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Nevada Power, Sierra Pacific set pricing in tenders for 9%, 8% mortgage notes
By Laura Lutz
Des Moines, June 21 - Nevada Power Co. and Sierra Pacific Power Co. set pricing in the tender offers for Nevada Power's 9% series G general and refunding mortgage notes due 2013 and Sierra Pacific's 8% series A general and refunding mortgage bonds due 2008.
Nevada Power is offering to purchase any and all of its $227.5 million of 9% notes for $1,079.75 per $1,000 principal amount of notes.
That price is equal to the present value of $1,045.00, which is the redemption price payable for the notes on Aug. 15, 2008, the first call date, discounted using the yield to maturity on the 4 1/8% Treasury due Aug. 15, 2008 and 50 basis points.
Nevada Power said that it will either use previously established private credit facilities or the proceeds from the sale of new securities for the offer.
Sierra Pacific will purchase any and all of its $320 million of 8% bonds for $1,022.10 per $1,000 principal amount of notes.
That price is equal to the present value of $1,000, the principal amount due on the maturity date of June 1, 2008, discounted using the yield to maturity on the 4 7/8% Treasury due May 31, 2008 and 50 bps, minus accrued interest up to the settlement date.
The companies will also pay accrued interest to the settlement date, which is slated for June 28.
The offers end at 9 a.m. ET on June 22.
Pricing was determined at 2 p.m. ET on June 21.
Credit Suisse (800 820-1653 or call collect 212 325-4008) and Goldman, Sachs & Co. (800 828-3182 or call collect 212 902-9077) are dealer managers. Morrow & Co., Inc. (800 607-0088 or call collect 203 658-9400) is the information agent.
Nevada Power and Sierra Pacific Power, both public utility companies, are wholly owned subsidiaries of Reno, Nev.-based Sierra Pacific Resources.
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