New Issue: PacifiCorp sells $425 million 3.6% mortgage bonds due 2024 at 83 bps over Treasuries

By Aleesia Forni

Virginia Beach, March 11 - PacifiCorp priced a $425 million issue of 3.6% first mortgage bonds due 2024 with a spread of 83 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.

Pricing was at 99.94 to yield 3.607%.

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

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 bps over Treasuries on June 3, 2013.

Issuer:	PacifiCorp
Amount:	$425 million
Description:	First mortgage bonds
Maturity:	April 1, 2024
Bookrunners:	BNP Paribas Securities Corp., Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC
Co-managers:	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., SMBC Nikko Securities
Coupon:	3.6%
Price:	99.94
Yield:	3.607%
Spread:	Treasuries plus 83 bps
Make-whole call:	Treasuries plus 15 bps prior to Jan. 1, 2024, then callable at par
Trade date:	March 10
Settlement date:	March 13
Distribution:	SEC registered

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