ML17303B129

Notifies of Transfer of Beneficial Interest by Equity Investor Stated to Be Chase Manhattan Corp

ML17303B129
Person / Time
Site:	Palo Verde
Issue date:	05/14/1988
From:	Edwardsframpto MUDGE, ROSE, GUTHRIE, ALEXANDER & FERDEN
To:	Miraglia F Office of Nuclear Reactor Regulation
References
NUDOCS 8805250084
Download: ML17303B129 (6)

Text

REGUL*T(. INFORMATION DISTRIBUTION ~STEM (BIDS)

ACCESSION NBR: SS05250084 DOC. DATE: 88/05/i4 NOTARIZED: NO DOCKET N FACIL: STN-50-529 Palo Verde Nuclear Stations Unit 2i Arizona Pub AUTH. NAME AUTHOR AFFILIATION li 05000529 FRAMPTONi C. E. Mudgei Rose. Guthriei Alexander 5 Ferden REC IP. NAME RECIPIENT AFFILIATION MIRAGLIAiF. J. Division of Pressur i zed Water Reac tor Licensing B (85i i25

SUBJECT:

Notifies oF transfer in beneficial interest in plant bg Chase Manhattan Corp.

DISTRIBUTION CODE: B005D COPIES RECEIVED: LTR ENCL SIZE:

TITLE: Licensing Submittal: Application/General Info Amdt NOTES: Standardized plant. 05000529 REC 1P IENT COPIES REC IP IENT COPIES ID CODE/NAME LTTR ENCL ID CODE/NAME LTTR ENCL PD5 LA PD5 PD LICITRAe E DAVIS' INTERNAL: ACRS 3 AEOD/DOA AEOD/DSP/TPAB i ARM/D*F/LFMB NRR/DLPG/GAB iO i N STRACT OGC i5-B-i8 i EG F Oi SP EXTERNAL: LPDR 03 NRC PDR NSIC 06 NOTES:

TOTAL NUMBER OF COPIES REGU 1 RED: LTTR 20 ENCL

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MUDGE RosE- GUTHRIE ALExANDER K FERDoN 2I2I K STREETS N.W. I6O MAIDEN LANE SUITE 900m NORTHSRIDGC CCNTRE WASHINGTON, D. 0 Pi 20037 l SIS NORTH FLAGLCR DRIVE 202 429 9355 NEW YORK, N. Y. IOO36 WEST PALM SCACHe FL. 33KOI 305 550 SIOO SUITC 2020 333 SOUTH GRAND AVENUE 2I2-5IO-7000 12, RUE DC LA PAIX LOS ANGCLCS, CALIF. 9007I 75002 PARIS, FRANCE 2 I 3 SI 3 I I I 2 CASLE ADDRESS'ALTUCHINS NEW YORK II) 42. Sl 57. 7I

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TCLCXI WU I27999 TCLCCOPICRI 2I2 249 2555 May 14, 1988 Director of Nuclear Reactor Regulation Attention: Mr. Frank J,. Miraglia, Director Division of Pressurized Water Reactor, Licensing B U. S. Nuclear Regulatory Commission Washington, D.C. 20555 Re: Sale and Leaseback Transactions by Arizona Public Service Company (NRC Docket No. STN 50-529)

Transfer of Beneficial Interest by Eguity Investor Gentlemen:

This letter is being delivered to the Commission in order to give notice of the transfer by the Equity Investor identified below of its beneficial interest in Palo Verde Nuclear Generating Station (" Palo Verde" ) Unit 2 (NRC Docket No. STN 50-529).

On October 16, 1986, Arizona Public Service Company ("APS")

submitted to the Commission a Supplemental Application in Respect of Sale and Leaseback Transactions with respect to its remaining undi-vided ownership interest in Palo Verde Unit 2. Such transactions were subsequently authorized by Amendment No. 6 to Facility Operating License No. NPF-51, issued on December 11, 1986. By letter dated December 5, 1986 to the Director of Nuclear Reactor Regulation, Mudge Rose Guthrie Alexander & Ferdon, on behalf of APS, identified certain prospective Equity Investors who were considering participation'n such transactions. One of such Equity Investors was stated to be The Chase Manhattan Corporation, or "an affiliate thereof".

As previously reported to the Commission, one transaction was subsequently consummated on December 19, 1986, pursuant to a Participation Agreement, dated as of December 15, 1986 (the "Participation Agreement" ). The Equity Investor participating in such transaction was Chase Manhattan Realty Leasing Corporation

(" Chase Leasing" ); an affiliate of The Chase Manhattan Corporation.

Documentation reflecting such transaction was filed with the 6728.5.3288.05:2 8800250084 '0 PDP ADOCK 8 o 0>>9 PDgg P I7O5'/

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On January 4, 1988, APS received notice from Chase Leasing that, effective December 31, 1987, it had transferred its interest as Equity Investor in the above referenced sale and leaseback transac-tion to PV2-APS 150 Corporation, a wholly-owned subsidiary of Chase Leasing. The transfer was made in a manner which is specifically permitted under the Participation Agreement. Also, it should be noted that the transferee falls within the description of the Equity Investor contained in the above-referenced letter of December 5, 1986, that is, the transferee is "an affiliate" of The Chase Manhattan Corporation. The First National Bank of Boston will remain the Owner Trustee for the transaction and the terms of the Facility Lease will not be affected by the transfer. Copies of all documen-tation relating to the above described transfer will be filed with the Commission in due course upon receipt thereof by APS.

If you have any questions, do not hesitate to contact the undersigned at 212-510-7434.

C. Edwards-Frampton cc: Edwin J. Reis,, Esq.

Mr. George W. Knighton William F. Quinn Arthur C. Gehr, Esg.

6728.5.3288.05:2

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