|Deal Type||Debt Capital Markets|
First Mortgage Bonds due 2030
First Mortgage Bonds due 2051
|Client & Transactional Partners||PacifiCorp||Our Role||Joint Bookrunner|
PacifiCorp (“PacifiCorp” or the “Company”) an indirect wholly owned subsidiary of Berkshire Hathaway Energy Company, is a United States regulated electric utility company headquartered in Oregon that serves 1.9 million retail electric customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California. PacifiCorp is principally engaged in the business of generating, transmitting, distributing and selling electricity.
In April 2020, PacifiCorp priced $1.0 billion of First Mortgage Bonds in two tranches: $400 million of FMBs due 2030 and $600 million of FMBs due 2051. The transaction was well-received by the market, with an average book over subscription of 5.6x across the two tranches (order books totaling $5.6 billion).
The Company plans to use proceeds from the offering to fund capital expenditures, primarily for renewable resource and associated transmission projects, and for general corporate purposes. KeyBanc Capital Markets acted as Joint Bookrunner on the transaction.