Garrison Capital, Inc., et al.; Notice of Application, 53466-53467 [2014-21381]
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53466
Federal Register / Vol. 79, No. 174 / Tuesday, September 9, 2014 / Notices
and as such do not require an
environmental assessment. The
exemption from the requirement to have
an STA in place is eligible for
categorical exclusion under 10 CFR
51.22(c)(25)(vi)(H), which provides that
exemptions from surety, insurance, or
indemnification requirements are
categorically excluded if the exemption
would not result in any significant
hazards consideration; change or
increase in the amount of any offsite
effluents; increase in individual or
cumulative public or occupational
radiation exposure; construction
impacts; or increase in the potential for
or consequence from radiological
accidents. The staff finds that the STA
exemption involves surety, insurance
and/or indemnity requirements and that
granting Uranerz this temporary
exemption from the requirement of
establishing a STA would not result in
any significant hazards or increases in
offsite effluents, radiation exposure,
construction impacts, or potential
radiological accidents. Therefore, an
environmental assessment is not
required.
IV. Conclusions
tkelley on DSK3SPTVN1PROD with NOTICES
Accordingly, the NRC has determined
that, pursuant to 10 CFR 40.14(a), the
temporary exemption is authorized by
law, will not present an undue risk to
the public health and safety, is
consistent with the common defense
and security, and is in the public
interest. Therefore, the NRC hereby
grants Uranerz a temporary exemption
from the requirement in 10 CFR part 40,
appendix A, Criterion 9, to set up an
STA to receive funds in the event the
NRC or the State regulatory agency
exercises is right to collect the surety.
This exemption will expire on
December 31, 2016. At that time,
Uranerz will be required to ensure that
its financial assurance arrangement is in
compliance with the NRC’s STA
requirements.
Dated at Rockville, Maryland, this 28th day
of August 2014.
For the Nuclear Regulatory Commission.
Andrew Persinko,
Deputy Director, Decommissioning and
Uranium Recovery Licensing Directorate,
Division of Waste Management and
Environmental Protection, Office of Federal
and State Materials and Environmental
Management Programs.
[FR Doc. 2014–21413 Filed 9–8–14; 8:45 am]
BILLING CODE 7590–01–P
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SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
Washington, DC 20549–2736.
Extension: Form 10–D, SEC File No. 270–
544, OMB Control No. 3235–0604.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on this collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for approval.
Form 10–D is a periodic report used
by asset-backed issuers to file
distribution and pool performance
information pursuant to Rule 13a–17 (17
CFR 240.13a–17) or Rule 15d–17 (17
CFR 240.15d–17) of the Securities
Exchange Act of 1934 (‘‘Exchange
Act’’)(15 U.S.C. 78a et seq.). The form is
required to be filed within 15 days after
each required distribution date on the
asset-backed securities, as specified in
the governing documents for such
securities. The information provided by
Form 10–D is mandatory and all
information is made available to the
public upon request. Form 10–D takes
approximately 30 hours per response to
prepare and is filed by approximately
2,169 respondents. Each respondent
files an estimated 6 Form 10-Ds per year
for a total of 13,014 responses. We
estimate that 75% of the 30 hours per
response (22.5 hours) is prepared by the
company for a total annual reporting
burden of 292,815 hours (22.5 hours per
response × 13,014 responses).
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
An agency may not conduct or
sponsor, and a person is not required to
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respond to, a collection of information
unless it displays a currently valid
control number.
Please direct your written comment to
Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549 or send an email to:
PRA_Mailbox@sec.gov.
Dated: September 3, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–21366 Filed 9–8–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
31240; 812–14320]
Garrison Capital, Inc., et al.; Notice of
Application
September 3, 2014.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under section 6(c) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
18(a) and 61(a) of the Act.
AGENCY:
Garrison Capital Inc.
(‘‘Company’’), Garrison Capital SBIC LP
(‘‘Garrison SBIC’’), Garrison Capital
Advisers LLC (‘‘Garrison Adviser’’),
Garrison Capital SBIC Holdco Inc.
(‘‘Holdco’’) and Garrison Capital SBIC
General Partner LLC (‘‘General
Partner’’).
SUMMARY OF THE APPLICATION: The
Company requests an order to permit it
to adhere to a modified asset coverage
requirement.
FILING DATES: The application was filed
June 6, 2014.
HEARING OR NOTIFICATION OF HEARING: An
order granting the application will be
issued unless the Commission orders a
hearing. Interested persons may request
a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on September 29, 2014 and
should be accompanied by proof of
service on the Applicants, in the form
of an affidavit or, for lawyers, a
certificate of service. Hearing requests
should state the nature of the writer’s
interest, the reason for the request, and
the issues contested. Persons who wish
to be notified of a hearing may request
notification by writing to the
Commission’s Secretary.
APPLICANTS:
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Federal Register / Vol. 79, No. 174 / Tuesday, September 9, 2014 / Notices
Secretary, U.S. Securities
and Exchange Commission, 100 F
Street, NE., Washington, DC 20549–
1090. Applicants: Julian Weldon,
Garrison Capital, Inc., 1290 Avenue of
the Americas, Suite 914, New York, NY
10104.
FOR FURTHER INFORMATION CONTACT:
Emerson Davis, Senior Counsel, at (202)
551–6868, or Daniele Marchesani,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site by searching for the file
number, or for an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
Applicants’ Representations:
1. The Company, a Delaware
corporation, is an externally managed,
non-diversified, closed-end
management investment company that
has elected to be regulated as a business
development company (‘‘BDC’’) under
the Act.1 The Company’s investment
objective is to provide its stockholders
with both current income and capital
appreciation primarily through debt
investments and, to a lesser extent,
equity investments. Garrison Adviser, a
Delaware limited liability company, is
the investment adviser to the Company.
The Investment Adviser is registered
under the Investment Advisers Act of
1940, as amended.
2. Garrison SBIC, a Delaware limited
partnership, has received a ‘‘green light
letter’’ from the Small Business
Administration (‘‘SBA’’) and intends to
submit an application to the SBA for a
small business investment company
(‘‘SBIC’’) license to operate under the
Small Business Investment Act of 1958
(‘‘SBIA’’). Garrison SBIC expects to rely
on the exclusion from the definition of
investment company contained in
section 3(c)(7) of the Act. The Company
currently owns a 99% limited
partnership interest in Garrison SBIC.
The General Partner, a Delaware limited
liability company, is the general partner
of Garrison SBIC. The General Partner
owns 1% of Garrison SBIC in the form
of a general partner interest. The
Company currently holds 100 percent of
the shares of Holdco, which holds a one
tkelley on DSK3SPTVN1PROD with NOTICES
ADDRESSES:
1 Section 2(a)(48) defines a BDC to be any closedend investment company that operates for the
purpose of making investments in securities
described in section 55(a)(1) through 55(a)(3) of the
Act and makes available significant managerial
assistance with respect to the issuers of such
securities.
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percent membership interest in the
General Partner.
Applicants’ Legal Analysis:
1. The Company requests an
exemption pursuant to section 6(c) of
the Act from the provisions of sections
18(a) and 61(a) of the Act to permit it
to adhere to a modified asset coverage
requirement with respect to any direct
or indirect wholly-owned subsidiary of
the Company that is licensed by the
SBA to operate under the SBIA as a
SBIC and relies on Section 3(c)(7) for an
exemption from the definition of
‘‘investment company’’ under the 1940
Act (each, a ‘‘SBIC Subsidiary’’).2
Applicants state that companies
operating under the SBIA, such as the
SBIC Subsidiary, will be subject to the
SBA’s substantial regulation of
permissible leverage in their capital
structure.
2. Section 18(a) of the Act prohibits a
registered closed-end investment
company from issuing any class of
senior security or selling any such
security of which it is the issuer unless
the company complies with the asset
coverage requirements set forth in that
section. Section 61(a) of the Act makes
section 18 applicable to BDCs, with
certain modifications. Section 18(k)
exempts an investment company
operating as an SBIC from the asset
coverage requirements for senior
securities representing indebtedness
that are contained in section 18(a)(1)(A)
and (B).
3. Applicants state that the Company
may be required to comply with the
asset coverage requirements of section
18(a) (as modified by section 61(a)) on
a consolidated basis because the
Company may be deemed to be an
indirect issuer of any class of senior
security issued by Garrison SBIC or
another SBIC Subsidiary. Applicants
state that applying section 18(a) (as
modified by section 61(a)) on a
consolidated basis generally would
require that the Company treat as its
own all assets and any liabilities held
directly either by itself, by Garrison
SBIC, or by another SBIC Subsidiary.
Accordingly, the Company requests an
order under section 6(c) of the Act
exempting the Company from the
provisions of section 18(a) (as modified
by section 61(a)), such that senior
securities issued by each SBIC
Subsidiary that would be excluded from
the SBIC Subsidiary’s asset coverage
ratio by section 18(k) if it were itself a
BDC would also be excluded from the
53467
Company’s consolidated asset coverage
ratio.
4. Section 6(c) of the Act, in relevant
part, permits the Commission to exempt
any transaction or class of transactions
from any provision of the Act if and to
the extent that such exemption is
necessary or appropriate in the public
interest and consistent with the
protection of investors and the purposes
fairly intended by the policy and
provisions of the Act. Applicants state
that the requested relief satisfies the
section 6(c) standard. Applicants
contend that, because the SBIC
Subsidiary would be entitled to rely on
section 18(k) if it were a BDC itself,
there is no policy reason to deny the
benefit of that exemption to the
Company.
Applicants’ Condition:
Applicants agree that any order
granting the requested relief will be
subject to the following condition:
The Company shall not issue or sell
any senior security, and the Company
shall not cause or permit Garrison SBIC
or any other SBIC Subsidiary to issue or
sell any senior security of which the
Company, Garrison SBIC or any other
SBIC Subsidiary is the issuer except to
the extent permitted by section 18 (as
modified for BDCs by section 61) of the
Act; provided that, immediately after
the issuance or sale by any of the
Company, Garrison SBIC or any other
SBIC Subsidiary of any such senior
security, the Company, individually and
on a consolidated basis, shall have the
asset coverage required by section 18(a)
of the Act (as modified by section 61(a)).
In determining whether the Company
has the asset coverage on a consolidated
basis required by section 18(a) of the
Act (as modified by section 61(a)), any
senior securities representing
indebtedness of a SBIC Subsidiary if
that SBIC Subsidiary has issued
indebtedness that is held or guaranteed
by the SBA shall not be considered
senior securities and, for purposes of the
definition of ‘‘asset coverage’’ in section
18(h), shall be treated as indebtedness
not represented by senior securities.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–21381 Filed 9–8–14; 8:45 am]
2 All
existing entities that currently intend to rely
on the order are named as applicants. Any other
existing or future entity that may rely on the order
in the future will comply with the terms and
condition of the order.
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]]>Agencies
[Federal Register Volume 79, Number 174 (Tuesday, September 9, 2014)]
[Notices]
[Pages 53466-53467]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-21381]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 31240; 812-14320]
Garrison Capital, Inc., et al.; Notice of Application
September 3, 2014.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice of an application for an order under section 6(c) of the
Investment Company Act of 1940 (the ``Act'') for an exemption from
sections 18(a) and 61(a) of the Act.
-----------------------------------------------------------------------
Applicants: Garrison Capital Inc. (``Company''), Garrison Capital SBIC
LP (``Garrison SBIC''), Garrison Capital Advisers LLC (``Garrison
Adviser''), Garrison Capital SBIC Holdco Inc. (``Holdco'') and Garrison
Capital SBIC General Partner LLC (``General Partner'').
Summary of the Application: The Company requests an order to permit it
to adhere to a modified asset coverage requirement.
Filing Dates: The application was filed June 6, 2014.
Hearing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on September 29, 2014 and should be accompanied by proof of
service on the Applicants, in the form of an affidavit or, for lawyers,
a certificate of service. Hearing requests should state the nature of
the writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.
[[Page 53467]]
ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090. Applicants: Julian Weldon,
Garrison Capital, Inc., 1290 Avenue of the Americas, Suite 914, New
York, NY 10104.
FOR FURTHER INFORMATION CONTACT: Emerson Davis, Senior Counsel, at
(202) 551-6868, or Daniele Marchesani, Branch Chief, at (202) 551-6821
(Division of Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or for an
applicant using the Company name box, at https://www.sec.gov/search/search.htm or by calling (202) 551-8090.
Applicants' Representations:
1. The Company, a Delaware corporation, is an externally managed,
non-diversified, closed-end management investment company that has
elected to be regulated as a business development company (``BDC'')
under the Act.\1\ The Company's investment objective is to provide its
stockholders with both current income and capital appreciation
primarily through debt investments and, to a lesser extent, equity
investments. Garrison Adviser, a Delaware limited liability company, is
the investment adviser to the Company. The Investment Adviser is
registered under the Investment Advisers Act of 1940, as amended.
---------------------------------------------------------------------------
\1\ Section 2(a)(48) defines a BDC to be any closed-end
investment company that operates for the purpose of making
investments in securities described in section 55(a)(1) through
55(a)(3) of the Act and makes available significant managerial
assistance with respect to the issuers of such securities.
---------------------------------------------------------------------------
2. Garrison SBIC, a Delaware limited partnership, has received a
``green light letter'' from the Small Business Administration (``SBA'')
and intends to submit an application to the SBA for a small business
investment company (``SBIC'') license to operate under the Small
Business Investment Act of 1958 (``SBIA''). Garrison SBIC expects to
rely on the exclusion from the definition of investment company
contained in section 3(c)(7) of the Act. The Company currently owns a
99% limited partnership interest in Garrison SBIC. The General Partner,
a Delaware limited liability company, is the general partner of
Garrison SBIC. The General Partner owns 1% of Garrison SBIC in the form
of a general partner interest. The Company currently holds 100 percent
of the shares of Holdco, which holds a one percent membership interest
in the General Partner.
Applicants' Legal Analysis:
1. The Company requests an exemption pursuant to section 6(c) of
the Act from the provisions of sections 18(a) and 61(a) of the Act to
permit it to adhere to a modified asset coverage requirement with
respect to any direct or indirect wholly-owned subsidiary of the
Company that is licensed by the SBA to operate under the SBIA as a SBIC
and relies on Section 3(c)(7) for an exemption from the definition of
``investment company'' under the 1940 Act (each, a ``SBIC
Subsidiary'').\2\ Applicants state that companies operating under the
SBIA, such as the SBIC Subsidiary, will be subject to the SBA's
substantial regulation of permissible leverage in their capital
structure.
---------------------------------------------------------------------------
\2\ All existing entities that currently intend to rely on the
order are named as applicants. Any other existing or future entity
that may rely on the order in the future will comply with the terms
and condition of the order.
---------------------------------------------------------------------------
2. Section 18(a) of the Act prohibits a registered closed-end
investment company from issuing any class of senior security or selling
any such security of which it is the issuer unless the company complies
with the asset coverage requirements set forth in that section. Section
61(a) of the Act makes section 18 applicable to BDCs, with certain
modifications. Section 18(k) exempts an investment company operating as
an SBIC from the asset coverage requirements for senior securities
representing indebtedness that are contained in section 18(a)(1)(A) and
(B).
3. Applicants state that the Company may be required to comply with
the asset coverage requirements of section 18(a) (as modified by
section 61(a)) on a consolidated basis because the Company may be
deemed to be an indirect issuer of any class of senior security issued
by Garrison SBIC or another SBIC Subsidiary. Applicants state that
applying section 18(a) (as modified by section 61(a)) on a consolidated
basis generally would require that the Company treat as its own all
assets and any liabilities held directly either by itself, by Garrison
SBIC, or by another SBIC Subsidiary. Accordingly, the Company requests
an order under section 6(c) of the Act exempting the Company from the
provisions of section 18(a) (as modified by section 61(a)), such that
senior securities issued by each SBIC Subsidiary that would be excluded
from the SBIC Subsidiary's asset coverage ratio by section 18(k) if it
were itself a BDC would also be excluded from the Company's
consolidated asset coverage ratio.
4. Section 6(c) of the Act, in relevant part, permits the
Commission to exempt any transaction or class of transactions from any
provision of the Act if and to the extent that such exemption is
necessary or appropriate in the public interest and consistent with the
protection of investors and the purposes fairly intended by the policy
and provisions of the Act. Applicants state that the requested relief
satisfies the section 6(c) standard. Applicants contend that, because
the SBIC Subsidiary would be entitled to rely on section 18(k) if it
were a BDC itself, there is no policy reason to deny the benefit of
that exemption to the Company.
Applicants' Condition:
Applicants agree that any order granting the requested relief will
be subject to the following condition:
The Company shall not issue or sell any senior security, and the
Company shall not cause or permit Garrison SBIC or any other SBIC
Subsidiary to issue or sell any senior security of which the Company,
Garrison SBIC or any other SBIC Subsidiary is the issuer except to the
extent permitted by section 18 (as modified for BDCs by section 61) of
the Act; provided that, immediately after the issuance or sale by any
of the Company, Garrison SBIC or any other SBIC Subsidiary of any such
senior security, the Company, individually and on a consolidated basis,
shall have the asset coverage required by section 18(a) of the Act (as
modified by section 61(a)). In determining whether the Company has the
asset coverage on a consolidated basis required by section 18(a) of the
Act (as modified by section 61(a)), any senior securities representing
indebtedness of a SBIC Subsidiary if that SBIC Subsidiary has issued
indebtedness that is held or guaranteed by the SBA shall not be
considered senior securities and, for purposes of the definition of
``asset coverage'' in section 18(h), shall be treated as indebtedness
not represented by senior securities.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-21381 Filed 9-8-14; 8:45 am]
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