Filed Pursuant to Rule 433
Registration No. 333-130189
June 25, 2007
NEVADA POWER COMPANY
$350,000,000
6.750% General and Refunding Mortgage Notes,
Series R, due 2037
Issuer: | Nevada Power Company | |
Issue: | 6.750% General and Refunding Mortgage Notes, Series R, due 2037 | |
Ratings:* | Ba1/BB+/BBB-/BBB(low)(Moody’s/S&P/Fitch/Dominion) | |
Offering Size: | $350,000,000 | |
Coupon: | 6.750% | |
Trade Date: | June 25, 2007 | |
Settlement Date: | June 28, 2007 (T+3) | |
Stated Maturity: | July 1, 2037 | |
Initial Public Offering Price: | 99.973% | |
Yield to Maturity: | 6.752% | |
Benchmark Treasury: | 4.500% due February 2036 | |
Benchmark Treasury Yield: | 5.222% | |
Spread to Benchmark Treasury: | +153bps | |
Optional Redemption: | Make-whole call, 30bps spread over U.S. Treasuries | |
Interest Payment Dates: | January 1 and July 1 of each year, commencing on January 1, 2008 | |
CUSIP Number: | 641423 BU 1 | |
Bookrunners: | Credit Suisse Securities (USA) LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated UBS Securities LLC |
* A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the offering to which the communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriters or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Credit Suisse Securities (USA) LLC, toll free at 1-800-221-1037, Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-866-500-5408 or UBS Securities LLC at 1-888-722-9555, ext. 1088.