By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Sept. 18 – Sierra Pacific Power Co. sold $400 million of 5.9% general and refunding mortgage notes due March 15, 2054 on Wednesday, according to a market source and an 8-K filing with the Securities and Exchange Commission.
The notes priced at a 160 basis points spread over Treasuries. Initial talk was in the Treasuries plus 190 bps area.
BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets, LLC and Truist Securities, Inc. were the bookrunners.
Proceeds will be used to repay existing debt, to fund capital expenditures and for general corporate purposes.
The Reno, Nev.-based company is a subsidiary of NV Energy, Inc. and an indirect subsidiary of Berkshire Hathaway Energy Co.
| Issuer: | Sierra Pacific Power Co.
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| Amount: | $400 million
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| Issue: | General and refunding mortgage notes
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| Maturity: | March 15, 2054
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| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets, LLC and Truist Securities, Inc.
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| Coupon: | 5.9%
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| Spread: | Treasuries plus 160 bps
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| Call: | Make-whole call at Treasuries plus 25 bps until Sept. 15, 2053, then par call
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| Trade date: | Sept. 13
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| Price talk: | Treasuries plus 190 bps area
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