20251105Decision Memo.pdf

DECISION MEMORANDUM
TO: COMMISSIONER LODGE
COMMISSIONER HAMMOND
COMMISSIONER HARDIE
COMMISSION SECRETARY
COMMISSION STAFF
LEGAL
FROM: JEFFREY R. LOLL
DEPUTY ATTORNEY GENERAL
DATE: NOVEMBER 5, 2025
SUBJECT: IN THE MATTER OF THE APPLICATION OF INTERMOUNTAIN GAS
COMPANY FOR AUTHORIZATION TO ISSUE AND SELL SECURITIES;
CASE NO. INT-G-25-03.
On May 9, 2025, Intermountain Gas Company ("Company") applied to the Idaho Public
Utilities Commission("Commission")under Idaho Code §§ 61-901, et seq., for authority to issue
and sell up to $50 million of unsecured notes between the months of July and October of 2025
with maturity dates ranging from five to forty years ("Application"). Application at 2. The
Company represented the securities will be used for one or more of the following: (1)refinancing
existing debt; (2) funding of capital expenditures; and (3) general corporate purposes. Id. at 3. On
June 3, 2025, the Commission issued Order No. 36627 approving the Application as filed.
On October 31, 2025, the Company filed a Motion to Confirm or Expand Timing of
Securities Issuance ("Motion") requesting the Commission extend the authorized time-period for
securities issuance. The Company represents that due to unforeseen circumstances, it anticipates
issuing and selling some of the unsecured notes in November 2025 instead of October 2025.
Motion at 1. To guard against further unforeseen delays and the need to request further extensions,
the Company seeks authority to issue and sell the unsecured notes until December 31, 2025.Id. at
2.
STAFF ANALYSIS AND RECOMMENDATION
An extension of the Order No. 36627 deadline for the Company's debt issuance does not
materially alter Commission Staffs ("Staff') prior analysis and recommendation of approval.
Therefore, Staff recommends that the Commission grant the Company's Motion and issue an order
DECISION MEMORANDUM 1

authorizing the Company to continue issuing the$50 million of debt approved in Order No. 36627
through December 31, 2025. Staff also recommends that the Commission reaffirm its direction
that: (1)the Company file with the Commission the loan documents showing the amount borrowed
and all other terms of the loan within seven days of those documents being available and (2) the
Company continue to file quarterly reports that include date of issuance,principal amount, date of
maturity, and identity of payee.
COMMISSION DECISION
Does the Commission wish to grant the Company's Motion and issue an order authorizing
the Company to continue issuing the $50 million of debt approved in Order No. 36627 through
December 31, 2025?
Does the Commission wish to reaffirm its direction that: (1) the Company file with the
Commission the loan documents showing the amount borrowed and all other terms of the loan
within seven days of those documents being available and (2) the Company continue to file
quarterly reports that include date of issuance, principal amount, date of maturity, and identity of
payee?
.L Q
Jeffre"if R. toll
Deputy Attorney General
I:\Lega]\GAS\ZZZ_CLOSED GAS\2025\INTG2503_securities\INTG2503_dec2;l.docx
DECISION MEMORANDUM 2