20031014Application.pdf

PACIFIC POWER UTAH POWER
HFC
l~-i""
. .
I\lED
LED lJJ
Z"30CT I . 0
ii, " .
f!J '11/2: "
UTtLfrltSU PUiJL/C
OHHISSIOf(ctober , 2003
825 N.E. Mu/tnomah
Portland, Oregon 97232
[phone]
PACIFICORP
Idaho Public Utility Commission
Statehouse
472 West Washington Street
Boise, ID 83720
ATTN:Ms. Jean Jewell
Commission Secretary
fJAC- E- d )-1/
Re: Case Nos. P AC-98-
P AC-00-, and
PAC-02-
In the Matter of the Application of
ACIFICORP for authority to (1) issue
its promissory notes to and borrow from
commercial banks for (a) not more
than $1.5 billion under revolving
credit agreements, and (b) not more
than $1.5 billion under other borrowing
arrangements; and (2) issue and sell its
commercial paper in principal amounts
not to exceed $1.5 billion outstanding
at anyone time.
Dear Commissioners:
On March 10, 1998, PacifiCorp (Company) filed its original application in Case No. PAC-98-
requesting the short-term debt authorities referenced above. On April 13 , 1998, the Commission
issued Order No. 27457 granting the Company s request. In Order No. 28346 (Case No. PAC-
00-2), the Commission granted the Company s subsequent request to extend such authorities
through April 30, 2002, and in Order No. 28970 (Case No. P AC-02-2), the Commission
granted the Company s subsequent request to extend such authorities through April 30, 2004.
The Company is now requesting that the authorities granted under Case Nos. P AC-98-
PAC-00-2 and PAC-02-2 be extended for an additional two years, or through April 30
2006. The other terms and conditions of the authorities specified in Order Nos. 27457, 28346
and 28970 would not be changed.
Prayer
The Company respectfully requests that the Commission enter its order, effective upon issuance
authorizing the Company to (1) issue, from time to time through April 30, 2006, its unsecured
short-term promissory notes to and borrow from U.S. or foreign commercial banks (or their
Portlnd2-4430674.50017507-00002
Idaho Public Utilities Commission
October 8, 2003
Page 2
affiliates) under the following facilities: (a) not more than $1.5 billion in aggregate principal
amount outstanding at any one time under one or more revolving credit agreements
(Agreements); and (b) not more than $1.5 billion in aggregate principal amount outstanding at
anyone time under other borrowing arrangements (Other Arrangements); and (2) issue and sell
its commercial paper (Paper) in the U.s. or overseas, from time to time through April 30, 2006
in aggregate principal amounts not to exceed $1.5 billion outstanding at anyone time; provided
that the aggregate principal amounts outstanding under the Agreements, Other Arrangements and
Paper not exceed $1.5 billion at anyone time.
The Company recently entered into a new 364-Day Credit Agreement, dated as of June 3, 2003
by and among the Company, JPMorgan Chase Bank (as Administrative Agent and Issuing Bank),
HSBC Bank pic (as Syndication Agent), and the other Banks party thereto, under the terms of
which the Company may borrow up to $500 million (including issuances of letters of credit up to
$200 million under the credit agreement) until June 2, 2004. Without the Commission
extension of the authorities granted in Order Nos. 27457, 28346 and 28970, the Company will be
unable to utilize this new credit agreement after April 30, 2004 or to arrange for issuances of
letters of credit with a termination date beyond April 30, 2004 pursuant to the new credit
agreement. For the Commission s reference, a copy of the new credit agreement, which has
previously been provided to the Commission, is enclosed.
The Company respectfully requests that the Commission issue its order on or before
October 27 2003. The Company respectfully requests twenty certified copies of any order issued
in this matter.
Your attention to this matter is appreciated.
Sincerely,
Bruce N. Williams
Treasurer
Enclosures:Proposed Form of Order (1 original and 4 copies)
Diskette containing the proposed Form of Order
364- Day Credit Agreement
Portlnd2-4430674.5 0017507-00002