Sierra Pacific Power sets make-whole premium for called 6.25% notes

By Susanna Moon

Chicago, Dec. 20 - Sierra Pacific Power Co. said it set the make-whole premium for its $100 million of 6.25% series H general and refunding mortgage notes due 2012, which will be redeemed on Dec. 23.

The company will pay $1,069.61 for each $1,000 principal amount of notes, including a make-whole premium of $69.61.

Holders also will receive accrued interest up to but not including the redemption date.

The make-whole premium was calculated by Credit Suisse Securities (USA) LLC.

Sierra Pacific said on Nov. 23 that it would redeem the notes at par plus a make-whole premium based on a spread of 50 basis point over a reference U.S. Treasury security to be determined on Dec. 20.

The Bank of New York Mellon Co. NA (800 254-2826) is the paying agent.

Sierra Pacific is a natural gas and electricity distribution utility based in Reno, Nev., and a wholly owned subsidiary of NV Energy, Inc.

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