20200406Notice of Securities.pdf

April 6, 2020 VIA ELECTRONIC FILING AND
OVERNIGHT DELIVERY Diane Hanian Commission Secretary Idaho Public Utility Commission
11331 W. Chinden Blvd. Building 8 Suite 201A Boise, ID 83714
RE: CASE NO. PAC-E-18-10 IN THE MATTER OF ROCKY MOUNTAIN POWER’S APPLICATION FOR AUTHORITY TO (1) ISSUE AND SELL OR EXCHANGE NOT MORE THAN $2,000,000,000 OF DEBT, AND (2) ENTER INTO CREDIT SUPPORT ARRANGEMENTS
Dear Ms. Hanian: Pursuant to Order No. 34205, in the above referenced matter, PacifiCorp (“the Company”) is hereby providing the Commission notice of the proposed aggregate issuance of approximately
$1 billion of First Mortgage Bonds. The Bonds are expected to be issued in two series with maturities of approximately 10.5 years and 31 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
205 basis points. Based on the current benchmarks this would result in coupon interest rates of approximately 2.70% and 3.30%, 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 at par. 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 April 8, 2020 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.
RECEIVED
2020 April 6,PM4:26
IDAHO PUBLIC
UTILITIES COMMISSION
Idaho Public Utility Commission April 6, 2020
Page 2 Please contact me at [phone] if you have any questions about this matter. Sincerely,
Ryan Weems Vice President, Controller and Asst. Treasurer
cc: Terri Carlock (Idaho Commission) Ted Weston (PacifiCorp) Jeff Erb (PacifiCorp) Chris Hall (Perkins Coie)