By Cristal Cody
Tupelo, Miss., Feb. 25 – PacifiCorp (A3/A/A-) sold $1 billion of first mortgage bonds (A1/A+) in two tranches on Monday, according to an FWP filing with the Securities and Exchange Commission.
A $400 million tranche of 3.5% 10-year bonds priced at 99.815 to yield 3.522%, or a spread of Treasuries plus 85 basis points.
The company sold $600 million of 4.15% bonds due Feb. 15, 2050 with a Treasuries plus 115 bps spread. The bonds priced at 99.535 to yield 4.177%.
J.P. Morgan Securities LLC, MUFG, PNC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, KeyBanc Capital Markets Inc. and SMBC Nikko Securities America Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including repaying short-term debt.
The electric utility and subsidiary of Berkshire Hathaway Energy Co. is based in Portland, Ore.
| Issuer: | PacifiCorp
|
| Amount: | $1 billion
|
| Description: | First mortgage bonds
|
| Bookrunners: | J.P. Morgan Securities LLC, MUFG, PNC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, KeyBanc Capital Markets Inc. and SMBC Nikko Securities America Inc.
|
| Trade date: | Feb. 25
|
| Settlement date: | March 1
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | SEC registered
|
|
|
| 10-year bonds
|
| Amount: | $400 million
|
| Maturity: | June 15, 2029
|
| Coupon: | 3.5%
|
| Price: | 99.815
|
| Yield: | 3.522%
|
| Spread: | Treasuries plus 85 bps
|
| Call features: | Make-whole call before March 15, 2029 at Treasuries plus 15 bps; thereafter at par
|
|
|
| 31-year bonds
|
| Amount: | $600 million
|
| Maturity: | Feb. 15, 2050
|
| Coupon: | 4.15%
|
| Price: | 99.535
|
| Yield: | 4.177%
|
| Spread: | Treasuries plus 115 bps
|
| Call features: | Make-whole call before Aug. 15, 2049 at Treasuries plus 20 bps; thereafter at par
|
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