20030417Security Issuance.pdf

PACIFICORP
PACIFIC PCI\NER UTAH PCI\NER
\ E CEfV t O
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l!Jr LED
2003 APR , 4 PM 12:
10/1110 PU8J
UTILITIES COf"IHISSION
825 N.E. Multnomah
Portland, Oregon 97232
[phone]
-&15"
April 11 , 2003
Idaho Public Utility Commission
Statehouse
472 West Washington Street
Boise, ID 83720
ATTN:Ms. Jean Jewell
Commission Secretary
Re: Case No. PAC-01-12:
?AL~ E-(Jj..(lt
In the matter of the Application of
PACIFICORP for authority to (1) issue and
sell or exchange not more than
600 000,000 of Debt, (2) enter into credit
support arrangements, (3) enter into currency
exchanges , and (4) contribute or sell
additional Debt to special purpose entities.
Dear Commissioners:
On August 7 , 2001 , the Commission issued Order No. 28806 granting PacifiCorp
request for the debt authorities referenced above. Those authorities expire on November 1
2003. PacifiCorp (Company) is now requesting that the authorities granted under Case
No. PAC-0l-12 be extended through November 1 , 2005 for the $800 million remaining
unissued thereunder. The other terms and conditions of the authorities specified in Order No.
28806 would not be changed.
Prayer
The Company respectfully requests that the Commission enter its order, effective upon
issuance , extending through November 1 , 2005 the Company s authority to, from time to time,
(1) issue and sell or exchange, in one or more public offerings or private placements, fIXed or
floating rate debt (Debt) in the aggregate principal amount of not more than $1.6 billion (of
which $800 million has been issued) or, if the Debt is issued at an original issue discount, such
greater amount as shall result in an aggregate offering price of not more than $800 million (or
PortlndZ-4418443.1 0017507-()()()()4
its equivalent amount in, or based upon, foreign currencies determined at the time of issue),
(2) enter into letter of credit arrangements with one or more banks or such other agreements or
arrangements as may be necessary or appropriate , from time to time, to provide additional
credit support for the payment of the principal of, the interest on, and the premium of the
Debt, and (3) enter into one or more currency exchanges. The Company also requests an
extension of authority to contribute or sell additional debt to special purpose entities (SPE) in
an amount based upon the common securities of the SPE and to enter into guarantee and
expense payment agreements relating to the preferred securities of the SPE, in each case
substantially as described in the Company s original application.
PacfiCorp respectfully requests that the Commission issue its order on or before May 15
2003. PacifiCorp respectfully requests twenty certified copies of any order issued in this
matter. Notice of this Application will be published within seven days as required by the
Commission s Rules of Procedure.
Your attention to this matter is appreciated.
Sincerely,
;0
Bruce N. Williams
Treasurer
Enclosures:Proposed Form of Order (1 original and 4 copies)
Diskette containing the proposed Form of Order
PortlndZ-4418443.1 00 17507-00004