[Federal Register Volume 64, Number 224 (Monday, November 22, 1999)]
[Notices]
[Page 63833]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-30317]
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SECURITIES AND EXCHANGE COMMISSION
[File No. 1-1414]
Issuer Delisting; Notice of Application To Withdraw From Listing
and Registration; (Pacific Bell, Ten Year 7\1/4\% Notes, Due July 1,
2002; Twelve 6\1/4\% Notes, Due March 1, 2005; Thirty-Three Year 7\1/
8\% Debentures, Due March 15, 2026; Forty Year 7\1/2\% Debentures, Due
February 1, 2033; Thirty Year 6\7/8\% Debentures, Due August 15, 2003;
and Forty-One Year 6\5/8\% Debentures, Due October 15, 2034)
November 16, 1999.
Pacific Bell, a California corporation (``Company'') an indirect,
wholly-owned subsidiary of SBC Communications Inc. (``SBC''), has filed
an application with the Securities and Exchange Commission
(``Commission''), pursuant to Section 12(d) of the Securities Exchange
Act of 1934 (``Act'') and Rule 12d2-2(d) promulgated thereunder, to
withdraw the securities specified above (``Securities'') from listing
and registration on the New York Stock Exchange, Inc. (``NYSE'' or
``Exchange'').
On September 27, 1999, the Company's Board of Directors, in
compliance with NYSE Rule 500, adopted a resolution to withdraw the
Securities from listing and registration on the Exchange. The Company,
in making the determination to seek such withdrawal, has cited the
following factors in its application to the Commission:
Each of the Securities currently has a limited number of
registered holders.
The Securities trade infrequently on the Exchange and the
Company does not anticipate that such trading volume might increase
appreciably.
The costs associated with the continued listing of the
Securities are prohibitive, given the limited trading volume.
Both the Company and SBC are currently reporting companies
under the Act and each files annual and periodic reports with the
Commission, but the Company is seeking to avoid the costs it incurs in
preparing such annual and periodic reports by obtaining from the
Commission an exemption from the Act's reporting requirements. SBC has
therefore proposed to guarantee certain of the Company's debt
securities owned by more than 300 registered holders. Based on this
proposed guaranty, and in conjunction with its application to withdraw
its Securities from listing and registration on the NYSE, the Company
has sought exemption from the Act's reporting requirements as provided
in certain circumstances by Section 12(h) of the Act.
The Company is not obligated by the terms of the indenture
under which the Securities were issued or by any other document to
maintain the Securities' listings on the NYSE or any other exchange.
The Company has stated in its application to the Commission that it
has complied with the requirements of NYSE Rule 500 and that the
Exchange has indicated it will not interpose any objection to the
withdrawal of the Securities.
Any interested person may, on or before December 7, 1999, submit by
letter to the Secretary of the Securities and Exchange Commission, 450
Fifth Street, N.W., Washington, D.C. 20549-0609, facts bearing upon
whether the application has been made in accordance with the rules of
the Exchange and what terms, if any, should be imposed by the
Commission for the protection of investors. The Commission, based on
the information submitted to it, will issue an order granting the
application after the date mentioned above, unless the Commission
determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 99-30317 Filed 11-19-99; 8:45 am]
BILLING CODE 8010-01-M
