New Issue: PacifiCorp prices $600 million 4.125% mortgage bonds due 2049 at 117 bps spread

By Cristal Cody

Tupelo, Miss., July 10 – PacifiCorp (A3/A/A-) sold $600 million of 4.125% first mortgage bonds due Jan. 15, 2049 on Tuesday at 99.776 to yield 4.138%, or a spread of Treasuries plus 117 basis points, according to an FWP filing with the Securities and Exchange Commission.

Mizuho Securities USA LLC, MUFG, PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., BMO Capital Markets Corp. and CIBC Capital Markets Corp. were the bookrunners.

Proceeds will be used for general corporate purposes, including repaying at maturity $500 million of 5.65% bonds due July 2018.

The regulated electric company and subsidiary of Berkshire Hathaway Energy Co. is based in Portland, Ore.

Issuer:	PacifiCorp
Amount:	$600 million
Description:	First mortgage bonds
Maturity:	Jan. 15, 2049
Bookrunners:	Mizuho Securities USA LLC, MUFG, PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., BMO Capital Markets Corp. and CIBC Capital Markets Corp.
Co-managers:	BNY Mellon Capital Markets, LLC, nabSecurities, LLC, Santander Investment Securities Inc., SunTrust Robinson Humphrey, Inc. and TD Securities (USA) LLC
Coupon:	4.125%
Price:	99.776
Yield:	4.138%
Spread:	Treasuries plus 117 bps
Call features:	Make-whole call at Treasuries plus 20 bps before July 15, 2048; thereafter at par
Trade date:	July 10
Settlement date:	July 13
Ratings:	Moody’s: A3
	S&P: A
	Fitch: A-
Distribution:	SEC registered

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