Sierra Pacific Resources subsidiaries increase revolvers by $100 million each

By Angela McDaniels

Seattle, April 20 - Sierra Pacific Resources subsidiaries Nevada Power Co. and Sierra Pacific Power Co. amended their revolving credit facilities on Tuesday to increase their borrowing limits, according to an 8-K report filed with the Securities and Exchange Commission.

Nevada Power increased its revolver to $600 million from $500 million. The company had $130.2 million outstanding under the revolver as of Wednesday.

Sierra Pacific Power increased its revolver to $350 million from $250 million. The company had $12.2 million of letters of credit outstanding under the revolver as of Wednesday.

Each subsidiary issued an additional $100 million of general and refunding mortgage bonds due 2010 to secure the increase in commitments under the revolvers.

Proceeds from both facilities will be used for general corporate purposes, including increasing liquidity and for the purchase of fuel and power.

Wachovia Bank NA is administrative agent for both facilities, which mature on Nov. 4, 2010.

Sierra Pacific Resources is a Reno, Nev.-based utility holding company.

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