LAS VEGAS, Nov. 8, 2013 /PRNewswire/ -- Nevada Power
Company d/b/a NV Energy (the "Company"), a wholly-owned subsidiary
of NV Energy, Inc. (NYSE: NVE), announced today that it will redeem
all $125,000,000 aggregate principal
amount of its 7.375% General and Refunding Mortgage Notes,
Series U, due 2014 (the "Notes") on December 9, 2013. Upon such
redemption, there will not be any Notes
outstanding. The Notes will be redeemed at a
redemption price equal to 100% of their principal amount plus a
make-whole premium based on a 50 basis point spread over a
reference U.S. Treasury security which will be determined by an
independent investment bank on December 4,
2013, plus accrued and unpaid interest to the redemption
date.
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On and after the redemption date (upon payment of the redemption
price by the Company), interest on the Notes will cease to accrue,
the holders of the Notes will no longer be entitled to the lien of
the General and Refunding Mortgage Indenture, dated as of
May 1, 2001, of the Company to The Bank of New York Mellon
Trust Company, N.A., as trustee, as amended and supplemented, and
the Company's obligations with respect to the Notes shall be
satisfied and discharged.
Notices of redemption are being sent to the registered holders
of the Notes. Copies of the notices of
redemption may be obtained from The Bank of New York Mellon, the
Paying Agent for the Notes, which can be reached at (800) 254-2826
or by mail at: The Bank of New York Mellon,
Attn: Redemption Department, at 111 Sanders Creek Parkway,
2nd Floor, East Syracuse,
NY 13057.
Nevada Power Company d/b/a NV Energy is the electric
utility for Las Vegas,
North Las Vegas, Henderson and adjoining areas in southern
Nevada.
Headquartered in Las Vegas,
NV Energy, Inc. is a holding company whose principal
subsidiaries, Nevada Power Company and Sierra Pacific Power
Company, are doing business as NV Energy. Serving a combined
service territory of nearly 46,000 square miles, NV Energy provides
a wide range of energy services and products to approximately 2.4
million residents of Nevada and
nearly 40 million tourists annually.
This press release shall not constitute an offer to sell,
or the solicitation of an offer to buy, the securities of the
Company, nor shall there be any offer, solicitation or sale of any
securities of the Company in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities law of any such state or
jurisdiction.
This press release may contain forward-looking statements
regarding the future performance of the Company within the meaning
of the Private Securities Litigation Reform Act of 1995.
These statements are subject to a variety of risks and
uncertainties that could cause actual results to differ materially
from current expectations. These risks and uncertainties
include, but are not limited to, current and prospective financial
conditions, earnings and liquidity, prospective business
conditions, regulatory factors, and dividend restrictions in the
Company's financing agreements. Additional cautionary
statements regarding other risk factors that could have an effect
on the future performance of the Company are contained in its
quarterly reports on Form 10-Q for the periods ending March 31, 2013, June 30,
2013 and September 30, 2013
and its Annual Report on Form 10-K for the year ended December 31, 2012. The Company undertakes
no obligation to release publicly the result of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.
SOURCE NV Energy