By Mary Katherine Stinson
Lexington, Ky., Jan. 4 – PacifiCorp sold $3.8 billion of fixed-rate first mortgage bonds (A2/A) in four tranches on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The $500 million 5.1% first mortgage bonds due Feb. 15, 2029 priced at 99.969 to yield 5.105%, or at Treasuries plus 120 basis points. The five-year bonds have a make-whole call before Jan. 15, 2029 at Treasuries plus 20 bps.
PacificCorp priced a $700 million tranche of 5.3% first mortgage bonds due Feb. 15, 2031 at 99.827 to yield 5.328%, or at 140 bps above Treasuries. The 2031 bonds feature a make-whole call at Treasuries plus 25 bps before Dec. 15, 2030 and after at par.
A $1.1 billion tranche of 5.45% first mortgage bonds due Feb. 15, 2034 priced at 99.821 to yield 5.472%, or at Treasuries plus 155 bps. Before Nov. 15, 2033, they have a make-whole call at Treasuries plus 25 bps, and are callable after at par.
Finally, a $1.5 billion tranche of 5.8% first mortgage bonds due Jan. 15, 2055 priced at 99.399 to yield 5.842%, or 175 bps above Treasuries. The bonds feature a make-whole call at Treasuries plus 30 bps before July 15, 2054, then are callable at par.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC and Wells Fargo Securities, LLC are listed as joint bookrunners.
Proceeds will be used to fund capital expenditures and for general corporate purposes.
PacificCorp, an indirect wholly owned subsidiary of Berkshire Hathaway Energy Co., is a regulated electric company based in Portland, Ore.
| Issuer: | PacifiCorp
|
| Amount: | $3.8 billion
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| Issue: | First mortgage bonds
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| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC and Wells Fargo Securities, LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | In-house counsel and Perkins Coie LLP
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| Counsel to underwriters: | Latham & Watkins LLP
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| Pricing date: | Jan. 3
|
| Settlement date: | Jan. 5
|
| Ratings: | Moody’s: A2
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| S&P: A
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| Fitch: B+
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| Distribution: | SEC registered
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| 2029 notes
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| Amount: | $500 million
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| Maturity: | Feb. 15, 2029
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| Coupon: | 5.1%
|
| Price: | 99.969
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| Yield: | 5.105%
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| Spread: | Treasuries plus 120 bps
|
| Call features: | At Treasuries plus 20 bps before Jan. 15, 2029; after at par
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| Cusip: | 695114DB1
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|
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| 2031 notes
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| Amount: | $700 million
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| Maturity: | Feb. 15, 2031
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| Coupon: | 5.3%
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| Price: | 99.827
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| Yield: | 5.328%
|
| Spread: | Treasuries plus 140 bps
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| Call features: | At Treasuries plus 25 bps before Dec. 15, 2030; after at par
|
| Cusip: | 695114DC9
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|
|
| 2034 notes
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| Amount: | $1.1 billion
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| Maturity: | Feb. 15, 2034
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| Coupon: | 5.45%
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| Price: | 99.821
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| Yield: | 5.472%
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| Spread: | Treasuries plus 155 bps
|
| Call features: | At Treasuries plus 25 bps before Nov. 15, 2033; after at par
|
| Cusip: | 695114DD7
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|
|
| 2055 notes
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| Amount: | $1.5 billion
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| Maturity: | Jan. 15, 2055
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| Coupon: | 5.8%
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| Price: | 99.399
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| Yield: | 5.842%
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| Spread: | Treasuries plus 175 bps
|
| Call features: | At 30 bps before July 15, 2054; after at par
|
| Cusip: | 695114DE5
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