By Angela McDaniels
Tacoma, Wash., Feb. 28 - PacificCorp reopened its 2.95% first mortgage bonds due 2022 (A2/A/A-) to add $100 million at a price of 100.081, according to a 424B5 filing with the Securities and Exchange Commission.
The underwriter was J.P. Morgan Securities LLC. Purchasers will be required to pay accrued interest from Jan. 6.
The notes have a make-whole call at Treasuries plus 15 basis points until Nov. 1, 2021 and can be redeemed afterward at par.
The add-on brings the total issue size to $450 million.
The original $350 million of notes priced on Jan. 3 at 99.912 to yield 2.96% with a spread of Treasuries plus 100 bps. The company also priced $300 million of 4.1% 30-year bonds at 99.671 to yield 4.119% with a spread of 115 bps over Treasuries.
The proceeds of the add-on will be used to redeem $84 million of tax-exempt bonds that mature from 2021 to 2030 and have a weighted average interest rate of 5.72%, to repay short-term debt and for general corporate purposes.
PacificCorp is a regulated electric company based in Portland, Ore.
| Issuer: | PacificCorp
|
| Issue: | First mortgage bonds
|
| Amount: | $100 million add-on
|
| Maturity: | Feb. 1, 2022
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 2.95%
|
| Price: | 100.081
|
| Call option: | Make-whole at Treasuries plus 15 bps until Nov. 1, 2021, after at par
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 6
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A-
|
| Total amount: | $450 million, including $350 million priced Jan. 3 at 99.912 to yield 2.96%, or 100 bps over Treasuries
|
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