By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Sept. 6 – Idaho Power Co. priced $350 million of 5.8% first mortgage bonds due April 1, 2054 (expected: A2/A-) on Wednesday, according to a source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.076, or at Treasuries plus 150 basis points. Initial talk was in the 170 bps area.
Proceeds will be used to fund a portion of the company’s capital expenditures and for other general corporate purposes.
MUFG Securities Americas Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.
The electric utility is based in Boise, Idaho.
| Issuer: | Idaho Power Co.
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| Amount: | $350 million
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| Issue: | First mortgage bonds
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| Maturity: | April 1, 2054
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| Bookrunners: | MUFG Securities Americas Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc. and U.S. Bancorp Investments, Inc.
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| Coupon: | 5.8%
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| Price: | 99.076
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| Spread: | Treasuries plus 150 bps
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| Make-whole call: | Treasuries plus 25 bps prior to Oct. 1, 2053, then callable at par
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| Trade date: | Sept. 6
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| Settlement date: | Sept. 11
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| Expected ratings: | Moody’s: A2
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| S&P: A-
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 170 bps area
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| Cusip: | 45138LBJ1
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