Nevada Power plans mortgage bond; Sierra Pacific Power looking at refinancing

New York, March 8 - Nevada Power Co. is planning to issue new general and refunding mortgage bonds to refinance its $130 million of long-term debt maturing April 15.

Meanwhile sister company Sierra Pacific Power Co. is looking at possible refinancing transactions.

The two utilities, both subsidiaries of Reno, Nev.-based Sierra Pacific Resources, disclosed the proposed transactions in Sierra Pacific Resources' 10-K filing with the Securities and Exchange Commission.

Nevada Power said it plans to refinance all the $130 million of debt due April 15 with new mortgage bonds.

Nevada Power also said that it expects to need additional liquidity at the beginning of the summer to fund power purchases.

"Currently, management believes that NPC will be able to enter into financings and/or credit facilities to meet its summer 2004 cash needs," Nevada Power said in the 10-K filing.

Sierra Pacific Power does not expect to need additional liquidity for its power purchases.

But it added: "Currently, SPPC is exploring the possibility of taking advantage of favorable conditions in the capital markets by entering into new financings to refinance existing debt on more favorable terms and to provide for additional or replacement back-up liquidity facilities."

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