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Net cash used in financing activities was $24.8 million in 2017 compared with $4.1 million in 2016. Financing activities in 2017 included a $69.5 million increase in net short-term borrowings under OTP’s credit agreement, of which $33.0 million was used to redeem OTP’s 5.95% Senior Unsecured Series A Notes which matured on August 20, 2017. The additional short-term borrowings were used to fund a portion of OTP’s 2017 capital expenditures. Operating cash flows from our Manufacturing and Plastic’s segments were used to repay an additional $15.2 million in long-term debt related to those operations. Financing activities in 2017 also included $2.4 million from an increase in checks written in excess of cash and $4.3 million in net proceeds from the issuance of common stock under our automatic dividend reinvestment and share purchase plan, partially offset by $1.8 million in stock repurchases related to tax withholding requirements for stock incentive awards. See note 5 to the consolidated financial statements for further information on stock issuances and retirements in 2017. We paid common stock dividends of $50.6 million in 2017 compared with $48.2 million in 2016.
Metra buses assigned to 18 fixed routes are on the streets 15 to 19 hours per day, Monday through Friday and work 15 routes on Saturday. Buses operate from 4:30 a.m. to 11:30 p.m. Monday through Saturday.
Renewable Resource Adjustment—OTP has a NDRRA rider which enables OTP to recover the North Dakota share of its investments in renewable energy facilities it owns in North Dakota. This rider allows OTP to recover costs associated with new renewable energy projects as they are completed, along with a return on investment. OTP submitted its 2015 annual update to the NDRRA rider rate on December 31, 2015 with a requested implementation date of April 1, 2016. On February 25, 2016 OTP made a supplemental filing to address the impact of bonus depreciation for income taxes and related deferred tax assets on the NDRRA, as well as an adjustment to the estimated amount of federal production tax credits (PTCs) used. The NDPSC approved the NDRRA 2015 annual update on June 22, 2016 with an effective date of July 1, 2016. The updated NDRRA reflected a reduction in the ROE component of the rate from 10.75%, approved in OTP’s 2008 general rate case, to 10.50%. OTP submitted its 2016 annual update to the NDRRA rider rate on December 30, 2016, requesting a decrease to the NDRRA rate from 7.573% to 7.005%. The NDPSC approved the NDRRA 2016 annual update on March 15, 2017 with an effective date of April 1, 2017.
In December 2017 the TCJA was enacted. The TCJA includes a number of changes to existing U.S. tax laws that impact the Company, most notably a reduction of the federal corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017.
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Under the 2007 Note Purchase Agreement and 2011 Note Purchase Agreement, OTP may not permit the ratio of its Consolidated Debt to Total Capitalization to be greater than 0.60 to 1.00 or permit its Interest and Dividend Coverage Ratio to be less than 1.50 to 1.00, in each case as provided in the related borrowing agreement, and OTP may not permit its Priority Debt to exceed 20% of its Total Capitalization, as provided in the related agreement.
Nigeria’s government says it’s serious about transforming Ajaokuta from an embarrassment into a viable asset. The plant’s biggest booster is Kayode Fayemi, the mines and steel development minister. While Fayemi concedes, with significant understatement, that the first 30-plus years of Ajaokuta “didn’t quite work out as planned, which is the Nigerian story sometimes,” he said fixing it is now a national priority.
NORFOLK – The Allied Health Division at Northeast Community College will offer another Heart Code – BLS for Healthcare Provider Online & Skills Session course, beginning soon.
On October 29, 2012 OTP entered into a Second Amended and Restated Credit Agreement (the OTP Credit Agreement), providing for an unsecured $170 million revolving credit facility that may be increased to $250 million on the terms and subject to the conditions described in the OTP Credit Agreement. On October 31, 2018 the OTP Credit Agreement was amended to extend its expiration date by one year from October 31, 2022 to October 31, 2023. OTP can draw on this credit facility to support the working capital needs and other capital requirements of its operations, including letters of credit in an aggregate amount not to exceed $50 million outstanding at any time. Borrowings under this line of credit bear interest at LIBOR plus 1.25%, subject to adjustment based on the ratings of OTP’s senior unsecured debt or the issuer rating if a rating is not provided for the senior unsecured debt. OTP is required to pay commitment fees based on the average daily unused amount available to be drawn under the revolving credit facility. The OTP Credit Agreement contains a number of restrictions on the business of OTP, including restrictions on its ability to merge, sell assets, make investments, create or incur liens on assets, guarantee the obligations of any other party, and engage in transactions with related parties. The OTP Credit Agreement also contains affirmative covenants and events of default, and financial covenants as described below under the heading ‘Financial Covenants.’ The OTP Credit Agreement does not include provisions for the termination of the agreement or the acceleration of repayment of amounts outstanding due to changes in OTP’s credit ratings. OTP’s obligations under the OTP Credit Agreement are not guaranteed by any other party.
A $2.5 million decrease in North Dakota Environmental Cost Recovery (ECR) rider revenues due to a reduction in the return on equity component of the North Dakota rider from 10.75% in 2017 to 9.77% in 2018, lower federal taxes being recovered through the riders and a lower investment balance for environmental upgrades due to depreciation.
Companhia Siderúrgica Nacional operates as an integrated steel producer in Brazil. It operates through Steel, Mining, Logistics, Cement, and Energy segments. It offers steel products, such as coated sheets, galvanized steel, pre-painted steel, metal sheets, and flat and long steel products for automotive, civil construction, packaging, appliances, OEM, and distribution markets. It also provides steel cutting services. In addition, it explores for iron ore reserves at Casa de Pedra and Engenho mines in Brazil; produces and sells cement; provides rail, road, and port logistics services; and manages thermal co-generation and hydroelectric power plants. Further, the company exports its products. Companhia Siderúrgica Nacional was founded in 1941 and is headquartered in Sao Paulo, Brazil. Companhia Siderúrgica Nacional is a subsidiary of Vicunha Aços S.A.
Nigeria U20 1 Mali U20 1 (aet, 3-4 on penalties): Toure seals shoot-out glory for the Eagles | 3/4" Gi Pipe Related Video:
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