Central Hudson Gas & Electric Corp. Deal - Lehman Brothers Collection
Central Hudson Gas & Electric Corp.
|Company Deal||Central Hudson Gas & Electric Corporation: $20,000,000 first mortgage bonds 7 3/4% series due 2002|
|Transaction Type||First Mortgage Bonds|
|Deal Description||Central Hudson Gas & Electric Corporation used the net proceeds from this transaction to discharge outstanding short-term obligations. Such short-term obligations were incurred to provide for construction expenditures. The company's construction program included substantial additions to and reinforcement of the company's production, transmission, and distribution facilities and other properties. The principal addition was an electric-generating plant located in the company's franchise area, at Roseton, New York, which the company, Consolidated Edison Company of New York, Inc., and Niagara Mohawk Power Corporation owned as tenants in common. The company had, initially, a 20% undivided interest in the ownership and output of the plant and each of the other parties initially had a 40% undivided interest. The company planned to purchase from each of the other parties an additional 10% undivided interest in the plant four years after commencement of commercial operation of the second generating unit.|
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