Nevada Power eyes general and refunding mortgage notes in two parts

By Devika Patel

Knoxville, Tenn., Jan. 28 – Nevada Power Co. expects to price general and refunding mortgage notes, series DD, due May 1, 2030 and general and refunding mortgage notes, series EE, due Aug. 1, 2050, according to a 424B5 filed with the Securities and Exchange Commission.

The notes feature a make-whole call until Feb. 1, 2030 for the 2030 notes and until Feb. 1, 2050 for the 2050 notes and then a par call.

Barclays, BNP Paribas Securities Corp., Mizuho Securities USA Inc., PNC Capital Markets LLC, RBC Capital Markets Corp. and SunTrust Robinson Humphrey Inc. are the bookrunners.

Proceeds will be used to repay $575 million of the company’s 2.75% general and refunding mortgage notes, series BB, due April 15, 2020 and for general corporate purposes.

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

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