PacificCorp of Oregon to redeem $84 million of tax-exempt bonds

By Angela McDaniels

Tacoma, Wash., Feb. 28 - PacificCorp plans to redeem $84 million of tax-exempt bonds that mature from 2021 to 2030 and have a weighted average interest rate of 5.72%, according to a 424B5 filing with the Securities and Exchange Commission.

The company will use the proceeds of a $100 million issue of 2.95% first mortgage bonds due 2022 (A2/A/A-) to fund the redemption. J.P. Morgan Securities LLC is the underwriter.

The proceeds will also be used to repay short-term debt and for general corporate purposes.

PacificCorp is a regulated electric company based in Portland, Ore.

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