By Andrea Heisinger
New York, Sept. 9 - Nevada Power Co., which does business as NV Energy, sold $250 million of 5.375% 30-year series X general and refunding mortgage bonds on Thursday at Treasuries plus 160 basis points, according to an FWP filing with the Securities and Exchange Commission.
The bonds (Baa3/BBB/BBB) were priced at 99.689 to yield 5.396%.
The bonds have a make-whole call of Treasuries plus 25 bps before March 15, 2040 and can be redeemed at par on or after that date.
Barclays Capital Inc. and J.P. Morgan Securities Inc. were the bookrunners. Co-managers were BNP Paribas Securities Corp., Mitsubishi UFJ Securities and SunTrust Robinson Humphrey Inc.
Proceeds are going to redeem $206 million of unsecured tax-exempt local furnishing bonds issued with rates ranging from 5.5% to 5.9% and $20 million in unsecured tax-exempt pollution control refunding revenue bonds with rates between 5.3% and 5.45%. The remainder will be used to repay amounts under a revolving credit facility with Wells Fargo Bank maturing in April 2013.
The electric utility is based in Las Vegas.
| Issuer: | Nevada Power Co., d/b/a NV Energy
|
| Issue: | Series X general and refunding mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | Sept. 15, 2040
|
| Bookrunners: | Barclays Capital Inc., J.P. Morgan Securities Inc.
|
| Co-managers: | BNP Paribas Securities Corp., Mitsubishi UFJ Securities, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 5.375%
|
| Price: | 99.689
|
| Yield: | 5.396%
|
| Spread: | Treasuries plus 160 bps
|
| Call: | Make-whole at Treasuries plus 25 bps before March 15, 2040, then at par until maturity
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 14
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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