20230515Notice of Securities Issuance.pdf

1407 W. North Temple, Suite 330 
Salt Lake City, UT 84116 

May 15, 2023

VIA ELECTRONIC FILING

Jan Noriyuki
Commission Secretary
Idaho Public Utility Commission
11331 W. Chinden Blvd.
Building 8 Suite 201A
Boise, ID 83714

RE: CASE NO. PAC-E-23-03
IN THE MATTER OF ROCKY MOUNTAIN POWER’S APPLICATION FOR
AUTHORITY TO ISSUE AND SELL OR EXCHANGE NOT MORE THAN
$5,000,000,000 OF DEBT, AND ENTER INTO CREDIT SUPPORT
ARRANGEMENTS

Dear Ms. Noriyuki:

Reference is made to Order No. 35723 in the above referenced matter. PacifiCorp is hereby
providing the Commission notice of the proposed issuance of approximately $1.2B of First
Mortgage Bonds.1

The Bonds are expected to be issued in one series with a maturity of approximately 31 years.
Expectations are that the Bonds will be issued at spreads over the corresponding United States
Treasury Bond Benchmark of approximately 165 basis points. Based on the current benchmark
this would result in a coupon interest rate of approximately 5.50%. The Bonds are expected to be
redeemable at the Company’s option at redemption prices dependent upon United States
Treasury yields, except during the 6 month period prior to maturity 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 May 17, 2023 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.

1 In the Commission’s prior Order No. 34831 in Case No. PAC-E-20-15, PacifiCorp was required to provide
anticipated details of a proposed debt issuance transaction prior to issuance. Such a pre-issuance requirement is
not stated in the Commission’s order in this proceeding. However, out of an abundance of caution, PacifiCorp
provides this pre-issuance notification in the same format as was previously submitted consistent with the
Commission’s prior Order No. 34831.
RECEIVED
2023 May 15, 3:36PM
IDAHO PUBLIC
UTILITIES COMMISSION
Idaho Public Utility Commission
May 15, 2023
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 (IPUC)
Mark Alder (PacifiCorp)
Jeff Erb (PacifiCorp)
Tom Woodworth (PacifiCorp)
Chris Hall (Perkins Coie)