IPO - NEW YORK STATE ELECTRIC & GAS CORP

Form Type: CORRESP

Filing Date: 2025-01-28

Corporate Action: Ipo

Type: New

Accession Number: 000119312525014170

Filing Summary: New York State Electric & Gas Corporation, along with NYSEG Storm Funding, LLC, has requested the Securities and Exchange Commission to accelerate the effective date of their Registration Statement on Form SF-1, filed on January 8, 2025. The firms involved in the underwriting, including J.P. Morgan Securities LLC, BofA Securities, Inc., and Citigroup Global Markets Inc., have collectively indicated that they wish the Registration Statement to be effective on January 30, 2025, at 12:00 noon Eastern Time or as soon as possible thereafter. The anticipated distribution of the preliminary prospectus is set between January 30, 2025, and February 14, 2025, with approximately 1500 copies expected to be distributed to underwriters, institutional investors, and others involved in the offering.

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Form Type: SF-1/A

Filing Date: 2025-01-08

Corporate Action: Ipo

Type: New

Accession Number: 000119312525003177

Filing Summary: On January 8, 2025, New York State Electric & Gas Corporation filed an amendment to its registration statement under the Securities Act of 1933 to offer $710,600,000 in Recovery Bonds, Series 2025-A. The offering consists of three tranches aimed at financing through secured obligations supported by 'recovery property.' These bonds are designed to be paid through charges levied on electric utility customers within New York as per the approval from the State of New York Public Service Commission. The recovery bonds will not be obligations of the State of New York and are scheduled to pay principal and interest semi-annually. This amendment is part of the preparations for a public sale as permitted by the ongoing regulations and includes provisions regarding risk factors and terms of distribution.

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