20040405Final Term Sheets and Pricing Supplements.pdf

IDAHO POWER COMPANY
O. BOX 70
BOISE. IDAHO 83707
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PATRICK A. HARRINGTON
UTlLir!ES COf"1t-:i(s'SION Attorney
An IDACORP Company
April 2, 2004
Ms. Jean D. Jewell
Secretary
Idaho Public Utilities Commission
Statehouse
Boise, Idaho 83720
Re:In the Matter of the Application of Idaho Power Company for an Order
Authorizing the Issuance and Sale of up to $300 000 000 of Applicant's (1) First
Mortgage Bonds, (2) Serial Preferred Stock, Without Par Value, and (3) Debt
Securities
Case No. IPC-03-
Dear Ms. Jewell:
On March 26, 2004, Idaho Power completed the closing for the issuance of
$50 000 0000 of its 5.50% First Mortgage Bonds due 2034, Secured Medium-Term Notes, Series
E (the "Notes ). The Notes were issued pursuant to the Commission s authorization in Order
No. 29208 in the above referenced case.
Enclosed for filing with the Commission in connection with the issuance of the
Notes are five (5) copies of the final Term Sheet for the Notes. Also enclosed are copies ofthe
Pricing Supplements for the Notes: Pricing Supplement No. 13 describes the $35 000 000 of
Notes sold through Banc of America Securities LLC as agent, and Pricing Supplement No. 14
describes the $15 000 000 of Notes sold through McDonald Investments Inc. as agent.
Please contact me at 388-2878 if you have any questions regarding this filing.
/7 S
~~c,ely,
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OwYl J1l, J91t1Patrick A. Harrin~;n
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C. Gribble
Terri Carlock
Telephone [phone], Fax [phone]
Offering Terms - 30 Year Tranche
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DACORP
Final Term Sheet
Principal Amount:
Medium-Term Notes Offering
Al/A (Negative/Stable)
$50 000 000
IDAHO POWER COMPANY
Treasury Price:
Spread to Treasury:
375% due February 2031
678%
$110-19.
Treasury Benchmark:
Treasury Yield:
Reoffer Yield:
Coupon:
T + 87.5 bps
553%
Make Whole Provision:
Price to Public (%):
Gross Spread (%):
Gross Spread ($):
500%
T + 15 bps
99.233%
750%
Net to Company (%):
Net Proceeds (in $):
All-In Cost to Company (%):
All-In Cost (bps):
$375 000
98.483%
$49 241 ,500
605%
Maturity Date:
Sole Book Running Manager:
Co-Managers:
92.7 bps
September 15 , 2004
March 15 & September 15
March 23, 2004
March 26, 2004
March 15 , 2034
Banc of America Securities LLC (70%)
McDonald Investments Inc. (30%)
First Coupon:
Coupon Payment Dates:
Trade Date:
Settlement Date:
Bane of America Securities
Rule 424(b )(2)
File No. 333-103812
Pricing Supplement No. 13 Dated March 23, 2004
(To Prospectus dated March 24, 2003 and
Prospectus Supplement dated April 15 , 2003)
$250 000 000
IDAHO POWER COMPANY
First Mortgage Bonds, Secured Medium-Term Notes, Series E
Title of Securities: 5.50% First Mortgage Bonds due 2034
Principal Amount: $35 000 000 Original Issue Date: March 26, 2004
Interest rate:50%Maturity Date: March 15 2034
Issue Price:99.233% payable in
immediately
available funds
Proceeds to Issuer After
Commission:, 98.483%
Agent's Commission: 0.750%Original Interest Accrual Date:
March 26, 2004
Interest Payment Dates: March 15 and
September 15
Record Dates: Last day of February and
August 31
Form: Book-Entry
Redemption:See "Optional Redemption" below.
Capacity:Banc of America Securities LLC acted as our agent in this sale.
Use of Proceeds:We will use the net proceeds from the sale of these notes and the other
notes that we are selling today to repay our short-term debt incurred and
replace our short-term investments expended in connection with the
maturity on March 15 , 2004 of our $50 000 0008% First Mortgage Bonds
due 2004.
Agent:
Banc of America Securities LLC
NYB 577437.4 37652 00859
Optional Redemption:
We may, at our option, redeem the 5.50% First Mortgage Bonds due 2034, which we refer to as
the "2034 Notes , in whole at any time, or in part from time to time, prior to the maturity date, at
a redemption price equal to the greater of:
100% of the principal amount of the 2034 Notes to be redeemed and
as determined by an Independent Investment Banker, the sum of the present values of the
remaining scheduled payments of principal on the 2034 Notes to be redeemed and interest
thereon (not including any portion of payments of interest accrued as of the date fixed for
redemption), discounted to the date fixed for redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below),
plus 15 basis points
plus in either case interest accrued and unpaid on the principal amount of the 2034 Notes to be
redeemed to the date fixed for redemption. We will mail notice of any redemption at least 30
days before the date fixed for redemption to each holder of the 2034 Notes to be redeemed.
Treasury Rate" means, with respect to any date fixed for redemption, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such date.
Comparable Treasury Issue" means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the
2034 Notes to be redeemed that would be used, at the time of selection ,and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the 2034 Notes to be redeemed.
Comparable Treasury Price" means, with respect to any date fixed for redemption
(1) the average of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) on the third business day preceding
such date, as set forth in the daily statistical release (or any successor release) published
by the Federal Reserve Bank of New Yorkand designated "Composite 3:30 p.
Quotations for u.S. Government Securities" or
(2) if such release (or any successor release) is not published or does not contain such
prices on such business day, (a) the average of the Reference Treasury Dealer Quotations
for such date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations for such date, or (b) if the trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all the quotations received.
Independent Investment Banker" means anyone of the Reference Treasury Dealers that we may
appoint.
NYB 577437.4 37652 00859
Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer
and any date fixed for redemption, the average, as determined by the trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the trustee by such Reference Treasury Dealer at 5 :00 p.m. New
York City time on the third business day preceding the date fixed for redemption.
Reference Treasury Dealer" means (1) Banc of America Securities LLC, and its respective
successors, unless it ceases to be a primary u.S. Government securities dealer in New York City
(a "Primary Treasury Dealer ), in which case we will substitute another Primary Treasury Dealer
and (2) any three or more other Primary Treasury Dealers that we may select.
NYB 577437.4 37652 00859
Rule 424(b )(2)
File No. 333-103812
Pricing Supplement No. 14 Dated March 23 , 2004
(To Prospectus dated March 24, 2003 and
Prospectus Supplement dated April 15 , 2003) ,
$250 000 000
IDAHO POWER COMPANY
First Mortgage Bonds, Secured Medium-Term Notes, Series E
Title of Securities: 5.50% First Mortgage Bonds due 2034
Principal Amount: $15 000 000 Original Issue Date: March 26, 2004
Interest rate:50%Maturity Date: M~rch 15, 2034
Issue Price:99.233% payable in
immediately
available funds
Proceeds to Issuer After
Commission: 98.483%
Agent's Commission: 0.750%Origina) Interest Accrual Date:
March 26; 2004
Interest Payment Dates: March 15 and
September 15
Record Dates: La~t day of February and
August 31
Form: Book-Entry
Redemption:See "Optional Redemption" below.
Capacity:McDonald Investments Inc. acted as our agent in this sale.
Use of Proceeds:We will use the net proceeds from the sale of these notes and the other
notes that we are selling today to repay our short-term debt incurred and
replace our short-term investments expended in connection with the
maturity on March 15, 2004 of our $50 000 000 8% First Mortgage Bonds
due 2004.
Agent:
McDonald Investments Inc.
NYB 578268.2 37652 00859
Optional Redemption:
We may, at our option, redeem the 5.50% First Mortgage Bonds due 2034, which we refer to as
the "2034 Notes , in whole at any time, or in part from time to time, prior to the maturity date, at
a redemption price equal to the greater of:
100% of the principal amount of the 2034 Notes to be redeemed and
as determined by an Independent Investment Banker, the sum of the present values ofthe
remaining scheduled payments of principal on the 2034 Notes to be redeemed and interest
thereon (not including any portion of payments of interest accrued as of the date fixed for
redemption), discounted to the date fixed for redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below),
plus 15 basis points
plus in either case interest accrued and unpaid on the principal amount of the 2034 Notes to be
redeemed to the date fixed for redemption. We will mail notice of any redemption at least 30
days before the date fixed for redemption to each holder of the 2034 Notes to be redeemed.
Treasury Rate" means, with respect to any date fixed for redemption, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such date.
Comparable Treasury Issue" means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the
2034 Notes to be redeemed that would be used, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the 2034 Notes to be redeemed.
Comparable Treasury Price" means, with respect to any date fixed for redemption
(1) the average of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) on the third business day preceding
such date, as set forth in the daily statistical release (or any successor release) published
by the Federal Reserve Bank of New York and designated "Composite 3:30 p.
Quotations for U.S. Government Securities" or
(2) if such release (or any successor release) is not published or does not contain such
prices on such business day, (a) the average of the Reference Treasury Dealer Quotations
for such date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations for such date, or (b) if the trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all the quotations received.
Independent Investment Banker" means anyone of the Reference Treasury Dealers that we may
appoint.
NYB 578268.2 37652 00859
Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer
and any date fixed for redemption, the average, as determined by the trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the trustee by such Reference Treasury Dealer at 5:00 p.m. New
York City time on the third business day preceding the date fixed for redemption.
Reference Treasury Dealer" means (1) Banc of America Securities LLC, and its respective
successors, unless it ceases to be a primary U.S. Government securities dealer in New York City
(a "Primary Treasury Dealer ), in which case we will substitute another Primary Treasury Dealer
and (2) any three or more other Primary Treasury Dealers tha~ we may select.
NYB 578268.2 37652 00859