Nevada Power Co., a wholly-owned subsidiary of
Sierra Pacific Resources
, said on Tuesday it has priced private placement of $210 million principal amount of its 5.95% general and refunding mortgage notes, due in 2016.
The notes are expected to be delivered by Jan 18.
Proceeds from the issue, coupled with available cash, will be used to repay $210 million outstanding under the company's $500 million revolving credit facility. The amount was borrowed to fund a portion of the purchase price of a 75% stake in the Silverhawk Power Station. The Southern Nevada Water Authority owns the remaining 25% stake.
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