HomeMy WebLinkAbout20190227Notice of Issuance.pdf\PaqnConp ;,.j:j f[B 2 ] Pl'l 12: 2 2
Pacific Power I
Rocky Mountain Power
825 NE Multnomah, Suite 2000
Portland. Oregon 97232
February 26,2019
VA OVERNIGHT DELIVERY
Diane Hanian
Commission Secretary
Idaho Public Utility Commission
472 W est Washington Street
Boise, lD 83720
RE CASE NO. PAC-E-18-10
IN THE MATTER OF ROCKY MOUNTAIN POWER'S APPLICATION FOR
AUTHORITY TO (1) rSSUE AlrD SELL OR EXCHANGE NOT MORE THAN
$2,000,000,000 oF DEBT, AttD (2) ENTER INTO CREDIT SUPPORT
ARRANGEMENTS
Dear Ms. Hanian:
Pursuant to Order No. 34205, in the above referenced matter, PacifiCorp is hereby providing the
Commission notice of the proposed aggregate issuance of approximately $1.0 billion of First
Mortgage Bonds.
The Bonds are expected to be issued in two series with maturities of approximately 10 years and
3l years, respectively. Expectations are that each of the two series of Bonds will be issued at
spreads over the corresponding United States Treasury Bond Benchmarks of approximately 85
and I l5 basis points, respectively. Based on the current benchmarks this would result in coupon
interest rates of approximately 3.50o/o and 4.15o/o, respectively. The Bonds are expected to be
redeemable at the Company's option at redemption prices dependent upon United States
Treasury yields, except during the three month and six month periods prior to maturity for each
of the two series, respectively, where the Bonds may be redeemed atpar. PacifiCorp anticipates
using the proceeds from the issuance of these Bonds for the acquisition of property, for
construction, completion, extension, or improvement of Company facilities and for general
corporate purposes including retirement of short-term debt.
The Company anticipates a transaction closing date on or about March 1,2019 and will provide
the Commission with a post-closing issuance notice, which will include all other information
required pursuant to the above referenced order, in a timely manner thereafter.
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Idaho Public Utility Commission
February 26,2019
Page2
Please contact me at (503) 813-5401 if you have any questions about this matter.
Sincerely,
Weems
Vice President, Controller and Asst. Treasurer
cc Terri Carlock (Idaho Commission)
Ted Weston (PacifiCorp)
Jeff Erb (PacifiCorp)
Chris Hall (Perkins Coie)