Nevada Power, Sierra Pacific look to close on new revolvers April 30

By Sara Rosenberg

New York, April 23 - Nevada Power Co. and parent company Sierra Pacific Resources Corp. are looking to close on their new revolver on April 30, a company spokesman told Prospect News on Friday. Merrill Lynch and Lehman Brothers are the lead banks on both transactions, with Merrill listed on the left.

Nevada Power is in-market with a $100 million five-year revolver (Ba2/BB) that will be used for working capital needs.

Sierra Pacific is in-market with a $50 million four-year revolver that will also be used for working capital needs.

Both revolvers, which were launched via a conference call about a week ago, are being obtained to replace an existing accounts receivables facility, the spokesman explained.

Nevada Power is a Las Vegas electric utility subsidiary of Sierra Pacific Resources, a Reno, Nev., energy company.

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