New Issue: PacifiCorp prices $1 billion two-part offering of first mortgage bonds

By Cristal Cody

Tupelo, Miss., April 6 – PacifiCorp sold $1 billion of first mortgage bonds (A1/A+) in two tranches on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.

A $400 million tranche of 2.7% bonds due Sept. 15, 2030 priced at 99.82 to yield 2.72% and a spread of Treasuries plus 205 basis points.

The company sold $600 million of 3.3% bonds due March 15, 2051 at 99.176 to yield 3.343%, also with a 205 bps over Treasuries spread.

Both tranches were talked to print in the Treasuries plus 250 bps area.

BMO Capital Markets Corp., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., CIBC World Markets Corp., KeyBanc Capital Markets Inc., and Scotia Capital (USA) Inc. were the bookrunners.

Proceeds will be used to fund capital expenditures, primarily for renewable resource and associated transmission projects, as well as for general corporate purposes.

The regulated electric company and subsidiary of Berkshire Hathaway Energy Co. is based in Portland, Ore.

Issuer:	PacifiCorp
Amount:	$1 billion
Description:	First mortgage bonds
Bookrunners:	BMO Capital Markets Corp., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., CIBC World Markets Corp., KeyBanc Capital Markets Inc., and Scotia Capital (USA) Inc.
Co-managers:	nabSecurities, LLC, Santander Investment Securities Inc. and Siebert Williams Shank & Co., LLC
Trade date:	April 6
Settlement date:	April 8
Ratings:	Moody’s: A1
	S&P: A+
Distribution:	SEC registered
10-year notes
Amount:	$400 million
Maturity:	Sept. 15, 2030
Coupon:	2.7%
Price:	99.82
Yield:	2.72%
Spread:	Treasuries plus 205 bps
Call features:	Make-whole call at Treasuries plus 35 bps before June 15, 2030; thereafter at par
Price guidance:	Treasuries plus 250 bps area
31-year notes
Amount:	$600 million
Maturity:	March 15, 2051
Coupon:	3.3%
Price:	99.176
Yield:	3.343%
Spread:	Treasuries plus 205 bps
Call features:	Make-whole call at Treasuries plus 35 bps before Sept. 15, 2050; thereafter at par
Price guidance:	Treasuries plus 250 bps area

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