20140311Notice of Proposed Issuance.pdf

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March I0,2014
VIA FACSIMILE AND OVERNIGHT COURIER
Idaho Public Utility Commission
Statehouse
47 2 W est Washington Street
Boise, lD 83720
ATTN:Ms. Jean D. Jewell
Commission Secretary
Re: Case No. PAC-E-10-02:
Order No. 31018
Pacific Fowerl
Rocky l.lountaln Forrer I
PacifiGorp Energy
825 NE Mulmomah, Suite 1900 LCT
Portland, Oregon 97232
In the matter of the Application of PacifiCorp 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 arrangements; (3)
enter into cwrency swaps; and (a) contribute or sell
additional Debt to special-purpose entities.
Dear Commissioners:
Pursuant to Order No. 3 I 01 8, PacifiCorp is hereby providing notice to the Commission of the
proposed issuance of approximately $425 million of the Company's First Mortgage Bonds.
The Bonds are expected to be issued in one series with a maturity of 10 years. Current
indications are that the Bonds will be issued at spreads over the corresponding United States
Treasury Bond Benchmark of approximately 85 basis points. At the present time this would
result in coupon interest rates of approximately 3.650/o. 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 acquisition of property, for construction, completion, extension or improvement of
utilities facilities and for general corporate purposes including retirement of short-term debt.
We anticipate the transaction will close on or about March 13,2014 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 manner.
Please contact me if you have any questions about this matter.
Sincerely,
(L..- Io tnJ!*
Bruce N. Williams
Vice President & Treasurer
Terri Carlock (Idaho Commission)
Ted Weston @acifiCorp)
JeffErb (PacifiCorp)
Chris Hall (Perkins Coie)