By Andrea Heisinger
New York, April 10 - Idaho Power Co. priced $150 million of first mortgage bonds (A2/A-/) in two parts on Tuesday, a source who worked on the deal said.
The $75 million of 2.95% 10-year notes priced at 99.829 to yield 2.97% with a spread of 100 basis points over Treasuries. The tranche sold at the low end of talk in the 100 bps to 105 bps range, the source said.
There is a make-whole call at 15 bps over Treasuries until Jan. 1, 2022 and a par call after.
A $75 million tranche of 4.3% 30-year bonds sold at 99.934 to yield 4.304% with a spread of Treasuries plus 120 bps. The bonds also priced at the tight end of guidance, which was in the 120 bps to 125 bps range.
The tranche has a make-whole call at Treasuries plus 20 bps until Oct. 1, 2041 and a par call after.
Bookrunners were Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
Co-managers were KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA), Inc., RBC Capital Markets LLC and U.S. Bancorp Investments Inc.
The electric utility is based in Boise, Idaho.
| Issuer: | Idaho Power Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $150 million
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA), Inc., RBC Capital Markets LLC, U.S. Bancorp Investments Inc.
|
| Trade date: | April 10
|
| Settlement date: | April 13
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
|
|
| 10-year notes
|
| Amount: | $75 million
|
| Maturity: | April 1, 2022
|
| Coupon: | 2.95%
|
| Price: | 99.829
|
| Yield: | 2.97%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Make-whole at Treasuries plus 15 bps until Jan. 1, 2022, par call after
|
| Price talk: | 100 bps to 105 bps
|
|
|
| 30-year bonds
|
| Amount: | $75 million
|
| Maturity: | April 1, 2042
|
| Coupon: | 4.3%
|
| Price: | 99.934
|
| Yield: | 4.304%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until Oct. 1, 2041, par call after
|
| Price talk: | 120 bps to 125 bps
|
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