By Andrea Heisinger
New York, June 4 - PacifiCorp priced $300 million of 2.95% 10-year first mortgage bonds (A2/A/A-) on Monday at a spread of 85 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.7 to yield 2.985%. There is a make-whole call at Treasuries plus 15 bps until March 1, 2023, with a par call after that date.
Bookrunners were RBS Securities Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities LLC.
Proceeds will be used to fund capital expenditures and for general corporate purposes, including paying a portion of a $350 million dividend payable to PPW Holdings LLC on June 26.
PacifiCorp was last in the U.S. bond market with a $100 million add-on to 2.95% mortgage bonds due 2022. The reopened bonds were sold on Feb. 28, 2012.
The electric utility is based in Portland, Ore.
| Issuer: | PacifiCorp
|
| Issue: | First mortgage bonds
|
| Amount: | $300 million
|
| Maturity: | June 1, 2023
|
| Bookrunners: | RBS Securities Inc., Scotia Capital (USA) Inc., Wells Fargo Securities LLC
|
| Co-managers: | Barclays, CIBC World Markets Corp., KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA) LLC, RBC Capital Markets LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 2.95%
|
| Price: | 99.7
|
| Yield: | 2.985%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | Make-whole at Treasuries plus 15 bps until March 1, 2023, par call after
|
| Trade date: | June 3
|
| Settlement date: | June 6
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A-
|
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