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Article: Results from Nevada Power Company Preferred Securities Offering
- Article from:
- PR Newswire
- Article date:
- March 26, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LAS VEGAS, March 26 /PRNewswire/ -- Nevada Power Company (NYSE: NVP) announced today the public offering of 4,754,860 shares at 8.2 percent Cumulative Quarterly Income Preferred Securities, Series A (QUIPS) at $25 per security. The QUIPS will be issued through NVP Capital I, a statutory business trust of Nevada Power Company. The securities are rated "BBB-" by Standard & Poor's and Duff and Phelps Credit Rating Co., "BBB" by Fitch Investors Service, LP and "baa3" by Moody's Investors Service.
Proceeds of $118,871,500 from the offering will be used for general corporate utility purposes, which may include capital expenditures, repayment of debt, working ...