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Nevada Power Announces Private Debt Offering

Notes expected to be delivered Jan. 18.

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.

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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.

This story was created through a joint venture between and IRIS.