By Andrea Heisinger
New York, Jan. 7 - Nevada Power Co., which does business as NV Energy, priced $125 million of 7.375% five-year general and refunding mortgage notes Wednesday to yield Treasuries plus 572 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa3/BBB/BBB-) priced at 99.999 to yield 7.375%. They have a make-whole call of Treasuries plus 50 bps.
Bookrunner was UBS Securities LLC, with co-manager Commerzbank Corporates and Markets.
Proceeds will be used to repay amounts under a revolving credit facility with Wachovia Bank NA.
The electric company is based in Las Vegas.
| Issuer: | Nevada Power Co., doing business as NV Energy
|
| Issue: | General and refunding mortgage notes
|
| Amount: | $125 million
|
| Maturity: | Jan. 15, 2014
|
| Bookrunner: | UBS Securities LLC
|
| Co-manager: | Commerzbank Corporates and Markets
|
| Coupon: | 7.375%
|
| Price: | 99.999
|
| Yield: | 7.375%
|
| Spread: | Treasuries plus 572 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 12
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Fitch: BBB-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
