BKH » Topics » Guarantees

This excerpt taken from the BKH 10-Q filed May 11, 2009.

Guarantees

 

See Note 6 to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

 

These excerpts taken from the BKH 10-K filed Mar 2, 2009.

Guarantees

 

We provide various guarantees supporting certain of our subsidiaries under specified agreements or transactions. At December 31, 2008, we had guarantees totaling $83.4 million in place. Of the $83.4 million, $77.0 million was related to performance obligations under subsidiary contracts and $6.4 million was related to indemnification for reclamation and surety bonds of subsidiaries. For more information on these guarantees, see Note 19 to Consolidated Financial Statements in this Annual Report on Form 10-K.

 

As of December 31, 2008, we had the following guarantees in place (in thousands):

 

 

Outstanding at

Year

Nature of Guarantee

December 31, 2008

Expiring

 

 

 

 

Guarantee obligations of Enserco under an agency agreement

$

7,000

2009

Guarantees for payment of obligations arising from commodity-related

 

 

 

physical and financial transactions by Black Hills Utility Holdings

 

70,000

Ongoing

Indemnification for subsidiary reclamation/surety bonds

 

6,377

Ongoing

 

$

83,377

 

 

Guarantees



 



We provide various guarantees supporting certain of our subsidiaries under specified agreements or transactions. At December 31, 2008, we had guarantees totaling $83.4 million in place. Of the $83.4 million, $77.0 million was related to performance obligations under subsidiary contracts and $6.4 million was related to indemnification for reclamation and surety bonds of subsidiaries. For more information on these guarantees, see Note 19 to Consolidated Financial Statements in this Annual Report on Form 10-K.



 



As of December 31, 2008, we had the following guarantees in place (in thousands):



 













































 


Outstanding at


Year


Nature of Guarantee


December 31, 2008


Expiring


 


 


 


 


Guarantee obligations of Enserco under an agency agreement


$


7,000


2009


Guarantees for payment of obligations arising from commodity-related


 


 


 


physical and financial transactions by Black Hills Utility Holdings


 


70,000


Ongoing


Indemnification for subsidiary reclamation/surety bonds


 


6,377


Ongoing


 


$


83,377


 




 



These excerpts taken from the BKH 10-K filed Feb 29, 2008.

Guarantees

 

We provide various guarantees supporting certain of our subsidiaries under specified agreements or transactions. At December 31, 2007, we had guarantees totaling $169.0 million in place. Of the $169.0 million, $141.0 million was related to guarantees associated with subsidiaries’ debt to third parties, which are recorded as liabilities on the Consolidated Balance Sheets, $24.0 million was related to performance obligations under subsidiary contracts and $4.0 million was related to indemnification for reclamation and surety bonds of subsidiaries. For more information on these guarantees, see Note 19 of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K.

 

As of December 31, 2007, we had the following guarantees in place (in thousands):

 

 

Outstanding at

Year

Nature of Guarantee

December 31, 2007

Expiring

 

 

 

 

Guarantee obligations under the Wygen I Plant Lease

$

111,018

2008

Guarantee obligations of Enserco under an agency agreement

 

7,000

2008

Guarantee payments of Las Vegas II to NPC under a

 

 

 

power purchase agreement

 

5,000

2013

Guarantee of Black Hills Colorado project debt for Valmont and

 

 

 

Arapahoe plants

 

30,000

2013

Guarantee for obligations and damages, if any, due under a power

 

 

 

purchase agreement with Public Service Company of New Mexico

 

 

 

related to the Valencia plant

 

12,000

2028

Indemnification for subsidiary reclamation/surety bonds

 

4,014

Ongoing

 

$

169,032

 

 

Guarantees



 



We provide various guarantees supporting certain of our subsidiaries under specified agreements or transactions. At December 31, 2007, we had guarantees totaling $169.0 million in place. Of the $169.0 million, $141.0 million was related to guarantees associated with subsidiaries’ debt to third parties, which are recorded as liabilities on the Consolidated Balance Sheets, $24.0 million was related to performance obligations under subsidiary contracts and $4.0 million was related to indemnification for reclamation and surety bonds of subsidiaries. For more information on these guarantees, see Note 19 of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K.



 



As of December 31, 2007, we had the following guarantees in place (in thousands):



 











































































 


Outstanding at


Year


Nature of Guarantee


December 31, 2007


Expiring


 


 


 


 


Guarantee obligations under the Wygen I Plant Lease


$


111,018


2008


Guarantee obligations of Enserco under an agency agreement


 


7,000


2008


Guarantee payments of Las Vegas II to NPC under a


 


 


 


power purchase agreement


 


5,000


2013


Guarantee of Black Hills Colorado project debt for Valmont and


 


 


 


Arapahoe plants


 


30,000


2013


Guarantee for obligations and damages, if any, due under a power


 


 


 


purchase agreement with Public Service Company of New Mexico


 


 


 


related to the Valencia plant


 


12,000


2028


Indemnification for subsidiary reclamation/surety bonds


 


4,014


Ongoing


 


$


169,032


 




 



This excerpt taken from the BKH 10-Q filed Nov 9, 2007.

Guarantees

 

During the nine months ended September 30, 2007, we had the following changes to our guarantees:

 

Extinguished two guarantees totaling $24.2 million at December 31, 2006 related to the payment and performance under our GE Capital debt obligations. Our outstanding debt obligations with GE Capital were paid on April 30, 2007;

 

 

The $0.3 million guarantee for the payments of Black Hills Power under various transactions with Idaho Power Company expired on March 1, 2007;

 

 

The $3.0 million guarantee for the payments of Cheyenne Light under various transactions with Questar Energy Trading Company expired on March 31, 2007;

 

 

Issued a guarantee for obligations and damages, if any, due by Valencia under a power purchase agreement with Public Service Company of New Mexico for up to $12.0 million expiring in 2028;

 

 

Issued a guarantee for up to $7.0 million related to the obligations of Enserco under an agency agreement whereby Enserco provides services to structure up to $100.0 million of certain transactions involving the buying, selling, transportation and storage of natural gas on behalf of another energy company and which expires in 2008; and

 

 

Extinguished a $10.0 million guarantee under the Las Vegas I Power Purchase and Sales Agreement on September 25, 2007.

 

This excerpt taken from the BKH 10-Q filed Aug 9, 2007.

Guarantees

 

During the six months ended June 30, 2007, we had the following changes to our guarantees:

 

     Extinguished two guarantees totaling $24.2 million at December 31, 2006 related to the payment and performance under our GE Capital debt obligations. Our outstanding debt obligations with GE Capital were paid on April 30, 2007;

 

     The $0.3 million guarantee for the payments of Black Hills Power under various transactions with Idaho Power Company expired on March 1, 2007;

 

     The $3.0 million guarantee for the payments of Cheyenne Light under various transactions with Questar Energy Trading Company expired on March 31, 2007;

 

     Issued a guarantee for obligations and damages, if any, due by Valencia under a power purchase agreement with Public Service Company of New Mexico for up to $12.0 million and expiring in 2028; and

 

     Issued a guarantee for up to $7.0 million related to the obligations of Enserco under an agency agreement whereby Enserco provides services to structure up to $100.0 million of certain transactions involving the buying, selling, transportation and storage of natural gas on behalf of another energy company and which expires in 2008.

 

This excerpt taken from the BKH 10-K filed Mar 1, 2007.

Guarantees

 

We provide various guarantees supporting certain of our subsidiaries under specified agreements or transactions. At December 31, 2006, we had guarantees totaling $189.6 million in place. Of the $189.6 million, $165.2 million was related to guarantees associated with subsidiaries’ debt to third parties, which are recorded as liabilities on the Consolidated Balance Sheets, $20.3 million was related to performance obligations under subsidiary contracts and $4.1 million was related to indemnification for reclamation and surety bonds of subsidiaries. For more information on these guarantees, see Note 19 of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K.

 

As of December 31, 2006, we had the following guarantees in place (in thousands):

 

 

Outstanding at

Year

Nature of Guarantee

December 31, 2006

Expiring

 

 

 

 

Guarantee payments under the Las Vegas I Power Purchase and

 

 

Upon 5 days

Sales Agreement with Sempra Energy Solutions

$

10,000

written notice

Guarantee payments of Black Hills Power under various transactions

 

 

 

with Idaho Power Company

 

250

2007

Guarantee of payments of Cheyenne Light under various transactions

 

 

 

with Tenaska Marketing Ventures

 

2,000

2007

Guarantee of payments of Cheyenne Light under various transactions

 

 

 

with Questar Energy Trading Company

 

3,000

2007

Guarantee obligations under the Wygen I Plant Lease

 

111,018

2008

Guarantee payment and performance under credit agreements for

 

 

 

two combustion turbines

 

24,214

2010

Guarantee payments of Las Vegas II to NPC under a

 

 

 

power purchase agreement

 

5,000

2013

Guarantee of Black Hills Colorado project debt for Valmont and

 

 

 

Arapahoe plants

 

30,000

2013

Indemnification for subsidiary reclamation/surety bonds

 

4,115

Ongoing

 

$

189,597

 

 

This excerpt taken from the BKH 10-Q filed Nov 9, 2006.

Guarantees

 

During the nine months ended September 30, 2006 the Company had the following changes to its guarantees:

 

      Issued a Guarantee for the payment obligations for the Valmont and Arapahoe project financing floating rate debt of Black Hills Colorado, LLC, to the Bank of Nova Scotia, as administrative agent, for up to $30 million, expiring in 2013.

 

      Issued and amended a Guarantee for payment under various transactions by Cheyenne Light with Tenaska Marketing Ventures for $2.0 million, expiring in 2007.

 

      Issued an Amended and Restated Guarantee in favor of Wygen Funding, Limited Partnership, which continues the Company’s guarantee obligations under the Wygen I plant lease.

 

      Extinguished a guarantee of up to $3.0 million of Enserco Energy Inc.’s obligations to Fortis Capital Corp. and other lenders under its credit facility.

 

      Expiration of a guarantee of an interest rate swap transaction with Union Bank of California.

 

At September 30, 2006, we had guarantees totaling $187.9 million in place.

 

This excerpt taken from the BKH 10-Q filed Aug 9, 2006.

Guarantees

 

During the six months ended June 30, 2006 the Company had the following changes to its guarantees:

 

      Issued a Guarantee for payment under various transactions by Cheyenne Light with Tenaska Marketing Ventures for $2.0 million, expiring in 2006.

 

      Issued an Amended and Restated Guarantee in favor of Wygen Funding, Limited Partnership, which continues the Company’s guarantee obligations under the Wygen I plant lease.

 

      Extinguished a guarantee of up to $3.0 million of Enserco Energy Inc.’s obligations to Fortis Capital Corp. and other lenders under its credit facility.

 

At June 30, 2006, we had guarantees totaling $158.5 million in place.

 

In addition, as of July 12, 2006, the Company has guaranteed $30 million of the payment obligations for the Valmont and Arapahoe project financing floating rate debt of Black Hills Colorado, LLC, to the Bank of Nova Scotia, as administrative agent.

 

 

48

 

 

 

This excerpt taken from the BKH 10-K filed Mar 16, 2006.

Guarantees

 

We provide various guarantees supporting certain of our subsidiaries under specified agreements or transactions. At December 31, 2005, we had guarantees totaling $162.5 million in place. Of the $162.5 million, $137.2 million was related to guarantees associated with subsidiaries’ debt to third parties, which are recorded as liabilities on the Consolidated Balance Sheets, $19.9 million was related to performance obligations under subsidiary contracts and $5.4 million was related to indemnification for reclamation and surety bonds of subsidiaries. For more information on these guarantees, see Note 21 of our Notes to Consolidated Financial Statements.

 

As of December 31, 2005, we had the following guarantees in place (in thousands):

 

 

Outstanding at

Year

Nature of Guarantee

December 31, 2005

Expiring

 

 

 

 

Guarantee payments under the Las Vegas Cogen I Power Purchase and

 

 

Upon 5 days

Sales Agreement with Sempra Energy Solutions

$

10,000

written notice

Guarantee of certain obligations under Enserco’s credit facility

 

3,000

2006

Guarantee of obligation of Las Vegas Cogen II under an interconnection

 

 

 

and operation agreement

 

750

2006

Guarantee of interest rate swap transaction with Union Bank of

 

 

 

California

 

930

2006

Guarantee payments of Black Hills Power under various transactions

 

 

 

with Idaho Power Company

 

250

2006

Guarantee obligations under the Wygen I Plant Lease

 

111,018

2008

Guarantee payment and performance under credit agreements for

 

 

 

two combustion turbines

 

26,213

2010

Guarantee payments of Las Vegas Cogen II to Nevada Power Company

 

 

 

under a power purchase agreement

 

5,000

2013

Indemnification for subsidiary reclamation/surety bonds

 

5,374

Ongoing

 

$

162,535

 

 

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