NV Energy buys back $5.51 million notes in change-of-control offers

By Angela McDaniels

Tacoma, Wash., Jan. 24 - NV Energy, Inc. and its wholly owned subsidiaries Nevada Power Co. and Sierra Pacific Power Co. announced the results of their tender offers in a news release.

The change-of-control tender offers began Dec. 19 in connection with MidAmerican Energy Holdings Co.'s acquisition of NV Energy, and they ended on Jan. 21.

Holders tendered $5,505,000 of notes as follows:

• $45,000 of Nevada Power's $250 million 5.875% general and refunding mortgage notes, series L, due 2015;

• $2.75 million of Nevada Power's $370 million 6.65% general and refunding mortgage notes, series N, due 2036;

• $415,000 of Nevada Power's $325 million 6.5% general and refunding mortgage notes, series O, due 2018;

• $950,000 of Nevada Power's $350 million 6.75% general and refunding mortgage notes, series R, due 2037;

• $1.09 million of Nevada Power's $500 million 6.5% general and refunding mortgage notes, series S, due 2018; and

• $255,000 of Nevada Power's $500 million 7.125% general and refunding mortgage notes, series V, due 2019.

Holders did not tender any of the following notes:

• NV Energy's $315 million 6.25% senior notes due 2020;

• Nevada Power's $210 million 5.95% general and refunding mortgage notes, series M, due 2016;

• Nevada Power's $250 million 5.375% general and refunding mortgage notes, series X, due 2040;

• Nevada Power's $250 million 5.45% general and refunding mortgage notes, series Y, due 2041;

• Sierra Pacific Power's $450 million 6% general and refunding mortgage notes, series M, due 2016; or

• Sierra Pacific Power's $251,742,000 6.75% general and refunding mortgage notes, series P, due 2037.

The purchase price is 101% of par. The settlement date was expected to be Jan. 24.

When the offers began, the companies said that, based on market conditions, they did not expect a significant amount of the notes to be tendered.

They planned to fund the offers with cash on hand, funds drawn under a credit facility or loans from third parties and, if necessary, funds from MidAmerican.

Morrow & Co., LLC (203 658-9400) was the information agent.

NV Energy is a Las Vegas-based holding company whose principal subsidiaries, Nevada Power and Sierra Pacific Power, provide energy services and do business as NV Energy.

MidAmerican is a utility based in Des Moines and an indirect wholly owned subsidiary of Berkshire Hathaway Inc.

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