NY Greenlights Niagara Mohawk's Bid To Issue $1.6B In Debt

Law360, New York (September 17, 2012, 7:02 PM EDT) -- New York regulators said Friday that Niagara Mohawk Power Corp., owned by U.K.-headquartered National Grid PLC, can issue up to $1.6 billion in new, long-term financing to improve its debt picture and fund the construction of a new upstate plant. 

The Syracuse-based utility told the New York State Public Service Commission in June that its need to raise capital through 2016 was urgent because, among other reasons, it has $500 million worth of debt coming due in November.

Niagara Mohawk, which had more than $3.8 billion...
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