Sierra Pacific Resources starts tender for 8¾% notes

New York, March 8 - Sierra Pacific Resources said it has begun a tender offer for all its $300 million principal amount of 8¾% notes due 2005.

Holders who tender by the early tender deadline of 5 p.m. ET on March 15 will receive 107.225 of par; those who tender after but before the expiration date of midnight ET on April 2 will receive 104.22% of par.

In each case holders will receive accrued interest up to but not including the date of payment.

The Reno, Nev., utility holding company said it intends to finance the tender offer with proceeds of a debt financing. Obtaining sufficient funds on satisfactory terms is a condition of the offer.

Lehman Brothers Inc. (Contact Liability Management Group at 800 438-3242 or 212 528-7581) and Merrill Lynch & Co. (Contact Liability Management Group at 800 654-8637 or 212 449-4914) are dealer managers for the tender offer and Morrow & Co. Inc. (800 654-2468 or 212 754-8000) is the information agent.

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