Nevada Power, Sierra Pacific amend revolvers, upping size, extending maturity

By Sara Rosenberg

New York, Nov. 7 - Sierra Pacific Resources' two regulated utility subsidiaries, Nevada Power Co. and Sierra Pacific Power Co., amended their revolving credit facilities, increasing overall borrowings capacity and extending maturities, according to a company news release.

The amended revolvers total $750 million and have terms of five years, whereas previously, the revolvers totaled $400 million and expired October 2007.

Of the total revolver capacity, Nevada Power's revolver is sized at $500 million and Sierra Pacific Power's revolver is sized at $250 million.

Wachovia Securities, Union Bank of California and Citigroup Global Markets Inc. acted as joint bookrunners for the Nevada Power revolver.

Wachovia Securities and Deutsche Bank Securities Inc. were joint bookrunners for the Sierra Pacific Power revolver.

Twenty banks comprise the new syndicated bank group for the amended credit facilities, the release added.

These amended revolvers will continue to be used for general corporate purposes, including working capital needs and, in the case of Nevada Power, may go temporarily towards the bridge financing of its pending acquisition of a 75% ownership interest in the Silverhawk Power Station in southern Nevada.

Sierra Pacific Resources is a Reno, Nev.-based holding company for electrical utilities.

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