Nevada Power calls 8.2% Quips

By Jennifer Chiou

New York, March 29 - Nevada Power Co. said it will redeem all $118,871,500 million of the 8.2% cumulative Quarterly Income Preferred Securities, series A (Quips) issued by its wholly owned subsidiary, NVP Capital I.

The Las Vegas-based electric utility said it will redeem the Quips at $25.00 each on April 27.

The company will also pay accrued interest up to the redemption date.

The Bank of New York is the trustee.

Nevada Power also said it plans to redeem $35 million principal amount of its 8½% series Z first mortgage bonds due 2023 and $105 million principal amount of its 6.70% industrial development revenue bonds, series 1992A, due 2022.

Funding for the various redemptions will come from the sale of $250 million of new bonds and available cash.

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