By Andrea Heisinger
New York, Jan. 7 - Nevada Power Co., which does business as NV Energy, priced $125 million of 7.375% five-year general and refunding mortgage notes Wednesday to yield Treasuries plus 572 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa3/BBB/BBB-) priced at 99.999 to yield 7.375%. They have a make-whole call of Treasuries plus 50 bps.
Bookrunner was UBS Securities LLC, with co-manager Commerzbank Corporates and Markets.
Proceeds will be used to repay amounts under a revolving credit facility with Wachovia Bank NA.
The electric company is based in Las Vegas.
Issuer: | Nevada Power Co., doing business as NV Energy
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Issue: | General and refunding mortgage notes
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Amount: | $125 million
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Maturity: | Jan. 15, 2014
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Bookrunner: | UBS Securities LLC
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Co-manager: | Commerzbank Corporates and Markets
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Coupon: | 7.375%
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Price: | 99.999
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Yield: | 7.375%
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Spread: | Treasuries plus 572 bps
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Call: | Make-whole at Treasuries plus 50 bps
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Trade date: | Jan. 7
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Settlement date: | Jan. 12
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Ratings: | Moody's: Baa3
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| Standard & Poor's: BBB
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| Fitch: BBB-
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