Sierra Pacific Resources sells $240 million floaters

By Paul A. Harris

St. Louis, June 20 - Sierra Pacific Resources announced it has completed the private placement of $240 million of short-term floating-rate senior notes in a Rule 144A transaction.

The notes rank equally with the company's other senior debt.

Proceeds will be used to make an equity contribution to its subsidiary, Nevada Power Co., and for general corporate purposes.

No other details were disclosed in the news release, and the company did not immediately return a telephone call from Prospect News.

The issuer is a Reno, Nev.-based holding company whose principal subsidiaries are Nevada Power Co. and Sierra Pacific Power Co.

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