<PAGE> 1
File No. 70-8471
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Post-Effective Amendment No. 6 to Form U-1
JOINT APPLICATION-DECLARATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
<TABLE>
<S> <C>
THE COLUMBIA GAS SYSTEM, INC. COLUMBIA ENERGY SERVICES CORPORATION
COLUMBIA GAS SYSTEM SERVICE CORPORATION COLUMBIA ENERGY MARKETING CORPORATION
COLUMBIA LNG CORPORATION 121 Hill Pointe Drive
COLUMBIA ATLANTIC TRADING CORPORATION Suite 100
TRISTAR VENTURES CORPORATION Canonsburg, Pennsylvania 15317
TRISTAR CAPITAL CORPORATION
TRISTAR PEDRICK LIMITED CORPORATION COLUMBIA GULF TRANSMISSION COMPANY
TRISTAR PEDRICK GENERAL CORPORATION COLUMBIA GAS TRANSMISSION CORPORATION
TRISTAR BINGHAMTON LIMITED CORPORATION 1700 MacCorkle Avenue, S.E.
TRISTAR BINGHAMTON GENERAL CORPORATION Charleston, WV 25314
TRISTAR VINELAND LIMITED CORPORATION
TRISTAR VINELAND GENERAL CORPORATION COLUMBIA GAS DEVELOPMENT CORPORATION
TRISTAR RUMFORD LIMITED CORPORATION One Riverway
TRISTAR GEORGETOWN GENERAL CORPORATION Houston, TX 77056
TRISTAR GEORGETOWN LIMITED CORPORATION
TRISTAR FUEL CELLS CORPORATION COMMONWEALTH PROPANE, INC.
TVC NINE CORPORATION COLUMBIA PROPANE CORPORATION
TVC TEN CORPORATION 9200 Arboretum Parkway, Ste 140
20 Montchanin Road Richmond, VA 23236
Wilmington, DE 19807
COLUMBIA GAS OF KENTUCKY, INC.
COLUMBIA NATURAL RESOURCES, INC COLUMBIA GAS OF OHIO, INC.
COLUMBIA COAL GASIFICATION CORPORATION COLUMBIA GAS OF MARYLAND, INC.
900 Pennsylvania Avenue COLUMBIA GAS OF PENNSYLVANIA, INC.
Charleston, WV 25302 COMMONWEALTH GAS SERVICES, INC.
200 Civic Center Drive
Columbus, OH 43215
</TABLE>
- --------------------------------------------------------------------------------
(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:
<TABLE>
<S> <C>
W. H. HARMON, Treasurer H. F. HAYES, Treasurer
Columbia Natural Resources, Inc. Commonwealth Propane, Inc.
Columbia Coal Gasification Corp. Columbia Propane Corporation
900 Pennsylvania Avenue 9200 Arboretum Parkway, Ste 140
Charleston, West Virginia 25302 Richmond, Virginia 23236
D. DETAR, Treasurer D. L. GELBAUGH, Vice President
TriStar Ventures Corporation Columbia Gas of Ohio, Inc.
TriStar Pedrick Limited Corporation Columbia Gas of Kentucky, Inc.
TriStar Pedrick General Corporation Commonwealth Gas Services, Inc.
TriStar Binghamton Limited Corporation Columbia Gas of Pennsylvania, Inc.
TriStar Binghamton General Corporation Columbia Gas of Maryland, Inc.
TriStar Vineland Limited Corporation 200 Civic Center Drive
TriStar Vineland General Corporation Columbus, Ohio 43215
TriStar Rumford Limited Corporation
TriStar Georgetown Limited Corporation S. L. PARKS-DOWNEY, Asst. Treasurer
TriStar Georgetown General Corporation Columbia Gas Transmission Corporation
TriStar Fuel Cells Corporation Columbia Gulf Transmission Company
TVC Nine Corporation 1700 MacCorkle Avenue, S.E.
TVC Ten Corporation Charleston, West Virginia 25314
20 Montchanin Road
Wilmington, Delaware 19807 J. R. LISENBY, Treasurer
Columbia Gas Development Corporation
S. J. MacQueen, Treasurer One Riverway
Columbia LNG Corporation Houston, Texas 77056
Columbia Atlantic Trading Corp.
20 Montchanin Road ROBERT GUSTAFSON, Controller
Wilmington, Delaware 19807 Columbia Energy Services Corporation
Columbia Energy Marketing Corporation
L. J. BAINTER, Vice President 121 Hill Pointe Drive
Columbia Gas System Service Corp. Suite 100
TriStar Capital Corporation Canonsburg, Pennsylvania 15317
20 Montchanin Road
Wilmington, Delaware 19807
</TABLE>
- --------------------------------------------------------------------------------
(Names and Addresses of Other Agents for Service)
<PAGE> 3
PAGE 3
The amendments proposed in this document apply only to financing transactions
occurring during 1996.
Item 1. Description of Proposed Transaction.
Columbia and Columbia Maryland are seeking Commission authorization
for: (A) the sale of securities ("Notes") by Columbia Maryland to Columbia or
around December 31, 1995; the proceeds of which will be used to refund the
Installment Notes previously sold by Columbia Maryland to Columbia, and (B) the
future issuance of Notes in lieu of Installment Notes herein referenced for the
1995 Financing Program to meet the financing needs of Columbia Maryland in
1996. The Notes will be issued under a loan agreement between Columbia
Maryland and Columbia.
It is Columbia's intention, upon emergence from bankruptcy, to
refinance the existing Installment Notes of all its Subsidiaries with new
Notes. However, as discussed below in Items 3 and 4, Commission approval is
not required for the refunding of securities held by any Subsidiary other than
Columbia Maryland. As required under Rule 52, any financing transactions
undertaken between Columbia and any Subsidiary, other than Columbia Maryland,
will be reported on Form U-6B-2. Columbia is requesting Commission
authorization for the filing of Form U-6B-2 form on a quarterly basis, all as
more fully described herein.
EXCHANGE OF INSTALLMENT NOTES FOR NOTES
On or about December 31, 1995, Columbia Maryland will refund
all outstanding Installment Notes previously sold to Columbia. At the present
time, Columbia Maryland has sold Installment Notes in the amount of
approximately $14.0 million to Columbia. Columbia Maryland has received
Commission approval in this Application-Declaration to issue, through December
31, 1996, Installment Notes in a principal amount of up to $5.5 million. The
pro forma financials included in this Amendment No. 6 assume that Columbia
Maryland will refund its existing debt prior to the issuance of any additional
long-term debt under this authorization. Funds to implement the refunding will
be raised from Columbia Maryland's sale of Notes to Columbia. Based on current
interest rates, the Notes will have a weighted average interest rate lower than
the weighted average interest rate of the Installment Notes currently
outstanding.
<PAGE> 4
PAGE 4
The maturities and interest rates of the Note issuance will mirror the
Debentures issued by Columbia upon emergence from bankruptcy as previously
authorized by the Commission (Release No. 35-26361; 70-8627). The Notes will
be issued pursuant to a loan agreement in certificated form, will be secured or
unsecured, will be dated the date of their issue, and may have other provisions
as described in the form of Note herein provided as Exhibit A-5.
1996 FINANCING PROGRAM OF COLUMBIA MARYLAND
Columbia Maryland plans to finance part of its 1996 capital
expenditure program with funds generated from the sale to Columbia, for cash,
of Notes (instead of Installment Notes, as previously indicated in this file).
The interest rate and maturity on the Notes issued for the purposes of funding
1996 capital expenditure programs will be equal to the weighted average cost of
any long-term fixed rate financing issued by Columbia issued during the
calendar quarter prior to an issuance of Notes by Columbia Maryland (the
"Columbia Rate"). The interest rate on Columbia's emergence from bankruptcy
financing, as referenced in File No. 70-8627, will not be used as a Columbia
Rate. If Columbia does not issue long-term fixed rate financing during a
calendar quarter prior to an issuance of Notes by Columbia Maryland, the
interest rate of Columbia Maryland's funding will default to the Benchmark Rate
as defined in the original Application-Declaration. The Benchmark Rate would
be used for all Notes issued in the subsequent quarter. The Notes will be
repaid over a term not exceeding thirty years. All of the Notes will be
purchased by Columbia on or before December 31, 1996.
THE LOAN AGREEMENT
The loan agreement will provide for Columbia Maryland to issue both
secured and unsecured debt securities to Columbia in exchange for cash. The
loan agreement will contain numerous terms, such as the principal amount,
interest rate, redemption terms, denominations, events of default, etc. In
theory, any combination of the terms could be included in a single series of
securities. The loan agreement terms are modelled after the indenture under
which Columbia will issue the public debt securities authorized by the
Commission (Release No. 35-26361; 70-8627).
<PAGE> 5
PAGE 5
Item 2. Fees, Commissions and Expenses.
(a) State (1) the fees, commissions and expenses paid or incurred, or
to be paid or incurred, directly or indirectly, in connection with the proposed
transaction by the applicant or declarant or any associate company thereof, and
(2) if the proposed transaction involves the sale of securities at competitive
bidding, the fees and expenses to be paid to counsel selected by applicant or
declarant to act for the successful bidder.
<TABLE>
<S> <C>
Services of Columbia Gas System Service
Corporation in connection with the preparation
of the Application-Declaration . . . . . . . . . . . . . . $ 2,000
-------------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,000
=============
</TABLE>
(b) If any person to whom fees or commissions have been or are to be
paid in connection with the proposed transaction is an associate company or an
affiliate of the applicant or declarant, or is an affiliate of an associate
company, set forth the facts with respect thereto.
Service Corporation will perform certain services at cost as set forth
in Item 2(a) above.
Item 3. Applicable Statutory Provisions
(a) State the section of the Act and the rules thereunder believed to
be applicable to the proposed transaction. If any section or rule would be
applicable in the absence of a specific exemption, state the basis of
exemption.
The issuance of securities by the Subsidiaries is governed by Sections
6 and 7 of the Act and Rule 43 thereunder. Section 9 and 10 of the Act, and
Rule 43 promulgated thereunder, are applicable to the acquisition of the
Subsidiaries' securities by Columbia. The lending of funds by Columbia to the
Subsidiaries is governed by Section 12(b) and Rule 45 thereunder.
<PAGE> 6
PAGE 6
Rule 52 provides an exemption from the provisions of Sections 6, 7, 9
and 10 for the issuance of securities by the Subsidiaries and the acquisition
thereof by Columbia, except for Columbia Maryland which does not qualify for
such an exemption. However, Rule 45(b)(1) provides an exemption from the
provisions of Section 12(b) and Rule 45(a) for the lending of funds by Columbia
to the Subsidiaries.
It is requested that the authority be granted to file certificates
under Form U-6B-2 on a quarterly basis with respect to the proposed
transactions hereafter consummated pursuant to this Application-Declaration,
not later than 30 days following the end of each quarter.
To the extent that the transactions which are the subject matter of
the Application-Declaration are considered by the Commission to require
authorization, approval or exemption under any section of the Act or provision
of the rules and regulations other than those specifically referred to herein,
request for such authorization, approval or exemption is hereby made.
(b) If any person to whom fees or commissions have been or are to be
paid in connection with the proposed transaction is an associate company or an
affiliate of any applicant or declarant, or is an affiliate of an associate
company, set forth the facts with respect thereto.
Not Applicable
Item 4. Regulatory Approval
(a) State the nature and extent of the jurisdiction of any State
commission or any Federal commission (other than the Securities and Exchange
Commission) over the proposed transaction.
Columbia has utility subsidiary companies in five states, including
Ohio, Virginia, Pennsylvania, Kentucky, and Maryland. All of these states have
state public utility commissions which are statutorily authorized to approve
the issuance and sale of securities by utility companies within their
respective states. Maryland, however, only requires state commission approval
of the issuance of securities of a public service company incorporated under
the laws of Maryland. Columbia Maryland is incorporated in the state of
Delaware, and therefore does not require public service commission approval of
an issuance of securities.
<PAGE> 7
PAGE 7
(b) Describe the action taken or proposed to be taken before any
commission named in answer to paragraph (a) of this item in connection with the
proposed transaction.
An application will be made by the aforementioned subsidiary companies
to their respective state regulatory commissions as set forth in the answer to
Item 3(a) above.
Item 5. Procedure.
(a) State the date when Commission action is requested. If the date
is less than 40 days from the date of the original filing, set forth the
reasons for acceleration.
It is requested that the Commission issue its Notice by October 27,
1995 and its Order on or before November 30, 1995.
(b) State (i) whether there should be a recommended decision by a
hearing officer, (ii) whether there should be a recommended decision by any
other responsible officer of the Commission, (iii) whether the Division of
Investment Management may assist in the preparation of the Commission's
decision, and (iv) whether there should be a 30-day waiting period between the
issuance of the Commission's order and the date on which it is to become
effective.
Applicants hereby (i) waive a recommended decision by a hearing
officer, (ii) waive a recommended decision by any other responsible officer or
the Commission, (iii) consent that the Division of Investment Management may
assist in the preparation of the Commission's decision, and (iv) waive a 30-day
waiting period between the issuance of the Commission's order and the date on
which it is to become effective.
<PAGE> 8
PAGE 8
Item 6. Exhibits and Financial Statements.
(a) Exhibits
A-5 Form of Columbia Maryland Note (to be filed by
Amendment)
B Form of Loan Agreement for Columbia Maryland (to
be filed by Amendment)
F-4 Opinion of Counsel for Columbia and Columbia
Maryland (to be filed by Amendment)
G-3 Financial Data Schedule (incorporated herein as
Exhibit No. 27)
H-4 Proposed Notice
(b) Financial Statements
1. The Columbia Gas System, Inc.
(a.) Balance Sheet Statement as of July
31, 1995 (actual and pro forma)
(b.) Statements of Capitalization as of
July 31, 1995 (actual and pro
forma)
(c.) Condensed Statement of Income for
the Twelve months ended July 31,
1995 (actual and pro forma)
(d.) Statements of Common Equity as of
July 31, 1995 (actual and pro forma)
(e.) Pro Forma Entries
2. Columbia Maryland
(a.) Balance Sheet Statement as of July
31, 1995 (actual and pro forma)
(b.) Statements of Capitalization as of
July 31, 1995 (actual and pro
forma)
(c.) Condensed Statement of Income for
the Twelve months ended July 31,
1995 (actual and pro forma)
(d.) Statements of Common Equity as of
July 31, 1995 (actual and pro forma)
(e.) Pro Forma Entries.
There have been no material changes, not in the ordinary
course of business, since the date of the financial statements filed herewith.
<PAGE> 9
PAGE 9
Item 7. Information as to Environmental Effects.
(a) Describe briefly the environmental effects of the proposed
transaction in terms of the standards set forth in Section 102(2)(C) of the
National Environmental Policy Act (42 U.S.C. 4232(2)(C)). If the response to
this term is a negative statement as to the applicability of Section 102(2)(C)
in connection with the proposed transaction, also briefly state the reasons for
that response.
As more fully described in Item 1, the proposed transactions subject
to the jurisdiction of this Commission relate only to the means of financing
activities. The proposed transactions subject to the jurisdiction of this
Commission have no environmental impact in and of themselves.
(b) State whether any other federal agency has prepared or is
preparing an environmental impact statement ("EIS") with respect to the
proposed transaction. If any other federal agency has prepared or is preparing
an EIS, state which agency or agencies and indicate the status of that EIS
preparation.
No federal agency has prepared or, to Columbia's knowledge, is
preparing an EIS with respect to the proposed transaction.
<PAGE> 10
PAGE 10
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act
of 1935, the undersigned companies have duly caused this Post-Effective
Amendment 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.
<TABLE>
<S> <C>
THE COLUMBIA GAS SYSTEM, INC.
Date: October 12, 1995 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 TRANSMISSION CORPORATION
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
COLUMBIA ENERGY MARKETING CORPORATION
TRISTAR VENTURES CORPORATION
TRISTAR CAPITAL CORPORATION
Dated: October 12, 1995 By: /s/ L. J. BAINTER
-----------------------------
L. J. Bainter, Vice President
TRISTAR VENTURES CORPORATION
TRISTAR PEDRICK LIMITED CORPORATION
TRISTAR PEDRICK GENERAL CORPORATION
TRISTAR BINGHAMTON LIMITED CORPORATION
TRISTAR BINGHAMTON GENERAL CORPORATION
TRISTAR VINELAND LIMITED CORPORATION
TRISTAR VINELAND GENERAL CORPORATION
TRISTAR RUMFORD LIMITED CORPORATION
TRISTAR FUEL CELLS CORPORATION
TRISTAR GEORGETOWN GENERAL CORPORATION
TRISTAR GEORGETOWN LIMITED CORPORATION
TVC NINE CORPORATION
TVC TEN CORPORATION
Dated: October 12, 1995 By: /s/ D. DETAR
---------------------------
D. Detar, Treasurer
</TABLE>
<PAGE> 11
THE COLUMBIA GAS SYSTEM, INC. UNAUDITED
6(b)(1)(a)
(1 of 2)
BALANCE SHEET
ACTUAL and PRO FORMA
As of July 31, 1995
($000)
<TABLE>
<CAPTION>
CG Pro Forma CG
Actual Entries Pro Forma
------------ ------------ ------------
ASSETS
<S> <C> <C> <C>
Investments and Other Assets
Accounts receivable - noncurrent ................. 27,047 0 27,047
Unconsolidated affiliates ........................ 0 0 0
------------ ------------ ------------
Total Investments and Other Assets ................. 27,047 0 27,047
------------ ------------ ------------
Investments in Subsidiaries
Capital stock .................................... 1,301,364 0 1,301,364
Equity in undistributed retained earnings ........ (424,281) (189) (424,470)
Installment promissory notes receivable .......... 695,089 (12,319) 682,770
Other investments ................................ 437,833 19,500 457,333
Other receivables - TCO .......................... 1,695,633 0 1,695,633
------------ ------------ ------------
Total Investments in Subsidiaries .................. 3,705,638 6,992 3,712,630
------------ ------------ ------------
Current Assets
Cash and temporary cash investments .............. 17,910 (5,501) 12,409
Accounts receivable, net
Customers ...................................... 0 0 0
Affiliated ..................................... 514,400 (1,389) 513,011
Other .......................................... 10,292 0 10,292
Prepayments ...................................... 381 0 381
Other ............................................ 34,702 0 34,702
------------ ------------ ------------
Total Current Assets ............................... 577,685 (6,890) 570,795
------------ ------------ ------------
Deferred Charges ................................... 2,638 0 2,638
------------ ------------ ------------
Total Assets ....................................... 4,313,008 102 4,313,110
============ ============ ============
</TABLE>
<PAGE> 12
THE COLUMBIA GAS SYSTEM, INC. UNAUDITED
6(b)(1)(a)
(2 of 2)
BALANCE SHEET
ACTUAL and PRO FORMA
As of July 31, 1995
($000)
<TABLE>
<CAPTION>
CG Pro Forma CG
Actual Entries Pro Forma
------------ ------------ ------------
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C>
Capitalization
Stockholder's equity ............................. 1,643,130 0 1,643,130
Long-term debt ................................... 0 0 0
------------ ------------ ------------
Total Capitalization ............................... 1,643,130 0 1,643,130
------------ ------------ ------------
Current Liabilities
Debt obligations ................................. 0 0 0
Debtor in possession financing ................... 0 0 0
Accounts and drafts payable ...................... 379 0 379
Affiliated accounts payable ...................... 3,416 0 3,416
Accrued taxes .................................... (3,639) 102 (3,537)
Accrued interest ................................. 1,389 0 1,389
Deferred income taxes - current .................. 0 0 0
Other ............................................ 11,197 0 11,197
------------ ------------ ------------
Total Current Liabilities .......................... 12,742 102 12,844
------------ ------------ ------------
Liabilities Subject to Chapter 11 Proceedings ...... 2,382,625 0 2,382,625
------------ ------------ ------------
Other Liabilities and Deferred Credits
Deferred income taxes, noncurrent ................ 268,639 0 268,639
Postretirement benefits other than pensions ...... 5,839 0 5,839
Other ............................................ 33 0 33
------------ ------------ ------------
Total Other Liabilities and Deferred Credits ....... 274,511 0 274,511
------------ ------------ ------------
Total Capitalization and Liabilities ............... 4,313,008 102 4,313,110
============ ============ ============
</TABLE>
<PAGE> 13
THE COLUMBIA GAS SYSTEM, INC. UNAUDITED
6(b)(1)(b)
STATEMENT OF CAPITALIZATION
ACTUAL and PRO FORMA
As of July 31, 1995
($000)
<TABLE>
<CAPTION>
CG Pro Forma CG
Actual Entries Pro Forma
------------ ------------ ------------
Stockholder's Equity
<S> <C> <C> <C>
Common Stock, $10 par value, authorized
100,000,000 shares, outstanding 50,573,335
shares .......................................... 505,733 0 505,733
Additional paid in capital ....................... 602,026 0 602,026
Retained earnings ................................ 605,337 0 605,337
Unearned employee compensation ................... (69,966) 0 (69,966)
------------ ------------ ------------
Total Stockholder's Equity ......................... 1,643,130 0 1,643,130
------------ ------------ ------------
Long-Term Debt
Debentures, net of unamortized discount less
premium ......................................... 0 0 0
------------ ------------ ------------
Total Long-Term Debt ............................... 0 0 0
------------ ------------ ------------
Total Capitalization ............................... 1,643,130 0 1,643,130
============ ============ ============
</TABLE>
<PAGE> 14
THE COLUMBIA GAS SYSTEM, INC. UNAUDITED
6(b)(1)(c)
STATEMENT OF INCOME
ACTUAL and PRO FORMA
Twelve Months Ended July 31, 1995
($000)
<TABLE>
<CAPTION>
CG Pro Forma CG
Actual Entries Pro Forma
------------ ------------ ------------
<S> <C> <C> <C>
Operating Revenues
Gas Sales ........................................ 0 0 0
Transportation ................................... 0 0 0
Other ............................................ 0 0 0
------------ ------------ ------------
Total Operating Revenues ........................... 0 0 0
------------ ------------ ------------
Operating Expenses
Products purchased ............................... 0 0 0
Operation ........................................ 104,655 0 104,655
Maintenance ...................................... 0 0 0
Depreciation and depletion ....................... 0 0 0
Other taxes ...................................... 180 0 180
------------ ------------ ------------
Total Operating Expenses ........................... 104,835 0 104,835
------------ ------------ ------------
Operating Income (Loss) ............................ (104,835) 0 (104,835)
------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ................... 368,494 102 368,596
Interest expense and related charges ............. (354) 0 (354)
Reorganization items, net ........................ 3,086 0 3,086
------------ ------------ ------------
Total Other Income (Deductions) .................... 371,226 102 371,328
------------ ------------ ------------
Income before Income Taxes and Cumulative Effect
of Accounting Change ............................. 266,391 102 266,493
Income taxes ....................................... 42,516 102 42,618
------------ ------------ ------------
Income before Cumulative Effect of Accounting
Change ........................................... 223,875 0 223,875
Cumulative Effect of Accounting for Postemployment
Benefits ......................................... (7) 0 (7)
------------ ------------ ------------
Net Income ......................................... 223,868 0 223,868
============ ============ ============
</TABLE>
<PAGE> 15
THE COLUMBIA GAS SYSTEM, INC. UNAUDITED
6(b)(1)(d)
STATEMENTS OF COMMON STOCK EQUITY
ACTUAL and PRO FORMA
Twelve Months Ended July 31, 1995
($000)
<TABLE>
<CAPTION>
CG Pro Forma CG
Actual Entries Pro Forma
------------ ------------ ------------
COMMON STOCK
<S> <C> <C> <C>
Balance at August 1, 1994 .......................... 505,633 0 505,633
Common stock issued -
Subsidiaries ..................................... 0 0 0
Leveraged employee stock ownership plan (LESOP) .. 0 0 0
Dividend reinvestment plan ....................... 0 0 0
Long-term incentive plan ......................... 100 0 100
Public offering .................................. 0 0 0
------------ ------------ ------------
Balance at July 31, 1995 ........................... 505,733 0 505,733
------------ ------------ ------------
PREFERRED STOCK
Balance at August 1, 1994 .......................... 0 0 0
Preferred stock issued ............................. 0 0 0
------------ ------------ ------------
Balance at July 31, 1995 ........................... 0 0 0
------------ ------------ ------------
ADDITIONAL PAID IN CAPITAL
Balance at August 1, 1994 .......................... 601,828 0 601,828
Common stock issued -
Subsidiaries ..................................... 0 0 0
Leveraged employee stock ownership plan (LESOP) .. 0 0 0
Dividend reinvestment plan ....................... 0 0 0
Long-term incentive plan ......................... 198 0 198
Public offering .................................. 0 0 0
Preferred stock issued ............................. 0 0 0
------------ ------------ ------------
Balance at July 31, 1995 ........................... 602,026 0 602,026
------------ ------------ ------------
RETAINED EARNINGS
Balance at August 1, 1994 .......................... 381,469 0 381,469
Net income ......................................... 223,868 0 223,868
Common stock dividends -
CG ............................................... 0 0 0
Subsidiaries (to CG) ............................. 0 0 0
Other .............................................. 0 0 0
------------ ------------ ------------
Balance at July 31, 1995 ........................... 605,337 0 605,337
------------ ------------ ------------
UNEARNED EMPLOYEE COMPENSATION
Balance at August 1, 1994 .......................... (69,966) 0 (69,966)
Adjustment ......................................... 0 0 0
------------ ------------ ------------
Balance at July 31, 1995 ........................... (69,966) 0 (69,966)
------------ ------------ ------------
TOTAL COMMON STOCK EQUITY .......................... 1,643,130 0 1,643,130
============ ============ ============
</TABLE>
<PAGE> 16
THE COLUMBIA GAS SYSTEM, INC. UNAUDITED
6(b)(1)(e)
PRO FORMA ENTRIES
($000)
<TABLE>
<CAPTION>
Debit Credit
------- --------
<S> <C> <C>
1. Other investments (Notes) 19,500
Cash 19,500
To record the issuance of securities (Notes) from CMD.
2. Cash 13,999
Installment promissory notes receivable (Noncurrent) 12,319
Accounts receivable - Affiliated (Current maturity) 1,680
To record the retirement of CMD installment promissory notes.
3. Affiliated accounts receivable 291
Interest income 291
Income Taxes 102
Accrued Taxes 102
To record the incremental interest income on long-term notes,
over the previous interest income, in order to reflect an average
rate of 7.5% and a federal income tax effect of 35%.
4. Income from affiliated equity investments 189
Equity in undistributed retained earnings 189
To reflect the change in CG's investment in CMD related to CMD's pro forma
income due to the increase in interest expense net of tax applicable to
the retirement of long-term installment promissory notes.
</TABLE>
<PAGE> 17
COLUMBIA GAS OF MARYLAND, INC. UNAUDITED
6(b)(2)(a)
(1 of 2)
BALANCE SHEET
ACTUAL and PRO FORMA
As of July 31, 1995
($000)
<TABLE>
<CAPTION>
CMD Pro Forma CMD
Actual Entries Pro Forma
------------ ------------ ------------
ASSETS
<S> <C> <C> <C>
Property, Plant and Equipment
Gas Utility and Other Plant ...................... 62,044 0 62,044
Accumulated Depreciation and Depletion ........... (23,706) 0 (23,706)
------------ ------------ ------------
Net Gas Utility and Other PP&E ..................... 38,338 0 38,338
------------ ------------ ------------
Current Assets
Cash and temporary cash investments .............. 93 5,501 5,594
Accounts receivable, net
Customers ...................................... 1,365 0 1,365
Affiliated ..................................... 179 0 179
Other .......................................... 125 0 125
Gas Inventory .................................... 2,750 0 2,750
Other Inventories at Average Cost ................ 487 0 487
Prepayments ...................................... 986 0 986
Other ............................................ 419 0 419
------------ ------------ ------------
Total Current Assets ............................... 6,404 5,501 11,905
------------ ------------ ------------
Deferred Charges ................................... 3,749 0 3,749
------------ ------------ ------------
Total Assets ....................................... 48,491 5,501 53,992
============ ============ ============
</TABLE>
<PAGE> 18
COLUMBIA GAS OF MARYLAND, INC. UNAUDITED
6(b)(2)(a)
(2 of 2)
BALANCE SHEET
ACTUAL and PRO FORMA
As of July 31, 1995
($000)
<TABLE>
<CAPTION>
CMD Pro Forma CMD
Actual Entries Pro Forma
------------ ------------ ------------
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C>
Capitalization
Stockholder's equity ............................. 17,712 (189) 17,523
Long-term debt ................................... 12,397 7,181 19,578
------------ ------------ ------------
Total Capitalization ............................... 30,109 6,992 37,101
------------ ------------ ------------
Current Liabilities
Debt obligations ................................. 0 0 0
Debtor in possession financing ................... 0 0 0
Accounts and drafts payable ...................... 1,519 0 1,519
Affiliated Notes and Loans - Cur. Maturity ....... 1,680 (1,680) 0
Affiliated Short Term Loans ...................... 1,176 0 1,176
Affiliated accounts payable ...................... 2,232 291 2,523
Accrued taxes .................................... (184) (102) (286)
Accrued interest ................................. 43 0 43
Estimated Rate Refunds ........................... 871 0 871
Deferred income taxes - current .................. 0 0 0
Other ............................................ 3,827 0 3,827
------------ ------------ ------------
Total Current Liabilities .......................... 11,164 (1,491) 9,673
------------ ------------ ------------
Other Liabilities and Deferred Credits
Deferred income taxes, noncurrent ................ 1,758 0 1,758
Deferred Investment Tax Credits .................. 1,135 1,135
Postretirement benefits other than pensions ...... 2,017 0 2,017
Other ............................................ 2,308 0 2,308
------------ ------------ ------------
Total Other Liabilities and Deferred Credits ....... 7,218 0 7,218
------------ ------------ ------------
Total Capitalization and Liabilities ............... 48,491 5,501 53,992
============ ============ ============
</TABLE>
<PAGE> 19
COLUMBIA GAS OF MARYLAND, INC. UNAUDITED
6(b)(2)(b)
STATEMENT OF CAPITALIZATION
ACTUAL and PRO FORMA
As of July 31, 1995
($000)
<TABLE>
<CAPTION>
CMD Pro Forma CMD
Actual Entries Pro Forma
------------ ------------ ------------
Stockholder's Equity
<S> <C> <C> <C>
Common Stock, $25 par value, authorized
420,000, shares outstanding 283,686
shares ......................................... 7,092 0 7,092
Additional paid in capital ....................... 0 0 0
Retained earnings ................................ 10,620 (189) 10,431
Unearned employee compensation ................... 0 0 0
------------ ------------ ------------
Total Stockholder's Equity ......................... 17,712 (189) 17,523
------------ ------------ ------------
Long-Term Debt
Capitalized Leases ............................... 78 0 78
Notes Payable .................................... 0 19,500 19,500
Installment Promissory Notes Payable ............. 12,319 (12,319) 0
------------ ------------ ------------
Total Long-Term Debt ............................... 12,397 7,181 19,578
------------ ------------ ------------
Total Capitalization ............................... 30,109 6,992 37,101
============ ============ ============
</TABLE>
<PAGE> 20
COLUMBIA GAS OF MARYLAND, INC. UNAUDITED
6(b)(2)(c)
STATEMENT OF INCOME
ACTUAL and PRO FORMA
Twelve Months Ended July 31, 1995
($000)
<TABLE>
<CAPTION>
CMD Pro Forma CMD
Actual Entries Pro Forma
------------ ------------ ------------
<S> <C> <C> <C>
Operating Revenues
Gas Sales ........................................ 28,560 0 28,560
Transportation ................................... 1,765 0 1,765
Other ............................................ (16) 0 (16)
------------ ------------ ------------
Total Operating Revenues ........................... 30,309 0 30,309
------------ ------------ ------------
Operating Expenses
Products purchased ............................... 12,515 0 12,515
Operation ........................................ 8,814 0 8,814
Maintenance ...................................... 1,374 0 1,374
Depreciation and depletion ....................... 2,262 0 2,262
Other taxes ...................................... 1,829 0 1,829
------------ ------------ ------------
Total Operating Expenses ........................... 26,794 0 26,794
------------ ------------ ------------
Operating Income (Loss) ............................ 3,515 0 3,515
------------ ------------ ------------
Other Income (Deductions)
Interest income and other, net ................... 15 0 15
Interest expense and related charges ............. (1,190) (291) (1,481)
------------ ------------ ------------
Total Other Income (Deductions) .................... (1,175) (291) (1,466)
------------ ------------ ------------
Income before Income Taxes and Cumulative Effect
of Accounting Change ............................. 2,340 (291) 2,049
Income taxes ....................................... 857 (102) 755
------------ ------------ ------------
Income before Cumulative Effect of Accounting
Change ........................................... 1,483 (189) 1,294
Cumulative Effect of Accounting for Postemployment
Benefits ......................................... 0 0 0
------------ ------------ ------------
Net Income ......................................... 1,483 (189) 1,294
============ ============ ============
</TABLE>
<PAGE> 21
COLUMBIA GAS OF MARYLAND, INC. UNAUDITED
6(b)(2)(d)
STATEMENTS OF COMMON STOCK EQUITY
ACTUAL and PRO FORMA
Twelve Months Ended July 31, 1995
($000)
<TABLE>
<CAPTION>
CMD Pro Forma CMD
Actual Entries Pro Forma
------------ ------------ ------------
COMMON STOCK
<S> <C> <C> <C>
Balance at August 1, 1994 .......................... 7,092 0 7,092
Common stock issued -
Subsidiaries ..................................... 0 0 0
Leveraged employee stock ownership plan (LESOP) .. 0 0 0
Dividend reinvestment plan ....................... 0 0 0
Long-term incentive plan ......................... 0 0 0
Public offering .................................. 0 0 0
------------ ------------ ------------
Balance at July 31, 1995 ........................... 7,092 0 7,092
------------ ------------ ------------
ADDITIONAL PAID IN CAPITAL
Balance at August 1, 1994 .......................... 0 0 0
Common stock issued -
Subsidiaries ..................................... 0 0 0
Leveraged employee stock ownership plan (LESOP) .. 0 0 0
Dividend reinvestment plan ....................... 0 0 0
Long-term incentive plan ......................... 0 0 0
Public offering .................................. 0 0 0
Preferred stock issued ............................. 0 0 0
------------ ------------ ------------
Balance at July 31, 1995 ........................... 0 0 0
------------ ------------ ------------
RETAINED EARNINGS
Balance at August 1, 1994 .......................... 9,761 0 9,761
Net income ......................................... 1,483 (189) 1,294
Common stock dividends -
CG ............................................... 0 0 0
Subsidiaries (to CG) ............................. (624) 0 (624)
Other .............................................. 0 0 0
------------ ------------ ------------
Balance at July 31, 1995 ........................... 10,620 (189) 10,431
------------ ------------ ------------
UNEARNED EMPLOYEE COMPENSATION
Balance at August 1, 1994 .......................... 0 0 0
Adjustment ......................................... 0 0 0
------------ ------------ ------------
Balance at July 31, 1995 ........................... 0 0 0
------------ ------------ ------------
TOTAL COMMON STOCK EQUITY .......................... 17,712 (189) 17,523
============ ============ ============
</TABLE>
<PAGE> 22
COLUMBIA GAS OF MARYLAND, INC. UNAUDITED
6(b)(2)(e)
PRO FORMA ENTRIES
($000)
<TABLE>
<CAPTION>
Debit Credit
-------- --------
<S> <C> <C> <C>
1. Cash 19,500
Notes - Long-Term Debt 19,500
To record the issuance of notes to Parent Company.
2. Installment Promissory Notes Payable 12,319
Affiliated Notes and Loans - Cur. Maturity 1,680
Cash 13,999
To record the retirement of installment notes to Parent Company.
3. Interest expense 291
Affiliated accounts payable 291
Accrued Taxes 102
Income Taxes 102
To record the incremental interest expense on long-term notes,
over the previous debt expense, in order to reflect an average rate
of 7.5% and a federal income tax effect of 35%.
</TABLE>
<PAGE> 23
PAGE 1
EXHIBIT INDEX
(a) Exhibits
A-5 Form of Columbia Maryland Note (to be filed by
Amendment)
B Form of Draft Loan Agreement for Columbia Maryland
(to be filed by Amendment)
F-4 Opinion of Counsel for Columbia and Columbia Maryland
(to be filed by Amendment)
G-3 Financial Data Schedules (incorporated herein as
Exhibit 27.1 and Exhibit 27.2)
H-4 Proposed Notice
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER>
<NAME> CG
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1994
<PERIOD-START> AUG-01-1994 AUG-01-1994
<PERIOD-END> JUL-31-1995 JUL-31-1995
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 0 0
<OTHER-PROPERTY-AND-INVEST> 3,732 685 3,739,677
<TOTAL-CURRENT-ASSETS> 577,685 570,795
<TOTAL-DEFERRED-CHARGES> 2,638 2,638
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 4,313,008 4,313,110
<COMMON> 505,733 505,733
<CAPITAL-SURPLUS-PAID-IN> 602,026 602,026
<RETAINED-EARNINGS> 605,337 605,337
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,643,130 1,643,130
0 0
0 0
<LONG-TERM-DEBT-NET> 0 0
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 0 0
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 2,669,878 2,669,980
<TOT-CAPITALIZATION-AND-LIAB> 4,313,008 4,313,110
<GROSS-OPERATING-REVENUE> 0 0
<INCOME-TAX-EXPENSE> 42,516 42,618
<OTHER-OPERATING-EXPENSES> 104,835 104,835
<TOTAL-OPERATING-EXPENSES> 104,835 104,835
<OPERATING-INCOME-LOSS> (104,835) (104,835)
<OTHER-INCOME-NET> 371,580 371,682
<INCOME-BEFORE-INTEREST-EXPEN> 266,745 266,847
<TOTAL-INTEREST-EXPENSE> 354 354
<NET-INCOME> 223,868 223,868
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 223,868 223,868
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 4.43 4.43
<EPS-DILUTED> 4.43 4.43
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER>
<NAME> CMD
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1994
<PERIOD-START> AUG-01-1994 AUG-01-1994
<PERIOD-END> JUL-31-1995 JUL-31-1995
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 38,338 38,338
<OTHER-PROPERTY-AND-INVEST> 0 0
<TOTAL-CURRENT-ASSETS> 6,404 11,905
<TOTAL-DEFERRED-CHARGES> 3,749 3,749
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 48,491 53,992
<COMMON> 7,092 7,092
<CAPITAL-SURPLUS-PAID-IN> 0 0
<RETAINED-EARNINGS> 10,620 10,431
<TOTAL-COMMON-STOCKHOLDERS-EQ> 17,712 17,523
0 0
0 0
<LONG-TERM-DEBT-NET> 12,397 19,578
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 0 0
0 0
<CAPITAL-LEASE-OBLIGATIONS> 78 78
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 18,382 16,891
<TOT-CAPITALIZATION-AND-LIAB> 48,491 53,992
<GROSS-OPERATING-REVENUE> 30,309 30,309
<INCOME-TAX-EXPENSE> 857 755
<OTHER-OPERATING-EXPENSES> 26,794 26,794
<TOTAL-OPERATING-EXPENSES> 26,794 26,794
<OPERATING-INCOME-LOSS> 3,515 3,515
<OTHER-INCOME-NET> 15 15
<INCOME-BEFORE-INTEREST-EXPEN> 3,530 3,530
<TOTAL-INTEREST-EXPENSE> 1,190 1,481
<NET-INCOME> 1,483 1,294
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 1,483 1,294
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 5.23 4.56
<EPS-DILUTED> 5.23 4.56
</TABLE>
<PAGE> 1
PAGE 1
EXHIBIT H-4
SECURITIES AND EXCHANGE COMMISSION
(Release No. 35-26201)
THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES NOTICE OF PROPOSED 1996
FINANCING AMENDMENT FOR THE PERIOD JANUARY 1, 1995 THROUGH DECEMBER 1996.
The Columbia Gas System, Inc. ("Columbia"), a Delaware corporation and
registered holding company and subsidiaries:
COLUMBIA GAS OF OHIO, INC.
COLUMBIA GAS OF PENNSYLVANIA, INC.
COLUMBIA GAS OF KENTUCKY, INC.
COLUMBIA GAS OF MARYLAND, INC.
COMMONWEALTH GAS SERVICES, INC.
200 Civic Center Drive
Columbus, Ohio 43215
COLUMBIA GULF TRANSMISSION COMPANY
COLUMBIA GAS TRANSMISSION CORPORATION
1700 Mac Corkle Avenue, S.E.
Charleston, West Virginia 25314
COLUMBIA GAS DEVELOPMENT CORPORATION
One Riverway
Houston, Texas 77056
COMMONWEALTH PROPANE, INC.
COLUMBIA PROPANE CORPORATION
9200 Arboretum Parkway, Suite 140
Richmond, Virginia 23236
COLUMBIA ENERGY SERVICES CORPORATION
COLUMBIA ENERGY MARKETING CORPORATION
121 Hill Pointe Drive
Suite 100
Canonsburg, Pennsylvania 15317
COLUMBIA GAS SYSTEM SERVICE CORPORATION
COLUMBIA LNG CORPORATION
COLUMBIA ATLANTIC TRADING CORPORATION
TRISTAR VENTURES CORPORATION
TRISTAR PEDRICK LIMITED CORPORATION
TRISTAR PEDRICK GENERAL CORPORATION
TRISTAR BINGHAMTON LIMITED CORPORATION
TRISTAR BINGHAMTON GENERAL CORPORATION
TRISTAR VINELAND LIMITED CORPORATION
TRISTAR VINELAND GENERAL CORPORATION
TRISTAR RUMFORD LIMITED CORPORATION
TRISTAR GEORGETOWN GENERAL CORPORATION
TRISTAR GEORGETOWN LIMITED CORPORATION
TRISTAR FUEL CELLS CORPORATION
TVC NINE CORPORATION
TVC TEN CORPORATION
TRISTAR CAPITAL CORPORATION
20 Montchanin Road
Wilmington, Delaware 19807
COLUMBIA NATURAL RESOURCES, INC.
COLUMBIA COAL GASIFICATION CORPORATION
900 Pennsylvania Avenue
Charleston, West Virginia 25302
(the "Subsidiaries") have filed a joint application-declaration with this
Commission pursuant to Sections 6, 7, 9, 10, 12(b) and 12(f) under the Public
Utility Holding Company Act of 1935 (the "Act") and Rules 43 and 45 thereunder.
<PAGE> 2
PAGE 2
Columbia and Columbia Maryland are seeking Commission authorization
for: (A) the sale of securities ("Notes") by Columbia Maryland to Columbia on
or around December 31, 1995, the proceeds of which will be to refund the
Installment Notes previously sold by Columbia Maryland to Columbia, and (B) the
future issuance of Notes in lieu of Installment Notes herein referenced for the
1995 Financing Program for the financing needs of Columbia Maryland in 1996.
The Notes will be issued under a loan agreement between Columbia Maryland and
Columbia.
It is Columbia's intention, upon emergence from bankruptcy, to
refinance the existing Installment Notes of all its Subsidiaries with new
Notes. However, pursuant to Rule 52, Commission approval is not required for
the refunding of any securities held by Subsidiary other than Columbia
Maryland. As required under Rule 52, any financing transactions undertaken
between Columbia and any Subsidiary, other than Columbia Maryland, will be
reported on Form U-6B-2. Columbia is requesting Commission authorization for
the filing of this form on a quarterly basis.
On or about December 31, 1995, Columbia Maryland will refund all
outstanding Installment Notes previously sold to Columbia. Funds for the
refunding of the Installment Notes will be raised from Columbia Maryland's sale
of Notes to Columbia. The maturities and interest rates of the Note issuance
will mirror the Debentures issued by Columbia upon emergence from bankruptcy as
previously approved by the Commission (Release No. 35-26361; 70-8627). The
Notes will be issued pursuant to a loan agreement, will be secured or unsecured
and will be dated the date of their issue.
Columbia Maryland plans to finance their 1996 long-term financing
needs with Notes instead of Installment Notes as previously approved by the
Commission in this Application-Declaration. At the present time, Columbia
Maryland has sold Installment Notes to Columbia in the amount of approximately
$14.0 million. Columbia Maryland has received Commission approval in this
Application-Declaration to issue, through December 31, 1996, Installment Notes
in the amount of up to an additional $5.5 million. The interest rate and
maturity on the Notes issued for the purposes of funding 1996 capital
expenditure programs will be equal to the weighted average cost of any
long-term fixed rate financing of Columbia issued during the calendar quarter
prior to an issuance of Notes by Columbia Maryland (the "Columbia Rate"). The
interest rate on Columbia's securities issued upon emergence from bankruptcy
financing will not be used as a Columbia Rate. If Columbia does not issue
long-term fixed rate financing during a calendar quarter prior to an issuance
by Columbia Maryland, the interest rate of that funding will default to the
Benchmark Rate.
The Joint Applicant-Declaration and any amendments thereto are
available for public inspection through the Commission's Office of Public
Reference. Interested persons wishing to comment or request a hearing should
submit their views in writing by ________________________ ____________ to the
Secretary, U.S. Securities Exchange Commission, Washington, D.C. 20549, and
serve a copy on the applicants-declarants at the address specified above.
Proof of service (by affidavit or, in the case of any attorney-at-law, by
certificate) should be filed with the request. Any request for a 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 this matter. After said date, the Joint
Applicant-Declarant, as filed or as it may be amended, may be permitted to
become effective.
For the Commission, by the Division of Investment Management, pursuant
to delegated authority.
Jonathon G. Katz
Secretary
