By Andrea Heisinger
New York, April 3 - Idaho Power Co. was in Wednesday's market with a $150 million sale of first mortgage bonds (A2/A-/) in two tranches, according to FWP filings with the Securities and Exchange Commission.
There was $75 million of 2.5% 10-year notes priced at 99.501. The notes have a make-whole call at 15 bps over Treasuries until Jan. 1, 2023 and a par call after that date.
A $75 million tranche of 4% 30-year bonds sold at 99.741.
The bonds have a make-whole call at Treasuries plus 15 bps to Oct. 1, 2042 and a par call after that date.
BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to pay at or prior to maturity $70 million of 4.25% first mortgage bonds due October of 2013 and to fund a portion of the company's capital requirements.
The Boise, Idaho-based electric utility was last in the market with a $150 million offering of bonds in two parts on April 10, 2012. That sale included a 2.95% 10-year bond priced at 100 bps over Treasuries and a 4.3% 30-year bond priced at 120 bps over Treasuries.
| Issuer: | Idaho Power Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $150 million
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | KeyBanc Capital Markets Inc., BNY Mellon Capital Markets, LLC, Mitsubishi UFJ Securities (USA), Inc., U.S. Bancorp Investments, Inc.
|
| Trade date: | April 3
|
| Settlement date: | April 8
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
|
|
| 10-year notes
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| Amount: | $75 million
|
| Maturity: | April 1, 2023
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| Coupon: | 2.5%
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| Price: | 99.501
|
| Call: | Make-whole at Treasuries plus 15 bps to Jan. 1, 2023, par call after
|
|
|
| 30-year bonds
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| Amount: | $75 million
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| Maturity: | April 1, 2043
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| Coupon: | 4%
|
| Price: | 99.741
|
| Call: | Make-whole at Treasuries plus 15 bps to Oct. 1, 2042, par call after
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