By Andrea Heisinger
Omaha, July 14 - Pacificorp priced an upsized $800 million issue of first mortgage bonds (A3/A-/A-) in 10- and 30-year tranches, an informed source said.
The size of the issue was increased from $700 million.
The $500 million of 5.65% 10-year notes priced at 99.443 to yield 5.674%, or Treasuries plus 180 basis points. The tranche has a make-whole redemption option of Treasuries plus 30 bps.
Price talk for the notes was 180 to 185 bps, which they priced at the tight end of.
The $300 million of 6.35% 30-year notes priced at 99.819 to yield 6.392%, or Treasuries plus 192 bps. The notes feature a make-whole redemption option of Treasuries plus 30 bps.
Bookrunners were J.P. Morgan Securities Inc., Lehman Brothers Inc., RBS Greenwich Capital and Wachovia Capital Markets.
The electricity company is based in Portland, Ore.
| Issuer: | Pacificorp
|
| Issue: | First-mortgage bonds
|
| Amount: | $800 million, increased from $700 million
|
| Bookrunners: | J.P. Morgan Securities Inc., Lehman Brothers Inc., RBS Greenwich Capital, Wachovia Capital Markets
|
| Trade date: | July 14
|
| Settlement date: | July 17
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | July 15, 2018
|
| Coupon: | 5.65%
|
| Price: | 99.443
|
| Yield: | 5.674%
|
| Spread: | Treasuries plus 180 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Price talk: | 180 bps to 185 bps
|
|
|
| 30-year notes
|
| Amount: | $300 million
|
| Maturity: | July 15, 2038
|
| Coupon: | 6.35%
|
| Price: | 99.819
|
| Yield: | 6.392%
|
| Spread: | Treasuries plus 192 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
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