By Andrea Heisinger
New York, Jan. 5 - PacifiCorp priced $1 billion of first-mortgage bonds (A3/A-/A-) in two tranches Monday, market sources said.
The $350 million of 5.5% 10-year notes priced at 99.345 to yield 5.586%, or Treasuries plus 310 basis points.
The $650 million of 6% 30-year notes priced at 99.050 to yield 6.069%, or Treasuries plus 310 bps.
Both tranches have make-whole calls of Treasuries plus 50 bps.
Bookrunners were Banc of America Securities LLC, Barclays Capital Inc., BNP Paribas Securities and RBS Greenwich Capital.
Proceeds will be used to fund capital expenditures, to repay short-term debt and for general corporate purposes.
The electric company is based in Portland, Ore.
| Issuer: | Pacificorp
|
| Issue: | First mortgage bonds
|
| Total amount: | $1 billion
|
| Bookrunners: | Banc of America Securities LLC, Barclays Capital Inc., BNP Paribas Securities, RBS Greenwich Capital
|
| Trade date: | Jan. 5
|
| Settlement date: | Jan. 8
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
|
|
| 10-year notes
|
| Amount: | $350 million
|
| Maturity: | Jan. 15, 2019
|
| Coupon: | 5.5%
|
| Price: | 99.345
|
| Yield: | 5.586%
|
| Spread: | Treasuries plus 310 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
|
|
| 30-year notes
|
| Amount: | $650 million
|
| Maturity: | Jan. 15, 2039
|
| Coupon: | 6%
|
| Price: | 99.050
|
| Yield: | 6.069%
|
| Spread: | Treasuries plus 310 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
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