[Federal Register: May 7, 1999 (Volume 64, Number 88)]
[Notices]               
[Page 24687-24688]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07my99-134]

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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