Sierra Pacific Power to redeem $50 million of preferreds

By Angela McDaniels

Seattle, March 21 - Sierra Pacific Power Co. will redeem $50 million of its series A preferred stock using proceeds from its $300 million private offering of 6% general and refunding mortgage notes due 2016, series M, according to a company news release.

The company will also use proceeds to repay $173 million outstanding under its $250 million revolving credit facility and $50 million of its maturing medium-term series C notes. The remaining $26 million of proceeds will be used for general corporate purposes and fees and expenses associated with the private offering.

Sierra Pacific Power is an electricity utility and a wholly owned subsidiary of Reno, Nev.-based Sierra Pacific Resources.

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