SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported)July 30, 2008
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| | | Registrant, Address of Principal | | I.R.S. employer | | |
| Commission File | | Executive Offices and Telephone | | Identification | | State of |
| Number | | Number | | Number | | Incorporation |
| |
| 1-08788 | | SIERRA PACIFIC RESOURCES
P. O. Box 10100 (6100 Neil Road)
Reno, Nevada 89520-0400 (89511)
(775) 834-4011 | | 88-0198358 | | Nevada |
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| 2-28348 | | NEVADA POWER COMPANY
6226 West Sahara Avenue
Las Vegas, Nevada 895146
(702) 402-5000 | | 88-0420104 | | Nevada |
None
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| o | | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| o | | Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) |
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| o | | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| o | | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.03 — Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Issuance and Sale of Nevada Power Company’s Series S Notes
On July 30, 2008, Nevada Power Company (“NPC”), a wholly-owned subsidiary of Sierra Pacific Resources, issued and sold $500 million of its 6.50% General and Refunding Mortgage Notes, Series S, due 2018 (the “Series S Notes”). NPC will pay interest on the Series S Notes on February 1 and August 1 of each year, beginning on February 1, 2009. The Series S Notes will mature on August 1, 2018. The Series S Notes were issued pursuant to a registration statement (No. 333-146100-02) previously filed with the Securities and Exchange Commission (“SEC”). NPC filed a prospectus supplement with the SEC in connection with the issuance of the Series S Notes.
The net proceeds from the issuance of the Series S Notes will be approximately $494.8 million, after deducting the underwriting discount and estimated expenses. Of the net proceeds from the sale of the Series S Notes, approximately $270 million will be used to repay amounts outstanding under NPC’s Revolving Credit Facility dated November 4, 2005, as amended, which matures November 2010, which amounts are borrowed at a weighted average interest rate of 3.22% as of July 25, 2008. The remaining approximately $224.8 million of net proceeds will be used for general corporate purposes.
NPC may redeem the notes at its option at any time, in whole or in part, at a price of 100% of the principal amount of the Series S Notes being redeemed plus a make-whole premium.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have each duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
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| | Sierra Pacific Resources
(Registrant)
| |
| Date: July 30, 2008 | By: | /s/ E. Kevin Bethel | |
| | | E. Kevin Bethel | |
| | | Chief Accounting Officer | |
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| | Nevada Power Company | |
| | (Registrant) | |
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| Date: July 30, 2008 | By: | /s/ E. Kevin Bethel | |
| | | E. Kevin Bethel | |
| | | Chief Accounting Officer | |
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