Nevada Power Selling Notes

The Sierra Pacific unit raises $250 million.
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Sierra Pacific (SRP) unit Nevada Power said it priced a private offering of $250 million of its 6.65% general and refunding mortgage notes, Series N, due 2036.

The new offering along with the company's cash will be used to redeem $35 million aggregate principal amount of the company's 8.50% Series Z first mortgage bonds due 2023 and about $1 million of associated redemption premiums, $105 million aggregate principal amount of 6.70% industrial development revenue bonds, Series 1992A, due 2022, which are secured by a like principal amount of the company's first mortgage bonds, and about $122 million aggregate principal amount of the company's 8.20% junior subordinated debentures due 2037.

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