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From the makers of 
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This excerpt taken from the SO 10-K filed Feb 27, 2007. Financing
Activities
During 2006, the Company issued $200 million of
30-year
unsecured long-term senior notes. The proceeds of the issuance
were used to repay a portion of the Company’s outstanding
short-term indebtedness and for other general corporate
purposes, including the Company’s continuous construction
program. In conjunction with issuing the securities, the Company
terminated $200 million in interest swaps at a cost of
$8.1 million. This cost will be amortized over a
10-year
period.
The issuance of all securities by the Company is generally
subject to regulatory approval by the FERC. Additionally, with
respect to the public offering of securities, the Company files
registration statements with the SEC under the Securities Act of
1933, as amended (1933 Act). The amounts of securities
authorized by the FERC, as well as the amounts registered under
the 1933 Act, are continuously monitored and appropriate filings
are made to ensure flexibility in the capital markets.
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