Liabilities and Deferred Credits ....... 176,301 - 176,301
---------- ---------- ----------
Total Capitalization and Liabilities ............... 3,952,760 248 3,953,008
---------- ---------- ----------
</TABLE>
<PAGE> 14
UNAUDITED
6(b)(2)(b)
THE COLUMBIA GAS SYSTEM, INC.
STATEMENT OF CAPITALIZATION
ACTUAL and PRO FORMA
As of April 30, 1994
($000)
<TABLE>
<CAPTION>
CG Pro Forma CG
Actual Entries Pro Forma
---------- ---------- ----------
<S> <C> <C> <C>
Common Stock Equity
Common Stock, $10 par value, authorized
100,000,000 shares, outstanding 50,559,225
shares .......................................... 505,592 - 505,592
Additional paid in capital ....................... 601,759 - 601,759
Retained earnings ................................ 337,596 - 337,596
Unearned employee compensation ................... (69,966) - (69,966)
---------- ---------- ----------
Total Common Stock Equity .......................... 1,374,981 - 1,374,981
---------- ---------- ----------
Long-Term Debt
Debentures, net of unamortized discount less
premium ......................................... - - -
---------- ---------- ----------
Total Long-Term Debt ............................... - - -
---------- ---------- ----------
Total Capitalization ............................... 1,374,981 - 1,374,981
========== ========== ==========
</TABLE>
<PAGE> 15
UNAUDITED
6(b)(2)(c)
THE COLUMBIA GAS SYSTEM, INC.
STATEMENT OF INCOME
ACTUAL and PRO FORMA
Twelve Months Ended April 30, 1994
($000)
<TABLE>
<CAPTION>
CG Pro Forma CG
Actual Entries Pro Forma
---------- ---------- ----------
<S> <C> <C> <C>
Operating Revenues
Gas Sales ........................................ - - -
Transportation ................................... - - -
Other ............................................ - - -
---------- ---------- ----------
Total Operating Revenues ........................... - - -
---------- ---------- ----------
Operating Expenses
Products purchased ............................... - - -
Operation ........................................ 7,295 - 7,295
Maintenance ...................................... - - -
Depreciation and depletion ....................... - - -
Other taxes ...................................... 169 - 169
---------- ---------- ----------
Total Operating Expenses ........................... 7,464 - 7,464
---------- ---------- ----------
Operating Income (Loss) ............................ (7,464) - (7,464)
---------- ---------- ----------
Other Income (Deductions)
Interest income and other, net ................... 222,106 248 222,354
Interest expense and related charges ............. (1,398) - (1,398)
Reorganization items, net ........................ (3,161) - (3,161)
---------- ---------- ----------
Total Other Income (Deductions) .................... 217,547 248 217,795
---------- ---------- ----------
Income before Income Taxes and Cumulative Effect
of Accounting Change ............................. 210,083 248 210,331
Income taxes ....................................... 70,934 248 71,182
---------- ---------- ----------
Income before Cumulative Effect of Accounting
Change ........................................... 139,149 - 139,149
Cumulative Effect of Accounting for Postemployment
Benefits ......................................... (44) - (44)
---------- ---------- ----------
Net Income ......................................... 139,105 - 139,105
========== ========== ==========
</TABLE>
<PAGE> 16
UNAUDITED
6(b)(2)(d)
THE COLUMBIA GAS SYSTEM, INC.
STATEMENTS OF COMMON STOCK EQUITY
ACTUAL and PRO FORMA
Twelve Months Ended April 30, 1994
($000)
<TABLE>
<CAPTION>
CG Pro Forma CG
Actual Entries Pro Forma
---------- ---------- ----------
<S> <C> <C><C>
COMMON STOCK
Balance at May 1, 1993 ............................. 505,592 - 505,592
Common stock issued -
Subsidiaries ..................................... - - -
Leveraged employee stock ownership plan (LESOP) .. - - -
Dividend reinvestment plan ....................... - - -
Long-term incentive plan ......................... - - -
Public offering .................................. - - -
---------- ---------- ----------
Balance at April 30, 1994 .......................... 505,592 - 505,592
---------- ---------- ----------
ADDITIONAL PAID IN CAPITAL
Balance at May 1, 1993 ............................. 601,759 - 601,759
Common stock issued -
Subsidiaries ..................................... - - -
Leveraged employee stock ownership plan (LESOP) .. - - -
Dividend reinvestment plan ....................... - - -
Long-term incentive plan ......................... - - -
Public offering .................................. - - -
---------- ---------- ----------
Balance at April 30, 1994 .......................... 601,759 - 601,759
---------- ---------- ----------
RETAINED EARNINGS
Balance at May 1, 1993 ............................. 198,491 - 198,491
Net income ......................................... 139,105 - 139,105
Common stock dividends -
CG ............................................... - - -
Subsidiaries (to CG) ............................. - - -
Other .............................................. - - -
---------- ---------- ----------
Balance at April 30, 1994 .......................... 337,596 - 337,596
---------- ---------- ----------
UNEARNED EMPLOYEE COMPENSATION
Balance at May 1, 1993 ............................. (69,966) - (69,966)
Adjustment ......................................... - - -
---------- ---------- ----------
Balance at April 30, 1994 .......................... (69,966) - (69,966)
---------- ---------- ----------
TOTAL COMMON STOCK EQUITY .......................... 1,374,981 - 1,374,981
========== ========== ==========
</TABLE>
<PAGE> 17
THE COLUMBIA GAS SYSTEM, INC. UNAUDITED
PRO FORMA ENTRIES 6(b)(2)(e)
($000)
<TABLE>
<S> <C> <C>
Investments in Subsidiaries -
Other Investments ............................ 40,000
Cash........................................ 40,000
To reflect the additional issuance of
short-term debt from CG to COH for a
contingency for higher gas prices of up
to $1.00 per Mcf for inventory gas
purchases.
Intercompany Accounts Receivable ............. 708
Income Taxes ................................. 248
Interest Income............................. 708
Accrued Taxes .............................. 248
To reflect the interest on the additional
short-term borrowing during the period
August 1, 1994 through December 31, 1994
at a rate of 4.25% and a federal income
tax effect of 35%.
Income From Affiliated Equity Investments .... 460
Investments in Subsidiaries -
Equity in Undistributed Retained Earnings .. 460
To reflect the change in CG's investment
in subsidiaries related to the
subsidiaries' pro forma loss due to
additional interest expense net of tax,
applicable to the issuance of short-term
installment notes.
</TABLE>
<PAGE> 18
COLUMBIA GAS OF OHIO, INC. UNAUDITED
6(b)(3)(a)
(1 of 2)
CONSOLIDATED BALANCE SHEET
ACTUAL and PRO FORMA
As of April 30, 1994
($000)
<TABLE>
<CAPTION>
COH Pro Forma COH
Actual Entries Pro Forma
----------- ---------- -----------
<S> <C> <C> <C>
ASSETS
Property, Plant and Equipment
Gas utility and other plant, at original cost .... 1,101,038 - 1,101,038
Accumulated depreciation and depletion ........... (460,186) - (460,186)
----------- ---------- -----------
Net Gas Utility and Other Plant .................. 640,852 - 640,852
----------- ---------- -----------
Oil and gas producing properties, full cost method - - -
Accumulated depletion ............................ - - -
----------- ---------- -----------
Net Oil and Gas Producing Properties ............. - - -
----------- ---------- -----------
Net Property, Plant, and Equipment ................. 640,852 - 640,852
----------- ---------- -----------
Investments and Other Assets
Accounts receivable - noncurrent ................. - - -
Unconsolidated affiliates ........................ - - -
Investment in Columbia LNG Corporation ........... - - -
Other ............................................ - - -
----------- ---------- -----------
Total Investments and Other Assets ................. - - -
----------- ---------- -----------
Current Assets
Cash and temporary cash investments .............. 5,649 - 5,649
Accounts receivable, net
Customers ...................................... 124,494 - 124,494
Affiliated ..................................... 90,304 - 90,304
Other .......................................... 8,601 - 8,601
Gas inventories .................................. 67,764 40,000 67,764
Other inventories at average cost ................ 7,091 - 7,091
Prepayments ...................................... 71,653 - 71,653
Other ............................................ 8,564 - 48,564
----------- ---------- -----------
Total Current Assets ............................... 384,120 40,000 424,120
----------- ---------- -----------
Deferred Charges ................................... 144,025 - 144,025
----------- ---------- -----------
Total Assets ....................................... 1,168,997 40,000 1,208,997
=========== ========== ===========
</TABLE>
<PAGE> 19
COLUMBIA GAS OF OHIO, INC. (2 of 2)
CONSOLIDATED BALANCE SHEET
ACTUAL and PRO FORMA
As of April 30, 1994
($000)
<TABLE>
<CAPTION>
COH Pro Forma COH
Actual Entries Pro Forma
----------- ---------- -----------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity .............................. 382,886 (460) 382,426
Long-term debt ................................... 233,748 - 233,748
----------- ---------- -----------
Total Capitalization ............................... 616,634 (460) 616,174
----------- ---------- -----------
Current Liabilities
Debt obligations ................................. 138 - 138
Debtor in possession financing ................... - - -
Accounts and drafts payable ...................... 71,597 - 71,597
Affiliated notes and loans - current maturity ... 29,113 40,000 69,113
Affiliated accounts payable ...................... 37,065 708 37,773
Accrued taxes .................................... 87,533 (248) 87,285
Accrued interest ................................. 3,699 - 3,699
Estimated rate refunds ........................... 48,580 - 48,580
Estimated supplier obligations ................... - - -
Deferred income taxes - current .................. 29,928 - 29,928
Other ............................................ 50,149 - 50,149
----------- ---------- -----------
Total Current Liabilities .......................... 357,802 40,460 398,262
----------- ---------- -----------
Other Liabilities and Deferred Credits
Deferred income taxes, noncurrent ................ 58,003 - 58,003
Deferred investment tax credits .................. 21,827 - 21,827
Postretirement benefits other than pensions ...... 91,321 - 91,321
Other ............................................ 23,410 - 23,410
----------- ---------- -----------
Total Other Liabilities and Deferred Credits ....... 194,561 - 194,561
----------- ---------- -----------
Total Capitalization and Liabilities ............... 1,168,997 40,000 1,208,997
=========== ========== ===========
</TABLE>
<PAGE> 20
UNAUDITED
6(b)(3)(b)
COLUMBIA GAS OF OHIO, INC.
CONSOLIDATED STATEMENT OF CAPITALIZATION
ACTUAL and PRO FORMA
As of April 30, 1994
($000)
<TABLE>
<CAPTION>
COH Pro Forma COH
Actual Entries Pro Forma
----------- ---------- -----------
<S> <C> <C> <C>
Common Stock Equity
Common Stock, The Columbia Gas System, Inc.,
$25 par value, authorized 5,000,000 shares,
outstanding 4,769,585 shares .................... 119,240 - 119,240
Additional paid in capital ....................... - - -
Retained earnings ................................ 263,646 (460) 263,186
Unearned employee compensation ................... - - -
----------- ---------- -----------
Total Common Stock Equity .......................... 382,886 (460) 382,426
----------- ---------- -----------
Long-Term Debt
Long-term debt ................................... 1,478 - 1,478
Installment promissory notes payable ............. 232,270 - 232,270
----------- ---------- -----------
Total Long-Term Debt ............................... 233,748 - 233,748
----------- ---------- -----------
Total Capitalization ............................... 616,634 (460) 616,174
=========== ========== ===========
</TABLE>
<PAGE> 21
UNAUDITED
6(b)(3)(c)
COLUMBIA GAS OF OHIO, INC.
STATEMENT OF CONSOLIDATED INCOME
ACTUAL and PRO FORMA
Twelve Months Ended April 30, 1994
($000)
<TABLE>
<CAPTION>
COH Pro Forma COH
Actual Entries Pro Forma
----------- ---------- -----------
<S> <C> <C> <C>
Operating Revenues
Gas sales......................................... 1,109,155 - 1,109,155
Transportation ................................... 45,458 - 45,458
Other ............................................ 2,867 - 2,867
----------- ---------- -----------
Total Operating Revenues ........................... 1,157,480 - 1,157,480
----------- ---------- -----------
Operating Expenses
Products purchased .............................. 725,713 - 725,713
Operation ........................................ 203,366 - 203,366
Maintenance ...................................... 22,800 - 22,800
Depreciation and depletion ....................... 37,347 - 37,347
Other taxes ...................................... 97,237 - 97,237
Write-Down of investment in Columbia LNG Corp. ... - - -
----------- ---------- -----------
Total Operating Expenses ........................... 1,086,463 - 1,086,463
----------- ---------- -----------
Operating Income ................................... 71,017 - 71,017
----------- ---------- -----------
Other Income (Deductions)
Interest income and other, net ................... 2,741 - 2,741
Interest expense and related charges.............. (12,216) (708) (12,924)
Reorganization items, net ........................ - - -
----------- ---------- -----------
Total Other Income (Deductions) .................... (9,475) (708) (10,183)
----------- ---------- -----------
Income before Income Taxes and Cumulative Effect
of Accounting Change ............................. 61,542 (708) 60,834
Income taxes ....................................... 26,328 (248) 26,080
----------- ---------- -----------
Income before Cumulative Effect of Accounting
Change ........................................... 35,214 (460) 34,754
Cumulative Effect of Change in Accounting for
Postemployment Benefits .......................... - - -
----------- ---------- -----------
Net Income ......................................... 35,214 (460) 34,754
=========== ========== ===========
</TABLE>
<PAGE> 22
UNAUDITED
6(b)(3)(d)
COLUMBIA GAS OF OHIO, INC.
CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY
ACTUAL and PRO FORMA
Twelve Months Ended April 30, 1994
($000)
<TABLE>
<CAPTION>
COH Pro Forma COH
Actual Entries Pro Forma
----------- ---------- -----------
<S> <C> <C> <C>
COMMON STOCK
Balance at May 1, 1993 ............................. 119,240 - 119,240
Common stock issued -
Leveraged employee stock ownership plan (LESOP) .. - - -
Dividend reinvestment plan ....................... - - -
Long-term incentive plan ......................... - - -
Public offering .................................. - - -
----------- ---------- -----------
Balance at April 30, 1994 .......................... 119,240 - 119,240
----------- ---------- -----------
ADDITIONAL PAID IN CAPITAL
Balance at May 1, 1993 ............................. - - -
Common stock issued -
Leveraged employee stock ownership plan (LESOP) .. - - -
Dividend reinvestment plan ....................... - - -
Long-term incentive plan ......................... - - -
Public offering .................................. - - -
----------- ---------- -----------
Balance at April 30, 1994 .......................... - - -
----------- ---------- -----------
RETAINED EARNINGS
Balance at May 1, 1993 ............................. 228,432 - 228,432
Net income ......................................... 35,214 (460) 34,754
Common stock dividends ............................. - - -
Other .............................................. - - -
----------- ---------- -----------
Balance at April 30, 1994 .......................... 263,646 (460) 263,186
----------- ---------- -----------
UNEARNED EMPLOYEE COMPENSATION
Balance at May 1, 1993 ............................. - - -
Adjustment ......................................... - - -
----------- ---------- -----------
Balance at April 30, 1994 .......................... - - -
----------- ---------- -----------
TOTAL COMMON STOCK EQUITY .......................... 382,886 (460) 382,426
=========== ========== ===========
</TABLE>
<PAGE> 23
COLUMBIA GAS OF OHIO, INC. UNAUDITED
PRO FORMA ENTRIES 6(b)(3)(e)
($000)
<TABLE>
<S> <C> <C>
Cash.......................................... 40,000
Intercompany Short Term Loans Payable ...... 40,000
To reflect the additional issuance of
short-term debt from CG to COH for a
contingency for higher gas prices of up
to $1.00 per Mcf for inventory gas
purchases.
Gas Inventory ................................ 40,000
Cash ....................................... 40,000
To reflect the contingency for higher
gas prices of up to $1.00 per Mcf for
inventory gas purchases.
Interest Expense ............................. 708
Accrued Taxes ................................ 248
Intercompany Accounts Payable .............. 708
Income Taxes ............................... 248
To reflect the interest on the additional
short-term borrowing during the period
August 1, 1994 through December 31, 1994
at a rate of 4.25% and a federal income
tax effect of 35%.
</TABLE>
<PAGE> 24
PAGE 1
EXHIBIT INDEX
(a) Exhibits
F-2 Opinion of Counsel
L-13 Projected 1994 Cash Flow Statement - The
Columbia Gas System, Inc.
L-14 Projected 1994 Cash Flow Statement - Columbia
Gas of Ohio, Inc.
<PAGE> 1
Exhibit F-2
July 14, 1994
U.S Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
Re: The Columbia Gas System, Inc., et al.
File No. 70-821
As counsel for The Columbia Gas System, Inc. ("Columbia"), a Delaware
corporation and a holding company registered under the Public Utility Holding
Company Act of 1935 (the "Act"), and at its request, I deliver to you this
Opinion for filing as Exhibit F-2 to the Joint Application-Declaration on Form
U-1 (File No. 70-8219), as amended by Post-Effective Amendments Nos. 3, 4, 5
and 6, the later filed herewith (the "Application-Declaration"), of Columbia
and certain of its subsidiary companies, including Columbia Gas of Ohio, Inc.
("Ohio"), Columbia Gas of Kentucky, Inc., Columbia Gas of Pennsylvania, Inc.,
Commonwealth Gas Services, Inc., Columbia Gas of Maryland, Inc., Columbia LNG
Corporation, Columbia Gas Development Corporation, Columbia Gulf Transmission
Company, Columbia Atlantic Trading Corporation, Columbia Coal Gasification
Corporation, Columbia Energy Services Corporation, Commonwealth Propane, Inc.,
Columbia Propane Corporation, Columbia Gas System Service Corporation, TriStar
Ventures Corporation, TriStar Capital Corporation and Columbia Natural
Resources, Inc. (hereinafter referred to collectively as the "Subsidiaries"),
relating to:
A proposed increase in the amount of short-term financing for
Ohio by $40 million, subject to the same terms and conditions
as those authorized in the Commission's September 29, 1993
Order (HCAR No. 25896). Ohio proposes to borrow funds
directly from Columbia and/or other Subsidiaries through
Columbia's intrasystem money pool (the "Money Pool").
Funds will be advanced ("Advances"), repaid and reborrowed
through December 31, 1994, with all such advances repaid by
April 30,
<PAGE> 2
1995. All short-term borrowings from Columbia and/or the
Money Pool will be evidenced by a promissory note
("Short-Term Note");
The above Items, as more fully described in the Application-Declaration, are
hereinafter referred to sometimes as the "Proposed Transactions."
In connection with the above, I have examined:
(i) The Application-Declaration;
(ii) a copy of the Restated Certificate of Incorporation of
Columbia, as amended,
(iii) the Order of the U.S. Bankruptcy Court for the District of
Delaware dated August 2, 1991 authorizing ordinary course
financing between Columbia and the Subsidiaries;
(iv) the Secured Revolving Credit Agreement dated September 23,
1991 (as amended April 26, 1993), among Columbia, the banks
participating therein and Manufacturers' Hanover Trust
Company, as agent, approved by FINAL ORDER AUTHORIZING THE
COLUMBIA GAS SYSTEM, INC. TO (i) BORROW MONIES AND (ii) GRANT
SENIOR AND JUNIOR LIENS AND SUPERPRIORITY ADMINISTRATIVE
EXPENSE CLAIMS PURSUANT TO 11 U.S.C. Section 364(c) of the
Bankruptcy Court entered September 10, 1991 and May 11, 1993,
and by orders of this Commission dated September 20, 1991 and
September 29, 1993 (HCAR Nos. 35-25380, and HCAR 25896); and
(v) The Notice of the Proposed Transactions dated July 1, 1994
(HCAR No. 26078).
(vi) such other documents, records and matters of law as I deemed
necessary to enable me to render this Opinion.
Based upon the foregoing and relying thereupon, I am of the opinion
that, assuming (i) the Proposed Transactions are consummated in accordance with
the Application-Declaration and (ii) all taxes and Government charges in
connection with such transactions are paid:
<PAGE> 3
(a) all state laws applicable to the Proposed Transactions will
have been complied with;
(b) Columbia has received an order from the Bankruptcy Court for
acquisition of the Short-Term Notes or Advances of the
Subsidiaries in accordance with orders issued by this
Commission in accordance with pre-petition practice;
(c) Columbia and each of the Subsidiaries are validly organized
and duly existing corporations in their respective states of
incorporation;
(d) the Short-Term Notes and Advances to be issued by certain of
the Subsidiaries as part of the Proposed Transactions
indicated above will be valid and binding obligations of such
Subsidiaries in accordance with the terms of said Short-Term
Notes and Advances, and Columbia will have legally acquired
such Short-Term Notes and Advances;
(e) Subsidiaries advancing funds under the terms of the Money Pool
will have a valid claim against each of the Subsidiaries, to
whom funds are advanced pursuant to the Money Pool, for
amounts so advanced; and
(f) the consummation of the Proposed Transactions will not violate
the legal rights of the holders of any securities issued by
Columbia, or the Subsidiaries, or by any associate company
thereof.
I hereby consent to the filing of this Opinion as an Exhibit to the
Application-Declaration.
Very truly yours,
/s/ Joyce Koria Hayes
-------------------------
Joyce Koria Hayes
Associate General Counsel
and Assistant Secretary
<PAGE> 1
THE COLUMBIA GAS SYSTEM, INC. - PARENT COMPANY Exhibit L-13
1994 Cash Forecast
(000)
$
<TABLE>
<CAPTION>
Jan Feb Mar Apr
(Actual) (Actual) (Actual) (Actual)
-------------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
Receipts 523 18659 2741 13295
Gas Purchased 0 0 0 0
Operating Expenses 42 180 286 1533
-------------- ------------ ------------- -------------
Net 481 18479 2455 11762
Taxes 0 0 0 0
Interest 0 0 0 0
Other-Net 590 1140 472 1512
-------------- ------------ ------------- -------------
Net Cash Before Financing -109 17339 1983 10250
Financing
I/C Long-term Financing - Net 21335 21766 7253 1640
I/C Short-term Financing - Net (1) 209 61655 4400 0
Dividends Received 0 4094 4153 3587
Other 0 0 328 -327
-------------- ------------ ------------- -------------
Total 21544 87515 16134 4900
Investment Balance 150122 254976 273093 288243
</TABLE>
<TABLE>
<CAPTION>
May Jun Jul Aug
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Receipts 1916 13901 7295 7213
Gas Purchased 0 0 0 0
Operating Expenses 626 650 763 303
-------------- ------------- ------------- -------------
Net 1290 13251 6532 6910
Taxes 0 12612 0 0
Interest 119 81 74 74
Other-Net 147 246 352 522
-------------- ------------- ------------- -------------
Net Cash Before Financing 1024 312 6106 6314
Financing
I/C Long-term Financing - Net 3473 0 -1005 -1239
I/C Short-term Financing - Net (1) 1612 -1602 -33979 -109188
Dividends Received 535 4315 3587 21730
Other 0 0 0 0
-------------- ------------- ------------- -------------
Total 5620 2713 -31397 -88697
Investment Balance 294887 297912 272621 190238
</TABLE>
<TABLE>
<CAPTION>
Sep Oct Nov Dec Total
-------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
Receipts 14765 4275 1655 17174 103412
Gas Purchased 0 0 0 0 0
Operating Expenses 430 314 309 412 5848
-------------- ------------- ------------- ------------- --------------
Net 14335 3961 1346 16762 97564
Taxes 12612 0 0 5496 30720
Interest 67 93 118 111 737
Other-Net 679 785 911 904 8260
-------------- ------------- ------------- ------------- -------------
Net Cash Before Financing 977 3083 317 10251 57847
Financing
I/C Long-term Financing - Net -2400 0 -1000 12474 62297
I/C Short-term Financing - Net (1) -62214 -60017 -22174 36025 -185273
Dividends Received 4237 3587 21729 4487 76041
Other 0 0 0 0 1
-------------- ------------- ------------- ------------- -------------
Total -60377 -56430 -1445 52986 -46934
Investment Balance 130838 77491 76363 139600
</TABLE>
(1) August, 1994 includes $40 million of additional requested short-term
financing for Columbia Gas of Ohio.
<PAGE> 1
COLUMBIA GAS OF OHIO, INC. Exhibit L-14
1994 Cash Forecast
(000)
$
<TABLE>
<CAPTION>
Jan Feb Mar Apr
(Actual) (Actual) (Actual) (Actual)
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Receipts 130,638 156,614 173,515 151,775
Gas Purchased (1) 62,817 64,670 75,949 24,329
Operating Expenses 15,827 15,436 18,603 17,960
-------------- ------------- ------------- -------------
Net 51,994 76,508 78,963 109,486
Taxes 7,184 10,021 18,577 51,633
Interest 358 5,199 686 4,651
Capital Expenditures 4,065 4,152 5,689 6,496
Other-Net 3,854 8,087 4,240 4,369
-------------- ------------- ------------- -------------
Net Cash Before Financing 36,533 49,049 49,771 42,337
Financing
Long-term Repayment (5,452) (5,638) (1,876) 0
Long-term Borrowing 0 0 0 0
Short-term -Net (1) (5,824) (41,724) (30,814) 0
Other (17,519) (1,167) 2,237 (82)
-------------- ------------- ------------- -------------
Total (28,795) (48,529) (30,453) (82)
Short-term Balance 72,538 30,814 0 0
</TABLE>
<TABLE>
<CAPTION>
May Jun Jul Aug
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Receipts 98,505 72,256 54,693 52,316
Gas Purchased (1) 71,938 60,119 57,697 98,290
Operating Expenses 26,237 11,215 11,304 14,210
-------------- ------------- ------------- -------------
Net 330 922 (14,308) (60,184)
Taxes 737 21,721 11,721 1,649
Interest 308 0 1,877 2,796
Capital Expenditures 5,548 8,391 6,275 6,313
Other-Net 5,344 5,557 5,462 5,486
-------------- ------------- ------------- -------------
Net Cash Before Financing (11,607) (34,747) (39,643) (76,428)
Financing
Long-term Repayment (2,264) 0 0 0
Long-term Borrowing 0 0 0 0
Short-term -Net (1) 0 0 21,317 88,551
Other 0 0 0 (12,123)
-------------- ------------- ------------- -------------
Total (2,264) 0 21,317 76,428
Short-term Balance 0 0 21,317 109,868
</TABLE>
<TABLE>
<CAPTION>
Sep Oct Nov Dec Total
-------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Receipts 55,893 61,715 72,584 101,080 1,181,584
Gas Purchased (1) 57,605 56,070 64,949 45,741 740,174
Operating Expenses 14,162 11,218 17,017 6,933 180,122
-------------- ------------- ------------- ------------- -------------
Net (15,874) (5,573) (9,382) 48,406 261,288
Taxes (517) 18,877 2,374 6,929 150,906
Interest 518 5,725 216 0 22,334
Capital Expenditures 5,787 8,937 7,185 11,102 79,940
Other-Net 5,297 5,674 6,005 6,263 65,638
-------------- ------------- ------------- ------------- -------------
Net Cash Before Financing (26,959) (44,786) (25,162) 24,112 (57,530)
Financing
Long-term Repayment 0 0 0 0 (15,230)
Long-term Borrowing 0 0 29,000 0 29,000
Short-term -Net (1) 26,959 44,786 8,285 (24,112) 87,424
Other 0 0 (12,123) 0 (40,777)
-------------- ------------- ------------- ------------- -------------
Total 26,959 44,786 25,162 (24,112) 60,417
Short-term Balance 136,827 181,613 189,898 165,786
</TABLE>
(1) August, 1994 includes $40 million related to additional short-term
borrowing requested as a result of working capital needs for such
contingencies as price increases for natural gas purchases.
