20120110Notice of Proposed Issuance.pdf

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Rocky Mountin Por IPacCorp Ene
825 NE Multoma, Suite 1900 LeT
Portland, Oreon 9n32
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Januar 3, 2012
VIA FACSIMILE AND OVERNIGHT COURIER
Idaho Public Utility Commission
Statehouse
472 West Washington Street
Boise, ID 83720
ATTN:Ms. Jean D. Jewell
Commission Secretar
Re: Case No. PAC-E-10-02:
Order No. 31018
In the matter of the Application ofPacifiCorp DBA
Rocky Mountain Power for authority to (1) 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:
Pursuant to Order No. 31018, PacifiCorp is hereby providing notice to the Commission of the
proposed issuace of up to $750 milion of the Company's First Mortgage Bonds.
The Bonds are expected to be issued in two series with a matuity of 10 years and 30 years,
respectively. Curent indications are that the Bonds will be issued at spreads over the
corresponding United States Treasur Bond Benchmark of approximately 100 basis points
and 120 basis points, respectively. At the present time this would result in coupon interest
rates of approximately 3.00% and 4.25%, respectively. The Bonds are expected to be
redeemable at the Company's option at redemption prices dependent upon United States
Treasury yields except that durng the 3 months or 6 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 utilities facilities and refuding of certn tax-
exempt bond obligations.
We anticipate the transaction wil close on or about Januar 6, 2012 and we intend to provide
the Commission a post-closing issuance notice, which notice will include all other
information required pursuant to the referenced order, in a timely maner.
Please contact me if you have any questions about this matter.
Sincerely,
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Bruce N. Wiliams
Vice President & Treasurer
cc: Terri Carlock (Idaho Commission)
Ted Weston (PacifiCorp)
JeffErb (PacifiCorp)
Chris Hall (Perkins Coie)