New Issue: Nevada Power sells $500 million 3.7% 10-year notes at 100 bps spread

By Devika Patel

Knoxville, Tenn., Jan. 28 – Nevada Power Co. priced $500 million of 3.7% series CC general and refunding mortgage notes due May 1, 2029 on Monday at 99.616 to yield 3.746%, according to an FWP filed with the Securities and Exchange Commission.

The notes (A2/A+) priced with a spread of 100 basis points over Treasuries.

BMO Capital Markets Corp., BNP Paribas Securities Corp., CIBC Capital Markets, Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc. were the bookrunners.

Proceeds will be used to repay up to $500 million of the company’s 7.125% general and refunding mortgage notes, series V, due March 2019 and for general corporate purposes.

The electric utility is a wholly owned subsidiary of Las Vegas-based NV Energy, Inc., which provides energy services.

Issuer:	Nevada Power Co.
Description:	General and refunding mortgage notes
Amount:	$500 million
Maturity:	May 1, 2029
Bookrunners:	BMO Capital Markets Corp., BNP Paribas Securities Corp., CIBC Capital Markets, Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc.
Co-managers:	J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., MUFG, RBC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and Williams Capital Group LP
Coupon:	3.7%
Price:	99.616
Yield:	3.746%
Spread:	Treasuries plus 100 bps
Call features:	Make-whole call at Treasuries plus 15 bps until Feb. 1, 2029, then a par call
Trade date:	Jan. 28
Settlement date:	Jan. 30
Ratings:	Moody’s: A2
	S&P: A+
Distribution:	SEC registered

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