By Andrea Heisinger
New York, May 9 - Pacificorp sold $400 million of 3.95% 10-year first mortgage bonds on Monday to yield Treasuries plus 73 basis points, said a source close to the trade.
This was at the tight end of guidance in the 75 bps area.
The bonds (A2/A/A-) were priced at 99.814 to yield 3.872%.
J.P. Morgan Securities LLC, RBS Securities Inc. and Wells Fargo Securities LLC were the bookrunners.
Co-managers were Barclays Capital Inc., Scotia Capital (USA) Inc. and U.S. Bancorp Investments Inc.
Proceeds are going to fund capital expenditures, to repay short-term debt and for general corporate purposes.
The electric utility is based in Portland, Ore.
| Issuer: | Pacificorp
|
| Issue: | First mortgage bonds
|
| Amount: | $400 million
|
| Maturity: | June 15, 2021
|
| Bookrunners: | J.P. Morgan Securities LLC, RBS Securities Inc., Wells Fargo Securities LLC
|
| Co-managers: | Barclays Capital Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 3.95%
|
| Price: | 99.814
|
| Yield: | 3.872%
|
| Spread: | Treasuries plus 73 bps
|
| Trade date: | May 9
|
| Settlement date: | May 12
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A-
|
| Price talk: | 75 bps area
|
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