Nevada Power sets redemption price for 7.375% series U mortgage notes

By Toni Weeks

San Luis Obispo, Calif., Dec. 4 - Nevada Power Co. d/b/a NV Energy announced the redemption price it will use to fully redeem its $125 million of 7.375% series U general and refunding mortgage notes due 2014, according to a press release.

The notes will be redeemed on Dec. 9 at a redemption price of $1,006.84 per $1,000 of notes, which includes a make-whole premium of $6.84. The make-whole premium was calculated on Dec. 4 by an independent investment bank and was based on a 50-basis-point spread over a reference U.S. Treasury security.

The company will also pay accrued interest to, but not including, the redemption date.

The Bank of New York Mellon Trust Co., NA (800 254-2826) is the trustee and paying agent.

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

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