ML20239A002
| ML20239A002 | |
| Person / Time | |
|---|---|
| Site: | Beaver Valley |
| Issue date: | 09/14/1987 |
| From: | Doris Lewis DUQUESNE LIGHT CO., SHAW, PITTMAN, POTTS & TROWBRIDGE |
| To: | NRC OFFICE OF ADMINISTRATION & RESOURCES MANAGEMENT (ARM) |
| Shared Package | |
| ML20239A003 | List: |
| References | |
| NUDOCS 8709170001 | |
| Download: ML20239A002 (77) | |
Text
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, SHAW, PITTMAN, PoTTs & TROWBRIDGE A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATION 2300 N STREET, N. W.
WA$HINGTON, D. C. 20037
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September 14, 1987 U.S. Nuclear Regulatory Commission ATTENTION: Document Control Desk 7920 Norfolk Avenue Bethesda, Maryland 20814 In the Matter of Duquesne Light Company, et al.
(Beaver Valley Power Station, Unit 2)
Docket No. 50-412 Ref: Application for License Amendment and Approval In Connection with Sale and Leaseback Transactions by Duquesne Light Company (July 16, 1987).
Dear Sir:
On July 16, 1987, Duquesne Light Company (DL) filed, on its own behalf, an Application for License Amendment and Approval in Connection with Sale and Leaseback Transactions by DL. The Ap-plication indicated that the equity investors who would be in-volved in the. transactions would be subsequently identified and financial statements provided. To date, the following companies have been identified as potential equity investors, who may par-ticipate either directly or through a non-utility subsidiary:
Investor Potential Investment Commerce Union Corporation up to $ 50 Million First Chicago Corporation up to $200 Million Mellon Bank Corporation up to $150 Million PNC Financial Corporation up to $150 Million Public Service Enterprise Group, Inc, up to $125 Million (a non-utility affiliate of Public Service Electric and Gas Co.) S 6 >
870917o001 870914
{DR ADOCK 05000412PDR b
< i SHAw, PlTTMAN, PoTTs & TROWBRIDGE A PANTNE.RSHIP INCLUDING PROFESSIONAL CORPORATIONS Letter to U.S. Nuclear Regulatory Commission September 14, 1987 PLge 2 Sovran Financial Corporation up to $100 Million Southern California Edison Company up to $250 Million (acting through Mission Financial Management Company or another non-utility subsidiary)
Financial statements for each participant or its corporate parent are attached collectively as Exhibit A. None of the potential equity investors is a foreign corporation.
Among the potential equity investors above are two non-utility affiliates of electric utilities. The Application noted the possibility of participation by affiliates of utilities and stated that in such event DL would submit a memorandum ad-dressing antitrust matters. This memorandum is attached and dem-onstrates that there will be no significant antitrust change war-ranting further review.
Finally, attached for your information as Exhibit C is a draft revision of the.BVPS Operating Agreement, which is being amended as described in the Application and will be signed by the CAPCO companies in the near future. Copies of draft transaction documents will be provided to you for your information under sep-arate cover.
As noted in the Application, the sale and leaseback transac-tions must for tax purposes be completed in September. The NRC ,
published a Federal Register Notice relating to transactions on !
August 12, 1987 (52 Fed. Reg. 29,915), permitting approval of the Application on or after September 11, 1987. Because of the im-portance of these transactions and the benefit to ratepayers, DL respectfully requests that the license amendment authorizing ;he transactions be issued this week.
Sincerely, 1
l David R. Lewis Counsel for Applicants
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- SHAw, PITTM AN, PoTTs &.TROWBRIDGE ;
- e mm:nm ,~ctuo= ,norcaso=*c co-onaro .
i Letter.to U.S. Nuclear Regulatory Commission SeptemberLl4,-1987 l
Page.3 Service List )
i Regional 1 Administrator !
U.S. NRC' Region I' Att'n: Mr. Lowell Tripp 6311 Park Avenue King'of Prussia, PA 19406 i i
Mr. Jim Beall
-NRC Senior Resident. Inspector I Beaver Valley Power Station, Unit 2 PO Box 181 Shippingtport PA 15077 i
Mr. Peter S.ITam ,
Project Manager,l Project Directorate I-4 !
Division of' Reactor. Projects I/II. j U.S. Nuclear Regulatory Commission !
7920 Norfolk Avenue .j Bethesda, Maryland 20814 -
-i Oreste K. Pirfo,.Esq.
Office'of the General Counsel-U.S. Nuclear Regulatory Commission Maryland National Bank Building 7735 Old Georgetown Road-Bethesda,. Maryland 20814:
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/' 9 ' finsncidHig5ighE Dollars in 000 s. except per share 1988 1985 % Change Earnings Net income . . . .. $ 40,063 $ 27.348 + 46% Per Common Share Net income Pomary . . .. . . . $ 2.42 $ 2.12 + 14 Fully diluted. . . . . .. . ... . 2.30 1 91 + 20 Book value at December 31. Pnmary . . . . . 16.19 1398 + 16 Fully diluted. . . . .. 15.89 13 24 + 19 Cash dividends declared. . .. .. . . .58 505 + 15 Ratios ! Based on net income Return on average total assets . . . . 1.11 % 86 % Return on average stockholders' equity .. . 16.35 1551 1 On December 31 Assets . . .. .. . 83,874,731 $3.579.837 + 8 Eaming assets . . . .. . . 3,357,972 3.124.869 + 7 Deposits ,, , .. . . . 3,282,788 3.072.871 t 7 Loans, net of unearned interest . .. .. 2,517,447 2.178.980 + 16 Investment secunties . . . . ... . 547,018 594.740 - 8 Common stockholders' equity . . . . . . ... 269,578 205.230 + 31 Total Year Averages Assets .. .. . .. .... .... 83,806,015 $3,176.520 + 13 Earning assets . .. . . ... . 3,206,479 2 809.328 t 14 Deposits . . . .. 3,017,608 2.625.194 + 15 Loans net of unearned interest . . .. 2,340,000 1.976.004 + 19 investment secunties . .. ... . .. 582,538 543.309 + 7 Common stockholders' equity .. . 244,975 176.354 + 39 I Earnings Per Shar* s2 ao '2 " s2ns sm s2c oo Assuming full ddution 7,, Based on net income es l" ,,, sisio 2 00 24 m te co
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s,su l l Common Stock Price '" At December 31 Last trace pnce si ao
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Cook Value Per Share At December 31 ____ g g l l l l '" E l l l l l l '" Based on common shares outstanding e a sa u as a m l l l l l l *" l l l l l l si a2 sa u as as ao o s2 sa u es u 00
{ w - Leiter to on reno.aere f ]\ l i i l ' ineteen hundred eighty-six was a record q 3 year for Commerce Union Corporation (CUC), a
?1 year in which our results exceeded those of our
, )
9 , major Tennessee competitors and ranked us among g . i.; d, the best-performing major financial institutions in the Southeast.
~
vf We gained recognition for our performance at a time when the financial services industry is in the midst {- O" (y of a cultural transition. At Commerce Union Corpo-ration, we believe the successful companies of the
, future will be those which are customer dnven. The
. j gg .s A challenge is to make this transition in cultures while producing superior financial results.
"' - a We believe that the best way to meet this challenge is through a sincere commitment to planning Since l j - .
1981 we have dedicated ourselves to just such l
, j a process.
In 1986, we refined our planning process by n w zo tc.,.i c ,+: . . .: , " . i .5 p ve instituting a new policy of annually updating our n 1 - ,i: , o,. p: < - ;i , c : ! .. n . - comprehensive three year plan. This means that
, -t # ,cie >
our 1987-1989 plan has the benefit of greater fiexi-u ;,....
- ;. ,.1 ..
n ." a "
. . . c. i , . p s ;. c.
; 3- bility in responding to a continually changing envir-1 ,.,...c .c.,, . . .!.. s. ,
"7 - ,:: c. /. , onment and newly emerging opportunities. By a.,e<,
e
.i o ,: - - A i - ae. planning to meet the challenges and opportunities
< C.- m e. . . c. . . 1 - . e t in our market, CUC is developing a superior posi-n.- g - -
i i.. , , : ... .. tion from which to compete.
. . > . n . , . . . . , , . . . . .
- + .- . . nc- ., ,.
, Based on current forecasts of industry profitabihty and our objective to perform in the upper quartile of the major Southeastern competitors, our goa!s
'> : - . 1 i < : -
- - . r .
for the 1987-1989 plan are to have a 1.25% return on assets and an 18% return on equity by the end of 1989. Additional objectives are to compound the t . ; growth rate of annual operating income faster than the industry and to effect annual improvements in
. . . . , . . . c ; .,. .- : -
return on assets and return on equity. This plan
.- 1 ; ..' :
, .- .- : .; c :
- : . e contains six core strategies, two of which are
. . reviewed in greater detail later in this report For several years we have pursued the strategy of capitalizing on the dynamic growth of the Miadle
. . . . . s . . c
- . - . ?. n - c Tennessee trade area, our pnmary market. In 1986.
marked progress was made in expanding our i . ; - penetration in this market as we announced or consummated acquisitions in four counties of
LJ l l Middle Tennessee and Southern Kentucky. These performance f&ctors were up significantly from i acquisitions place us in more counties in this area 1985's 86% and 15.51%. I than any other competitor and give us the franchise I best positioned to capitalize on the projected 1986 was also a very successful year in terms of growth of the region.1986 expansion brought us to CUC's capital structure. During the first quarter of 4 total coverage of 25 counties across Tennessee the year,600,000 shares of common Stock (now l and Kentucky and 106 offices. 1,200,000 shares after the two-for-one stock split) ) were pnvately placed in Europe for $27.6 million. Net income for 1986 was $40,063,000, up 46% from This additional capital, coupled with strong internally 1985's $27.348,000. Fully diluted earnings per share generated capital, brought CUC's year-end 1986 in 1986 were $2.30, a 20% increase from 1985's $191. primary capital-to-assets ratio to 7.88%, the highest of the major Tennessee bank holding companies The most significant reason for the higher 1986 and among the soundest in the country The corpora-earnings was the $28.4 million, or 20%, increase in tion used $17 million of the equity issue to retire a net interest revenue (taxable equivalent basis). The floating-rate note issue. As of December 31,1986. net interest margin in 1986 was 5.30% versus CUC had a long-term debt-to-equity ratio of only 12.5%. 5 03% for 1985. Revenue and margin increases were achieved despite narrower spreads between In the second quarter of 1986, CUC increased its the prime lending rate and various rates paid for quarterly cash dividend to shareholders of common funds. CUC's 19% increase in average loans con- stock by 15%, from $.13 to $.15 per share. We were pleased to increase the dividend level, and con-etnbuted significantly to the higher 1986 earnings. sistent with past practices, will review the dividend The corporation's provision for loan losses declined level annually.
$452,000 in 1986, or by 3% compared to 1985, reflecting improved credit quality CUC's net loan Success is not just a destination. It is a journey.
charge-offs declined 16% year-to-year. Non- Although we witnessed several important performing assets declined 21%. The reserve for milestones in 1986, we are committed to the loan losses at December 31,1986, was $31.3 continued improvement of your company as set million, up $5 5 million from year-end 1985, and forth in the goals of our 1987-1989 three-year plan represented 1.25% of loans, up from 1.19% a year With the support of our shareholders, the broaden-earlier. The reserve also represented 133% of non- ing base of our customers, and the dedication of performing assets, up from 87% in 1985. our employees, we believe the foundation has been laid for future success and approach 1987 Non-interest revenue continued to be an with optimism. increasingly important contributor to earnings, nsing by $11.5 million, or 36% over 1985. Absent We appreciate your continued support. the investment secunties losses and a 1985 non-recurring gain, recurring non-interest revenue in Respectfully, 1986 increased 24% from 1985, led by strong increases from deposit service charges, trust fees and mortgage fees. Non-interest expenses h
/Obs d '
increased 14% year-to-year, in line with the 14% Dennis C. Bottorff
# growth in average earning assets Chairman and Chief Executive Officer 3
For 1986, CUC surpassed its goal for net income retum on assets and generated a 1.11% return. We achieveo a retum on equity of 16.35%. These key
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. gg gli Highlight 8 1
4 hen a new direction was set for your The Wall Street Joumal recently charactenzed corporation, starting in 1981, it was apparent that a Nashville, CUC's primary base of operations, as the strong commitment to planning would be neces- next Southern boom town. It was indicative of the sary to achieve our goal of becoming a distinctly growing attention now being focused on our home 3 profitable, specialized financial institution. Planning base by observers across the country and around I meant the development and implementation of the world. London's Financial Times stated that various core strategies and the constant monitoring " Tennessee is setting America's agenda for the late
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j of tneir results so that we might be able both to 1980s" and noted that " Thousands of tomorrow's mea :ure our progress and maintain the necessary jobs are coming with a tidal wave of investment" in adaptability to seize new opportunities. the state. Insight magazine says Nashville is
" undergoing an economic explosion."
Set against a backdrop of change in the industry itself, CUC has been a corporation in transition. In Rather than being a sudden phenomenon, however, 1986 it was gratifying to see further evidence that the economic growth of Nashville and the we are managing that transition successfully, as surrounding area has been steady and consistent. evidenced by the highly positive developments Total personal income in the 40 counties of Middle surrounding two of our core strategies: to capitalize Tennessee was $11.5 billion in 1980. Assuming an on the dynamic growth of the Middle Tennessee inflation rate of 4.5% per year, it is expected to market and to shift our business and product mix to increase to $69.9 billion by 2000, outpacing the meet the needs of our target customers. nation by 15%. Over this 20-year span the Nashville MSA population, the heart of the mid-l While CUC's franchise spans the state, we have state, is expected to grow by 46%, approximately accelerated our penetration into the Midd!e double that of the nation. Tennessee trade area. Capital investment in the mid-state in recent years l Each new year brings news that bolsters our offers a dramatic demonstration of the faith that confidence in the decision to concentrate on this corporations and investors large and small, foreign economically vital area and reassures us of the and domestic, have placed in the region. CUC bright future for the Middle Tennessee market area. continues to be a major factor in providing financial Commerce Union Corporation is proud to help fuel resources for this growth. the region's growth and is well-positioned to benefit ' from it. In 1986, we expanded our operations into Planned capital investment of over $1.2 billion was Williamson County in Tennessee, added Christian announced for Tennessee in 1986, with 23,643 County in Kentucky, and announced acquisitions projected job opportunities created as a result. which, when consummated, will allow us to begin Labor Department figures show that Tennessee service to Cheatham and Marshall Counties in tied fo, second place in the nation in percentage of Tennessee. CUC will extend service to all counties job growth during the 12-month period ending in contiguous to Nashville and 15 counties in the August 1986. Middle Tennessee area. e
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sizable number of job opportunities created Nashville's music industry has been the impetus for in recent years has been in the mid-state. General related industries: television production, movies, Motors' Saturn auto plant in Spring Hill near tourism and two major convention centers have all Nashville is expected to employ 3,000 workers in grown out of " Music City's" appeal. In 1985, 1990, earning a total of $100 million annually; 7.1 million tourists and 290,283 convention-goers Nissan Motors, in the Middle Tennessee town of visited the Greater Nashville area, spending Smyrna, already provides jobs for 3,300 workers; approximately $776 million during their stay. There American Airlines' new regional hub in Nashville, were 694 conventions in all. The American Society combined with expansion of the Nashville Metropoli of Association Executrves ranks Nashville 12th in tan Airport terminal, means at least 3,100 additional the nation for preferred convention sites. jobs and over $94 million in wages per year. Over
$1.2 billion has been directly invested in Tennessee Middle Tennessee is anchored by one dominant city, by the Japanese since 1975. Nashville, from which six spokes of interstate high-way branch out, making the hub highly accessible The Nashville / Middle Tennessee region continues to the trace area and 50% of the U.S. population.
to be blessed with a great diversity of industry, one Accessibility to the capital city of Nashviile is of its traditional strengths. Small and independent enhanced by the new airport and its rapidly businesses predominate, and no one industry must expanding air service. The total number of be relied on disproportionately. In the Nashville MSA, passengers boarding and deplaning at Nashville for example, none of the seven major industry Metropolitan Airport increased 57% in 1986 to _ sectors - manufacturing, trade, services, govern- 4.5 million. In the final month of the year, there was l ment, construction, transportation / utilities, or an 86% increase over the previous December. finance / insurance /real estate - accounts for more along with an average of 432 scheduled airline than 24% or less than 5% of total employment. in arrivals and departures, up from 232 a year earlier. 1986, average unemployment stood at 7.1% in the nation as a whole, but measured just 4 9% in the Nashville MSA. E 9 E_________ _ _ - - - - _ - -
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s impressive as they are, of course, the The economic climate of Middle Tennessee and its statistics portray only one dimension The more quality of hfe create uniquely favorable conditions intangible factors that help determine the "quahty of for centering and expanding our Corporation. In Me" enjoyed by Tennesseans are just as real and addition to strengthening our geographic franchise just as important as the quantitative measurements in 194 we made progress in implementing another core strategy: shifting our business and of our success. product mix to better meet the needs of our target interest in the arts and access to the arts have customers. reached new heights in recent years. The magnifi-cent Tennessee Performing Arts Center, located in Accomplishments involving this strategy in 1986 downtown Nashville, provides the setting for included: numerous artists, including a new fu!!y professional ballet company and a resident professional theatre
- Making cash management easier and more company. The Nashville Symphony also performs efficient for over 100 corporate customers through at the center as well as at other gathering places interCOMM, our new direct-access computer such as Centennial Park and Cheekwood, home of banking system.
the Tennessee Botanical Gardens and Fine Arts Center. The art collections at Cheekwood and at
- Enhancing commercial and international services Fisk University's Van Vechten Gallery are among to remain the most heavily involved bank in the the most prized in the South. mid-state area in foreign direct investment by the
_ Japanese; 30% of the 42 Japanese companies in Tennessee gained national recognition for rts tead- Tennessee and 60% of the 25 in the mid-state area ership in education. The recently instituted Better bank with Commerce Union. Schools program provides innovation for the public school system. In 1986, the U.S. Department of . Facilitating the commercial and residential Education named a Nashville school one of the development of Middle Tennessee by increasing best in the country. Of the 1986 Nobel Prize real estate loans in the Nashville office by winners, two were products of Vanderbilt University approximately 50% while maintaining a quakty a'nd Middle Tennessee State University. Nashville, portfolio and conservative approach. alone, is home to 16 colleges and universities. ,,
= Gaining 21% in corporate trust volume over 1985 CUC maintains an active role in the arts and and experiencing the largest increase to date in education and is recognized statewide and new national trust business.
nationally for its contribution to quality of life. For the eighth consecutse year, Commerce Union won a CUC is proud to reflect on solid achievements in Nashville Area Chamber of Commerce " Business 1986, both in serving our primary geographical in the Arts" award. Our pioneer programs in pre- base and in maximizing opportunities in special school education, added to ongoing support for areas of emphasis. These achievements and our public and private hstitutions, help build quality continued progress are indicative ol our planning education at all levels. and strategy development at work. Z
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