[Federal Register Volume 64, Number 88 (Friday, May 7, 1999)]
[Notices]
[Pages 24687-24688]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-11457]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 27015]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
April 30, 1999.
Notice is hereby given that the following filing(s) has/have been
made with the Commission pursuant to provisions of the Act and rules
promulgated under the Act. All interested persons are referred to the
application(s) and/or declaration(s) for complete statements of the
proposed transaction(s) summarized below. The application(s) and/or
declaration(s) and any amendments is/are available for public
inspection through the Commission's Branch of Public Reference.
Interested persons wishing to comment or request a hearing on the
application(s) and/or declaration(s) should submit their views in
writing by May 24, 1999, to the Secretary, Securities and Exchange
Commission, Washington, D.C. 20549-0609, and serve a copy on the
relevant applicant(s) and/or declarant(s) at the address(es) specified
below. Proof of service (by affidavit or, in case of an attorney at
law, by certificate) should be filed with the request. Any request for
hearing should identify specifically the issues of facts 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
the matter. After May 24, 1999, the application(s) and/or
declaration(s), as filed or as amended, may be granted and/or permitted
to become effective.
Columbia Energy Group (70-9421)
Columbia Energy Group (``Columbia''), 13880 Dulles Corner Lane,
Herndon, Virginia 20171-4600, a registered holding company, has filed
an application-declaration under sections 6(a), 7, 9(a), 10 and 12(f)
of the Act.
Columbia proposes to engage in the business of factoring accounts
receivable (``Receivables'') through one or more, existing or newly
formed or acquired, direct or indirect subsidiaries (``Factoring
Subsidiaries''). Factoring Subsidiaries would factor Receivables of
associate and nonassociate companies.
Factoring Subsidiaries also propose to enter into agreements to
purchase and sell Receivables with third-party financial institutions
(``Purchasers''). Columbia states that the Factoring Subsidiaries will
require no additional financing to acquire associate or nonassociate
Receivables, because they will sell the Receivables to Purchasers the
day the Receivables are acquired. Columbia will report the acquisition
and sale of all Receivables as sales under generally accepted
accounting principles.
Factoring Subsidiaries would purchase Receivables from an associate
company at a discounted rate that, among other things, reflects its
cost of capital and the collection histories of the associates
generating the Receivables. Columbia expects that Purchasers of
associate Receivables will elect to maintain current collection
procedures, which are managed by associate companies. Accordingly, the
discounting of Receivables acquired by both Factoring Subsidiaries and
Purchasers would incorporate a collection fee component attributable to
the collection services rendered by associate companies. The
acquisition of Receivables from associate and nonassociate companies
would be limited so that the trailing twelve-month average amount of
nonassociate company Receivables held as of the end
[[Page 24688]]
of any calendar month would be less than the trailing twelve-month
average amount of any Receivables acquired from associate companies
held as of the end of the same calendar month.
For the Commission by the Division of Investment Management,
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-11457 Filed 5-6-99; 8:45 am]
BILLING CODE 8010-01-M
