20110512Notice of Proposed Issuance.pdf

~~ælf9ll RECEtVED
20n MAY' 2 AM to: '4
PaIC Po I
Ro Mountn Por IPaCorp En
825 NE Multom, Suit 190 LeT
Pord, Oreon 97232
May 9, 2011
VIA FACSIMILE AND OVERNIGHT COURIER
Idaho Public Utility Commission
Statehouse
472 West Washington Street
Boise, ID 83720
ATTN:Ms. Jean D. Jewell
Commission Secretay
Re: Case No. PAC-E-I0-02:
Order No. 310 18
In the matter of the Application ofPacifiCorp DBA
Rocky Mountain Power for authority to (l) issue and
sell or exchange not more than $2,000,000,000 of
Debt; (2) enter into credit support arangements; (3)
enter into curency swaps; and (4) contribute or sell
additional Debt to special-purose entities.
Dear Commissioners:
Pursuat to Order No. 31018, PacifiCorp is hereby providing notice to the Commission of the
proposed issuance of $400 milion of the Company's First Mortgage Bonds.
The Bonds wil have a maturty of 10 years and are expected to be. issued at a spread over the
corresponding United States Treasur Bond Benchmark of approximately 75 basis points. At
the present time this would result in a coupon interest rate of approximately 4.00%. The
Bonds are expected to be redeemable at the Company's option at redemption prices
dependent upon United States Treasury yields except that during the 3 months prior to
maturity the Bonds may be redeemed at par. PacifiCorp anticipates using the proceeds from
the issuance of the Bonds for the retirement of short-term debt, acquisition of property and
for constrction, completion, extension or improvement of utilties facilities.
We anticipate the transaction will close on or about May 12, 2011 and we intend to provide
the Commission a post-closing issuance notice, which notice wil include all other
information required pursuat to the referenced order, in a timely maner.
Please contact me if you have any questions about this matter.
Sincerely,
~~f\W~
Bruce N. Willams
Vice President & Treasurer
cc: Terri Carlock (Idaho Commission)
Ted Weston (PacifiCorp)
Jeff Erb (Pacifi Corp)
Chris Hall (Perkins Coie)