20040824Term Sheet for Notes.pdf

IDAHO
POWER
IDAHO POWER COMPANY
O. BOX 70
BOISE, IDAHO 83707
An IDACORP Company
PATRICK A. HARRINGTON
Attorney
August 23 , 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 August 16, 2004, Idaho Power completed the closing for the issuance of
$55 000 0000 of its 5.875% 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 each of the final Term Sheet for the Notes. Also enclosed are copies of the
Pricing Supplements for the Notes: Pricing Supplement No. 15 describes the $38 500 000 of
Notes sold through Piper Jaffray & Co. as agent, and Pricing Supplement No. 16 describes the
$16 500 000 of Notes sold through Bane of America Securities LLC as agent.
Please contact me at 388-2878 if you have any questions regarding this filing.
Sincerely,
rPft!11!fl. 'lit Patrick A. Harringto
C. Gribble
Terri Carlock
Telephone [phone], Fax [phone]
Piper Jaffray & Co.lBanc of America Securities
An IDACORP Company
Issuer
Security
Issuance Format:
CUSIP:
Ratings
Pricing Date
Settlement Date
Coupon Payment Dates
Idaho Power Company
First Mortgage Bonds, Secured Medium-Term Notes, Series E
Public
451381AQ6
A21 AI
August 11, 2004
August 16, 2004
February 15th and August 15th, beginning February 15 2005
Total
Tranche Size $38 500 000 $16 500 000 $55 000 000
Final Maturity August 15 , 2034 August 15 , 2034 August 15 , 2034
Optionality Make Whole T + 15 bps Make Whole T + 15 bps Make Whole T + 15 bps
Benchmark Treasury 5.375% due 02/31 5.375% due 02/31 5.375% due 02/31
Benchmark Yield 073%073%073%
Re-offer Spread 900%900%900%
Initial Yield 973%973%973%
Coupon 875%875%875%
Price to Public (0/0)98.640%98.640%98.640%
Gross Spread (0/0)7500%7500%7500%
Gross Spread ($)$288 750.$123 750.$412 500.
Net Proceeds (0/0)97.890%97.890%97.890%
Net Proceeds ($)$37 687 650 $16 151 850 $53 839 500
Management Fee 0.1300%1300%1300%
Underwriting Fee 0.1200%0.1200%1200%
Selling Concession 0.4000%0.4000%0.4000%
Reallowance 2000%2000%2000%
Agent Piper Jaffray & Co.Bane of America
Securities LLC
Wire Instructions:
Institution: Wells Fargo Bank
Account Name: Idaho Power Company
ABA # 121000248
A ccount#: 4000033514
Rule 424(b )(2)
File No. 333-103812
Pricing Supplement No. 15 Dated August 11 , 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: 5.875% First Mortgage Bonds due 2034
Principal Amount: $38 500 000 Original Issue Date: August 16, 2004
Interest rate: 5.875%Maturity Date: August 15, 2034
Issue Price:98.640/0 payable in
immediately
available funds
Proceeds to Issuer After
Commission: 97.89%
Agent's Commission: 0.75%Original Interest Accrual Date:
August 16, 2004
Interest Payment Dates: February
and August 15
Record Dates: January 31 and July
Form: Book-Entry
Redemption:See "Optional Redemption" below.
Capacity:Piper Jaffray & Co. 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 for the redemption of our 4% preferred stock, $100
par value, 7.68% series, serial preferred stock, $100 par value, and 7.07%
series, serial preferred stock, without par value, which we expect to redeem in
September 2004. The aggregate amount we will pay to redeem the preferred
stock is approximately $54 million. We will invest temporarily the net
proceeds in short-term discounted or interest-bearing securities until the
respective redemption dates of the preferred stock.
Agent:
Piper Jaffray & Co.
NYB586141.
Optional Redemption:
We may, at our option, redeem the 5.8750/0 First Mortgage Bonds due 2034, which we refer to as
the "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:
1 000/0 of the principal amount of the 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 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 yearconsisting 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 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 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
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 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.
NYB586141.5
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) Bane 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.
NYB586141.5
Rule 424(b )(2)
File No. 333-103812
Pricing Supplement No. 16 Dated August 11 , 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: 5.8750/0 First Mortgage Bonds due 2034
Principal Amount: $16 500 000 Original Issue Date: August 16, 2004
Interest rate: 5.875%Maturity Date: August 15 2034
Issue Price:98.640/0 payable in
immediately
available funds
Proceeds to Issuer After
Commission: 97.89%
Agent's Commission: 0.75%Original Interest Accrual Date:
August 16, 2004
Interest Payment Dates: February 15
and August 15
Record Dates: January 31 and July
Form: Book-Entry
Redemption:See "Optional Redemption" below.
Capacity:Bane 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 for the redemption of our 40/0 preferred stock, $100
par value, 7.68% series, serial preferred stock, $100 par value, and 7.070/0
series, serial preferred stock, without par value, which we expect to redeem in
September 2004. The aggregate amount we will pay to redeem the preferred
stock is approximately $54 million. We will invest temporarily the net
proceeds in short-term discounted or interest-bearing securities until the
respective redemption dates of the preferred stock.
Agent:
Bane of America Securities LLC
NYB586143.4
Optional Redemption:
We may, at our option, redeem the 5.875% First Mortgage Bonds due 2034, which we refer to as
the "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:
1000/0 of the principal amount of the 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 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 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 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
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 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.
NYB586143.4
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) Bane 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.
NYB586143.4