UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
______________________________________________
In the matter of
CSW International, Inc. REPORT FOR PERIOD
Dallas, Texas 75266-0789 October 1, 1995 to
December 31, 1995
File No. 070-8423 PURSUANT TO RULE 24
This report is filed under Rule 24 of the Public
Utility Holding Company Act of 1935 by CSW International,
Inc. ("CSW International"), a wholly owned subsidiary of
Central and South West Corporation ("CSW"). Under HCAR 35-
26383, CSW International is authorized to participate in
foreign utility companies and exempt wholesale generators
and to provide consulting services with respect to the same.
Attached is the information required pursuant to HCAR 35-
26383.
(1) Information on each investment made by CSWI, directly
or indirectly, in any other project parent, indicating
the amount and type of such investment and identifying the
facility with respect to which such project parent was
organized. See Exhibit A.
(2) Information about the amount, type, and terms of
securities (including interest rate, maturity, and the
basis for inflation adjustment in the case of non-recourse
indebtedness denominated in any currency other than U.S.
dollars) issued by any project parent to a third person.
At 12/31/95, CSWI had a recorded liability, related to its
commitment to purchase additional SEEBOARD shares, for $1
billion which was non-recourse to CSWI. A credit facility
has been established to fund this liability; however, at
year end 1995, no amounts had been drawn against this
credit facility.
(3) A balance sheet as of the relevant report date. See Exhibit B.
(4) An income statement for the quarter ended. See Exhibit C.
(5) Information on intercompany transactions with CSW
International related to CSW International's consulting
services, including (a) the name of each associate
company providing services, (b) a listing of services
provided, (c) the total dollar amount of services provided,
broken down by associate company, and (d) the aggregate
outstanding amount, as of the relevant quarterly reporting
date, of all guarantees issued by or for the account of
CSW, CSWI, or any project parent pursuant to this
application declaration. See Exhibit D.
S I G N A T U R E
As requested by order of this Commission pursuant to
the Public Utility Holding Company Act of 1935, CSW
International, Inc. has duly caused this report to be signed
on its behalf on this 28th day of February, 1996.
CSW International, Inc.
/s/ _Eddie Peebles____
Eddie Peebles
Controller
<TABLE>
Exhibit A
CSW International, Inc.
Investments in Project Parents
December 31, 1995
(thousands)
<CAPTION>
Project Wholly Owned
Facility Parent Subsidiary Of Description Investment
<S> <S> <S> <S> <C>
SEEBOARD plc CSW International, Inc. Central and South West Corp. Recourse Equity Bridge Loan $ 744,607
SEEBOARD plc CSW International Two, Inc. CSW International, Inc. Recourse Equity Bridge Loan 744,607
SEEBOARD plc CSW International Three, Inc. CSW International, Inc. Not Applicable 0
SEEBOARD plc CSW Investments CSW International Two, Inc. Recourse Equity Bridge Loan 744,607
CSW International Three, Inc.
SEEBOARD plc CSW (UK) plc CSW Investments Recourse Equity Bridge Loan 744,607
Norweb plc CSW International (UK), Inc(1) CSW International, Inc. Not Applicable 0
Norweb plc Texas Energy Partners plc(1) CSW International (UK), Inc. Not Applicable 0
Houston Industries (UK), Inc.
</TABLE>
(1) Entities were formed in September 1995 to make a cash tender offer for
all the outstanding share capital of Norweb plc., a United Kingdom
regional electric company. The offer was subsequently withdrawn, and
CSW International is in the process of dissolving these entities.
Exhibit B
CSW International, Inc.
Balance Sheet
December 31, 1995
(Unaudited)
($000's)
12/31/95
ASSETS
CURRENT ASSETS
Cash $ 316,014
Marketable Securities 123,305
Accounts Receivable 318,906
Other Current Assets 19,813
778,038
NONCURRENT ASSETS
Equity Investments 18,520
Fixed Assets, net 908,452
Goodwill 1,073,495
Deferred Charges and Other 42,647
2,043,114
TOTAL $ 2,821,152
LIABILITIES AND EQUITY
LIABILITIES
Accounts Payable
and Other $ 1,330,912
Borrowings from CSW Corp. 750,380
Long Term Debt 171,260
Other Liabilities 176,915
Accumulated Deferred
Income Taxes 183,873
2,613,340
EQUITY
Common Stock 1
Retained Earnings 5,776
Minority Interest 202,010
Currency Translation
Adjustment 25
207,812
TOTAL $ 2,821,152
Exhibit C
CSW International, Inc.
Statement of Income
For the Quarter Ended December 31, 1995
(Unaudited)
($000's)
12/31/95
Income:
Sales $ 207,558
Interest Income 2,953
Other Income 3,850
Total Income 214,361
Expenses:
Cost of Goods Sold 157,783
Depreciation and Amortization 7,363
Outside Services 92
Taxes 5,643
Expenses Transferred Out (197)
Interest Expense 7,507
General and Administrative
Expenses 23,361
Minority Interest 4,017
Total Expenses 205,569
Net Income $ 8,792
Exhibit D
CSW International, Inc.
Intercompany Service Transactions
For the Quarter Ended December 31, 1995
(Unaudited)
Name Type of Service Amount
Transok, Inc. Salaries, overheads, and $ 13,193
(Wholly owned subsidiary of travel in support of CSW
Central and South West International Inc. projects.
Corporation)
CSW Energy, Inc. Salaries and overheads $ 341,148
(Wholly owned subsidiary of in support of CSW
Central and South West International Inc. projects.
Corporation)
Central and South West Salaries, overheads, and $ 151,063
Services, Inc. (Wholly travel in support of
owned subsidiary of CSW International, Inc.
Central and South West projects.
Corporation)
Guarantees issued by or for the account of CSW, CSWI, or any
project parent. None
