New Issue: PacifiCorp prices $250 million 3.35% 10-year mortgage bonds at Treasuries plus 105 bps

By Aleesia Forni

Virginia Beach, June 16 – PacifiCorp priced $250 million of 3.35% 10-year first mortgage bonds (A1/A) on Tuesday to yield Treasuries plus 105 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.

The notes sold at the tight end of price talk set in the 110 bps area over Treasuries.

Pricing was at 99.872 to yield 3.365%.

MUFG and Scotia Capital (USA) Inc. are the bookrunners.

The Portland, Ore.-based electric utility plans to use the proceeds to fund capital expenditures and for general corporate purposes.

Issuer:	PacifiCorp
Amount:	$250 million
Description:	First mortgage bonds
Maturity:	July 1, 2025
Bookrunners:	MUFG, Scotia Capital (USA) Inc.
Co-managers:	Barclays, BNP Paribas Securities Corp., CIBC World Markets Corp., Mizuho Securities USA Inc., PNC Capital Markets LLC, SMBC Nikko
Coupon:	3.35%
Price:	99.872
Yield:	3.365%
Spread:	Treasuries plus 105 bps
Make-whole call:	Treasuries plus 20 bps prior to April 1, 2025, then callable at par
Trade date:	June 16
Settlement date:	June 19
Ratings:	Moody’s: A1
	Standard & Poor’s: A
Distribution:	SEC registered
Price guidance:	Treasuries plus 110 bps area

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