By Cristal Cody
Eureka Springs, Ark., April 15 – Sierra Pacific Power Co. sold $400 million of 2.6% series U general and refunding mortgage notes due May 1, 2026 on Friday, according to an 8-K filing with the Securities and Exchange Commission.
The company may redeem the notes before Feb. 1, 2026 at a price equal to the greater of 100% of the principal amount being redeemed or the make-whole amount, plus accrued and unpaid interest.
On or after Feb. 1, 2026, the company may redeem the notes at par plus accrued and unpaid interest.
The deal was exempt from U.S. securities registration requirements.
Sierra Pacific Power plans to use the proceeds from the offering along with available cash to pay the $450 million outstanding of 6% series M general and refunding mortgage notes due on May 15, 2016.
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.
|
| Amount: | $400 million
|
| Description: | General and refunding mortgage notes
|
| Maturity: | May 1, 2026
|
| Coupon: | 2.6%
|
| Call: | Prior to Feb. 1, 2026 at make-whole amount; afterward at par
|
| Trade date: | April 15
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: A
|
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