NV Energy buys back $39 million of notes in fourth quarter

By Angela McDaniels

Tacoma, Wash., Feb. 23 - NV Energy, Inc., formerly Sierra Pacific Resources, repurchased about $20 million of its 8 5/8% senior notes due 2014 during the fourth quarter of 2008.

The repurchase was reported in the company's 10-K report for 2008, which was filed with the Securities and Exchange Commission on Monday.

As previously reported, the company repurchased $19 million of its 6¾% senior notes due 2017 in October.

NV Energy used cash on hand to pay for both repurchases, which totaled roughly $34.7 million including accrued interest.

As of Dec. 31, $191.5 million of the 6¾% notes and $230 million of the 8 5/8% notes remained outstanding.

NV Energy is a Las Vegas-based holding company. Its primary subsidiaries are utility companies Nevada Power Co. and Sierra Pacific Power Co., which both do business as NV Energy.

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