HomeMy WebLinkAbout20240103Notice of Securities Issuance.pdf
January 3, 2024
VIA ELECTRONIC FILING
Commission Secretary
Idaho Public Utilities 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
Attention: Commission Secretary
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 $3.8 billion of First
Mortgage Bonds.1
The Bonds are expected to be issued in four series with a maturity of approximately 5, 7, 10 and
31 years. Expectations are that the Bonds will be issued at spreads over the corresponding United
States Treasury Bond Benchmark of approximately 120, 140, 155 and 175 basis points,
respectively. Based on the current benchmark this would result in coupon interest rates of
approximately 5.10%, 5.30%, 5.45% and 5.80%, respectively. The Bonds are expected to be
redeemable at PacifiCorp’s option at redemption prices dependent upon United States Treasury
yields, except during the 1, 2, 3 or 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 repayment of short-term debt, acquisition of property, for construction, completion,
extension, or improvement of Company facilities and for general corporate purposes.
PacifiCorp anticipates a transaction closing date on or about January 5, 2024 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
January 3, 2024 4:32PM
IDAHO PUBLIC
UTILITIES COMMISSION
Idaho Public Utilities Commission
January 3, 2024
Page 2
Please contact me at (503) 813-5401 if you have any questions about this matter.
Sincerely,
Ryan Weems
Vice President, Controller and Assistant Treasurer
cc: Terri Carlock (Idaho Commission)
Mark Alder (PacifiCorp)
Jeff Erb (PacifiCorp)
Tom Woodworth (PacifiCorp)
Chris Hall (Perkins Coie)