March 29, 2001
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, NW
Washington, DC 20549
Interim Report Under Rule 24 of the
Public Utility Holding Company Act of 1935
NiSource Inc.
801 E. 86th Ave.
Merrillville, IN 46410
File No. 70-9681
Gentlemen:
In compliance with the terms and conditions of Rule 24 under the Public
Utility Holding Company Act of 1935, and the Order of the Commission dated
November 1, 2000, authorizing the financing transactions and business activities
as more fully described in the Joint Application/Declaration, as amended, the
undersigned hereby certifies to the Commission that:
1. The sales of any common stock and the purchase price per share and the
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market price per share at the date of the agreement of sale
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On November 27, 2000 NiSource Inc. (NiSource) issued 11,500,000 new
shares of NiSource common stock at an offering price of $25.25 per
share.
2. The total number of shares of common stock issued or issuable under
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options granted during the quarter under NiSource's benefit plans or
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otherwise
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None.
3. If common stock has been transferred to a seller of securities of a
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company being acquired, the number of shares so issued, the value per
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share and whether the shares are restricted to the acquirer
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None.
4. The amount and terms of any long-term debt, preferred stock or other
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preferred or equity-linked securities, or short-term debt, issued
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directly or indirectly by NiSource during the quarter
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Please see Exhibit 1.
5. The amount and terms of any short-term debt issued directly or
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indirectly by any utility subsidiary during the quarter
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Please see Exhibits 2 and 3.
6. The amount and terms of any financing consummated by any non-utility
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subsidiary during the quarter that are not exempt under rule 52
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None.
7. The name of the guarantor and of the beneficiary of any NiSource
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guarantee or non-utility subsidiary guarantee issued during the
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quarter, and the amount, terms and purpose of the guarantee
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NiSource had $1,193,586,000 of guarantees issued and outstanding as of
12/31/00.
Note: This amount represents all guarantees outstanding as of 12/31/00. The
reporting mechanism was not in place as of the date of this report to separate
those guarantees issued after 11-1-00 from those issued prior to 11-1-00.
8. The notional amount and principal terms of any interest rate hedge or
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anticipatory hedge entered into during the quarter and the identity of
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the parties to such instruments
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None.
9. The name, parent company, and amount invested in any new intermediate
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subsidiary or financing subsidiary during the quarter
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None.
10. A list of Form U-6B-2 statements filed with the commission during the
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quarter, including the name of the filing entity and the date of the
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filing
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A. NiSource Form U-6B-2 filed 3-29-01 to report Utility external
Long-term debt.
B. NiSource Form U-6B-2 filed 3-29-01 to report inter-company
financing activity.
11. Consolidated balance sheets as of the end of the quarter, and separate
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balance sheets as of the end of the quarter for each company, including
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NiSource, that has engaged in financing transactions during the quarter
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Please see the attached balance sheets for NiSource, Northern Indiana
Public Service Company, Bay State Gas Company, Northern Utilities,
Kokomo Gas and Fuel and Northern Indiana Fuel and Light.
Very truly yours,
NiSource Inc.
By: /s/ J. W. Grossman
-------------------------------------
J. W. Grossman, Vice President
EXHIBIT # 1
NiSource Inc.
Interim Report Under Rule 24 of the
Public Utility Holding Company Act of 1935
File No. 70-9681
Item #4
Amount Outstanding
as of Type of Debt
Company December 31, 2000 or Security Terms
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NiSource Finance Corp. $ 2,800,000,000 Long-term Debt $750 million of three year notes paying a
7.5% coupon and maturing on November 15, 2003.
$900 million of five year notes paying a 7.625%
coupon and maturing on November 15, 2005.
$1 billion of ten year notes paying a 7.875% coupon
and maturing on November 15, 2010.
$150 million of five year notes paying 7.625% coupon
and maturing on November 15, 2005.
NiSource Inc. $ 1,000,000 Letter of Credit Expires December 31, 2001.
NiSource Capital Markets, Inc. $ 3,250,000 Letter of Credit Expires May 10, 2001.
$ 42,000 Letter of Credit No expiration date.
NiSource Capital Markets, Inc. $ 359,300,000 Short-term Debt $171.3 million of commercial paper borrowings under a $200
million 364-day revolving credit facility that expires on
July 5, 2001 with a weighted average interest rate of 7.86%.
$188 million of uncommitted lines of credit with a weighted
average interest rate of 7.96%.
NiSource Finance Corp. $ 1,080,259,000 Short-term Debt Commercial paper borrowing under a $6 billion 364-day
acquisition facility.
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EXHIBIT # 2
NiSource Inc.
Interim Report Under Rule 24 of the
Public Utility Holding Company Act of 1935
File No. 70-9681
Item #5
External Short-term Debt
as of
Company December 31, 2000 Terms
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Northern Indiana Public $ 371,100,000 $196.2 million of commercial paper borrowings under
Service Company a $200 million 364-day revolving credit facility
that expires in September 2001 with a weighted
average interest rate of 7.03%.
$174.9 million of uncommitted lines of credit with a
weighted average interest rate of 7.70%.
Bay State Gas Company $ 165,000,000 $55 million under two separate lines of credit totaling
$115 million with a weighted average interest rate of 7.38%.
$110 million of commercial paper borrowings under two
separate contracts with a weighted average interest rate of 7.74%.
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EXHIBIT # 3
NiSource Inc.
Interim Report Under Rule 24 of the
Public Utility Holding Company Act of 1935
File No. 70-9681
Item #5
Inter-company Debt
Outstanding
Lending Company Borrowing Subsidiary at December 31, 2000
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NiSource Inc. Northern Indiana Public Service Company $ 36,824,000
NiSource Inc. Kokomo Gas and Fuel Company $ 1,500,000
NiSource Inc. Northern Indiana Fuel and Light, Inc. $ 2,000,000
Bay State Gas Company Northern Utilities, Inc. $ 27,000,000
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EXHIBIT # 4
NiSource Inc.
Interim Report Under Rule 24 of the
Public Utility Holding Company Act of 1935
File No. 70-9681
Item #11
As of December 31, (in thousands) 2000
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ASSETS
Property, Plant, and Equipment:
Utility plant $ 15,825,317
Less - accum. provision for depreciation (7,299,410)
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Total Utility Plant-Net 8,525,907
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United States cost center 923,576
Canadian cost center 19,704
Less - accum. provision for depletion (9,086)
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Net Gas and Oil Producing Properties 934,194
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Other property, at cost, less accum. depreciation 86,604
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Total Property, Plant and Equipment 9,546,705
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Investments:
Investments at equity 43,575
Investments at cost 52,544
Other investments 33,279
Other accounts receivable, non-current 20,779
Net assets of discontinued operations 560,396
Assets held for sale 33,519
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Total Investments 744,092
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Current Assets:
Cash and cash equivalents 193,033
Special funds 518
Notes receivable 3,252
Accounts receivable - less reserve 1,486,417
Accounts receivable - associated companies -
Other receivables 23,489
Fuel adjustments clause -
Gas adjustment clause 396,082
Material and supplies at average cost 68,660
Electric production fuel, at average cost 15,592
Natural gas in storage - weighted avg 322,457
Price risk management asset 1,568,486
Exchange gas receivable 615,860
Prepayments and other 223,800
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Total Current Assets 4,917,646
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Other Assets:
Regulatory assets 517,114
Intangible assets 3,603,583
Deferred charges and other 367,676
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Total Other Assets 4,488,373
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Total Assets $ 19,696,816
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As of December 31, (in thousands) 2000
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common shares without par value $ 2,056
Additional paid-in-capital 2,584,010
FAS133 Other comprehensive inc. -
Foreign currency translation adjustment (577)
Retained earnings 776,576
Retained earnings - current year 156,921
Dividends: Common shares (98,328)
Gain/(Loss) on reissuance of treasury stock (5,477)
Cost of treasury shares -
Preferred Stocks:
Series without mandatory redemption provisions 83,631
Series with mandatory redemption provisions 49,126
Preferred security of a subsidiary trust 345,000
Long-term debt excluding amt due within one year 5,802,668
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Total Capitalization $ 9,695,606
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Current Liabilities:
Obligations due within one year $ 2,561,487
Accounts payable 1,117,093
Dividends declared on common and preferred stock 989
Customer deposits 32,055
Taxes accrued 189,310
Interest accrued 78,040
Deferred fuel 202
Accrued employment costs 63,854
Price risk management liability 1,529,247
Refunds due customers within one year 13,510
Other regulatory liabilities - current 8,576
Exchange gas payable 360,516
Current deferred revenue 451,543
Acc def income tax - current 465
Other accruals 486,475
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Total Current Liabilities 6,893,362
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Other:
Deferred income taxes 1,806,240
Deferred investment tax credits 114,255
Customer advances 21,084
Deferred credits 337,285
Post retirement benefits accrued 272,450
Other non-current liabilities 58,495
Non-current deferred revenue 498,039
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Total Other 3,107,848
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Total Liabilities $ 19,696,816
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EXHIBIT # 5
Northern Indiana Public Service Company
Interim Report Under Rule 24 of the
Public Utility Holding Company Act of 1935
File No. 70-9681
Item #11
As of December 31, (in thousands) 2000
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ASSETS
Property, Plant, and Equipment:
Utility plant $ 6,083,181
Less - accum. provision for depreciation (3,177,350)
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Total Utility Plant - Net 2,905,831
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Other property, at cost, less accum. depreciation 2,427
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Total Property, Plant and Equipment 2,908,258
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Investments:
Investments at cost 251
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Total Investments 251
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Current Assets:
Cash and cash equivalents 17,889
Special funds 518
Notes receivable 59
Accounts receivable - less reserve 228,647
Accounts receivable - associated companies 30,439
Fuel adjustments clause -
Gas adjustment clause 146,256
Material and supplies at average cost 47,000
Electric production fuel, at average cost 15,591
Natural gas in storage - weighted avg 109,746
Price risk management asset 23,220
Exchange gas receivable -
Prepayments and other 32,264
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Total Current Assets 651,629
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Other Assets:
Regulatory assets 179,124
Deferred charges and other 199,599
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Total Other Assets 378,723
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Total Assets $ 3,938,861
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As of December 31, (in thousands) 2000
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common shares without par value $ 859,488
Additional paid-in-capital 12,525
FAS133 Other comprehensive inc. -
Retained earnings 136,118
Retained earnings - current year 226,059
Dividend declared preferred (7,817)
Dividends: Common shares (168,000)
Preferred Stocks:
Series without mandatory redemption provisions 81,115
Series with mandatory redemption provisions 49,124
Long-term debt excluding amt due within one year 901,772
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Total Capitalization 2,090,384
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Current Liabilities:
Obligations due within one year 386,100
Accounts payable 266,855
Accounts payable - associated companies 83,008
Sinking funds due in one year 4,578
Dividends declared on common and preferred stock 860
Customer deposits 28,571
Taxes accrued 57,060
Interest accrued 10,304
Deferred fuel 202
Accrued employment costs 58,779
Price risk management liability 21,982
Notes payable to associated companies 36,000
Other accruals 21,567
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Total Current Liabilities 975,866
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Other:
Deferred income taxes 562,527
Deferred investment tax credits 78,479
Deferred credits 49,065
Post retirement benefits accrued 149,163
Other non-current liabilities 33,377
Non-current deferred revenue -
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Total Other 872,611
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Total Liabilities $ 3,938,861
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EXHIBIT # 6
Bay State Gas Company
Interim Report Under Rule 24 of the
Public Utility Holding Company Act of 1935
File No. 70-9681
Item #11
As of December 31, (in thousands) 2000
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ASSETS
Property, Plant, and Equipment:
Utility plant $ 1,363,029
Less - accum. provision for depreciation (274,128)
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Total Utility Plant - Net 1,088,901
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Other property, at cost, less accum. depreciation 3,122
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Total Property, Plant and Equipment 1,092,023
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Investments:
Investments at cost 34
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Total Investments 34
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Current Assets:
Cash and cash equivalents 2,465
Notes receivable 472
Accounts receivable - less reserve 88,400
Accounts receivable - associated companies 6,125
Gas adjustment clause 74,105
Material and supplies at average cost 5,415
Natural gas in storage - weighted avg 39,725
Exchange gas receivable -
Prepayments and other 6,641
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Total Current Assets 223,348
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Other Assets:
Regulatory assets 16,635
Intangible assets 4,062
Deferred charges and other 43,486
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Total Other Assets 64,183
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Total Assets $ 1,379,588
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As of December 31, (in thousands) 2000
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common shares without par value $ -
Additional paid-in-capital 526,772
FAS133 Other comprehensive inc. -
Retained earnings 2,665
Retained earnings - current year 14,431
Dividends: Common shares (12,000)
Long-term debt excluding amt due within one year 189,000
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Total Capitalization 720,868
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Current Liabilities:
Obligations due within one year 205,833
Accounts payable 6,806
Accounts payable - associated companies 28,189
Dividends declared on common and preferred stock -
Customer deposits 2,531
Taxes accrued 6,497
Interest accrued 4,960
Refunds due customers within one year 6,710
Other accruals 92,493
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Total Current Liabilities 354,019
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Other:
Deferred income taxes 287,823
Deferred investment tax credits 3,673
Other non-current liabilities 13,205
Non-current deferred revenue -
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Total Other 304,701
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Total Liabilities $ 1,379,588
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EXHIBIT # 7
Northern Utilities, Inc.
Interim Report Under Rule 24 of the
Public Utility Holding Company Act of 1935
File No. 70-9681
Item #11
As of December 31, (in thousands) 2000
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ASSETS
Property, Plant, and Equipment:
Utility plant $ 246,389
Less - accum. provision for depreciation (42,885)
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Total Utility Plant - Net 203,504
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Other property, at cost, less accum. depreciation 2,912
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Total Property, Plant and Equipment 206,416
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Investments:
Investments at cost 2
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Total Investments 2
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Current Assets:
Cash and cash equivalents 1,020
Notes receivable 294
Accounts receivable - less reserve 14,987
Accounts receivable - associated companies 3,455
Gas adjustment clause 11,528
Material and supplies at average cost 1,124
Natural gas in storage - weighted avg 12,756
Exchange gas receivable -
Prepayments and other 3,008
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Total Current Assets 48,172
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Other Assets:
Regulatory assets 8,441
Intangible assets 1,204
Deferred charges and other 3,516
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Total Other Assets 13,161
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Total Assets $ 267,751
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As of December 31, (in thousands) 2000
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common shares without par value $ 1
Additional paid-in-capital 109,062
FAS133 Other comprehensive inc. -
Retained earnings 200
Retained earnings - current year 1,938
Dividends: Common shares (2,700)
Long-term debt excluding amt due within one year 20,500
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Total Capitalization 129,001
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Current Liabilities:
Obligations due within one year 52,833
Accounts payable 586
Accounts payable - associated companies 9,634
Dividends declared on common and preferred stock -
Customer deposits 665
Taxes accrued 2,747
Interest accrued 1,012
Refunds due customers within one year 898
Other accruals 18,695
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Total Current Liabilities 87,070
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Other:
Deferred income taxes 47,399
Deferred investment tax credits 312
Other non-current liabilities 3,969
Non-current deferred revenue -
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Total Other 51,680
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Total Liabilities $ 267,751
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EXHIBIT # 8
Kokomo Gas and Fuel Company
Interim Report Under Rule 24 of the
Public Utility Holding Company Act of 1935
File No. 70-9681
Item #11
As of December 31, (in thousands) 2000
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ASSETS
Property, Plant, and Equipment:
Utility plant $ 76,898
Less - accum. provision for depreciation (34,907)
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Total Utility Plant - Net 41,991
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Total Property, Plant and Equipment 41,991
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Investments:
Investments at cost 5
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Total Investments 5
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Current Assets:
Cash and cash equivalents 1,029
Accounts receivable - less reserve 7,017
Accounts receivable - associated companies 29
Material and supplies at average cost 475
Natural gas in storage - weighted avg 812
Exchange gas receivable -
Notes receivable-associated companies -
Prepayments and other 84
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Total Current Assets 9,446
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Other Assets:
Deferred charges and other 71
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Total Other Assets 71
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Total Assets $ 51,513
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As of December 31, (in thousands) 2000
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common shares without par value $ 46,170
FAS133 Other comprehensive inc. -
Retained earnings (1,378)
Retained earnings - current year 1,876
Dividends: Common shares (10,829)
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Total Capitalization 35,839
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Current Liabilities:
Accounts payable 592
Accounts payable - associated companies 8,319
Customer deposits 480
Taxes accrued (215)
Interest accrued 120
Gas cost adjustment clause (3,067)
Notes payable to associated companies 1,502
Other accruals 1,196
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Total Current Liabilities 8,927
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Other:
Deferred income taxes 3,369
Deferred investment tax credits 537
Customer advances 10
Post retirement benefits accrued 284
Regulatory income tax liability 1,477
Other non-current liabilities 1,070
Non-current deferred revenue -
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Total Other 6,747
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Total Liabilities $ 51,513
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EXHIBIT # 9
Northern Indiana Fuel and Light Company
Interim Report Under Rule 24 of the
Public Utility Holding Company Act of 1935
File No. 70-9681
Item #11
As of December 31, (in thousands) 2000
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ASSETS
Property, Plant, and Equipment:
Utility plant $ 69,932
Less - accum. provision for depreciation (23,381)
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Total Utility Plant - Net 46,551
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Other property, at cost, less accum. depreciation 865
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Total Property, Plant and Equipment 47,416
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Investments:
Investments at cost -
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Total Investments -
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Current Assets:
Cash and cash equivalents 933
Accounts receivable - less reserve 10,797
Accounts receivable - associated companies 52
Gas adjustment clause 4,042
Material and supplies at average cost 416
Natural gas in storage - weighted avg 3,160
Exchange gas receivable -
Notes receivable-associated companies -
Prepayments and other 55
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Total Current Assets 19,455
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Other Assets:
Regulatory assets 170
Deferred charges and other 160
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Total Other Assets 330
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Total Assets $ 67,201
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As of December 31, (in thousands) 2000
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CAPITALIZATION AND LIABILITIES
Capitalization:
Common shares without par value $ 30,674
Additional paid-in-capital -
FAS133 Other comprehensive inc. -
Retained earnings 15,432
Retained earnings - current year 2,879
Dividends: Common shares (5,993)
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Total Capitalization 42,992
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Current Liabilities:
Accounts payable 1,653
Accounts payable - associated companies 6,917
Customer deposits 156
Taxes accrued 978
Interest accrued 31
Notes payable to associated companies 2,000
Other accruals 1,778
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Total Current Liabilities 13,513
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Other:
Deferred income taxes 4,629
Deferred investment tax credits 345
Customer advances 187
Deferred credits 3,620
Regulatory income tax liability 1,915
Non-current deferred revenue -
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Total Other 10,696
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Total Liabilities $ 67,201
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