PacifiCorp to price $425 million mortgage bonds due 2024 on Monday

By Aleesia Forni

Virginia Beach, March 10 - PacifiCorp is in Monday's market with a $425 million issue of first mortgage bonds due 2024, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

BNP Paribas Securities Corp., Mitsubishi UFJ Securities (USA) Inc. and RBC Capital Markets LLC are the joint bookrunners.

Scotia Capital (USA) Inc., BNY Mellon Capital Markets LLC, RBC Securities Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, CIBC World Markets Corp., Deutsche Bank Securities Inc., KeyBanc Capital Markets LLC, Lloyds Securities LLC, Mizuho Securities USA Inc. and SMBC Nikko are the co-managers.

Proceeds will be used to fund capital expenditures and for general corporate purposes, including retirement of short-term debt that was used to pay a $500 million dividend to PPW Holdings LLC.

The Portland, Ore.-based electric utility was last in the U.S. bond market with a $300 million of 2.95% 10-year mortgage bonds priced at 85 basis points over Treasuries on June 3.

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