Recent Financing Transactions

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Recent Financing Transactions

Long-Term Debt

In October 2015, MidAmerican Energy issued $200 million of its 3.50% First Mortgage Bonds due October 2024 and $450 million of its 4.25% First Mortgage Bonds due May 2046. The net proceeds will be used for the repayment of $426 million of long-term debt maturing December 31, 2015, and for general corporate purposes.

In September 2015, TX Jumbo Road Wind, LLC issued a $230 million Term Loan due September 2025. The Term Loan has an underlying variable interest rate based on LIBOR plus a fixed credit spread with a one-time increase during the term of the loan. The Company has entered into interest rate swaps that fix the underlying interest rate on 100% of the outstanding debt.

In June 2015, BHE repaid at par value $600 million, plus accrued interest, of its junior subordinated debentures due December 2043.

In June 2015, PacifiCorp issued $250 million of its 3.35% First Mortgage Bonds due July 2025. The net proceeds were used to fund capital expenditures and for general corporate purposes, including retirement of short-term debt.

In June 2015, ALP issued C$350 million of its 4.09% Series 2015-1 Medium-Term Notes due June 2045. The net proceeds were used to repay short-term debt.

In April 2015, Northern Powergrid (Yorkshire) plc issued £150 million of its 2.50% Bonds due April 2025. The net proceeds were used for general corporate purposes, including the repayment of short-term debt.

In March 2015, Solar Star Funding, LLC issued $325 million of its 3.95% Series B Senior Secured Notes. The principal of the notes amortizes beginning June 2016 with a final maturity in June 2035. The net proceeds were used to fund the repayment or reimbursement of amounts provided by BHE for the costs related to the development, construction and financing of a combined 586-megawatt solar project in California (the "Solar Star Projects").

In March 2015, AltaLink Investments, L.P. issued C$200 million of its 2.244% Series 15-1 Senior Bonds due March 2022. The net proceeds were used to repay short-term debt, provide equity to ALP and for general corporate purposes.

Credit Facilities

In March 2015, Topaz Solar Farms LLC amended its $345 million letter of credit facility reducing the amount available to $326 million and extending the maturity date to March 2025. As of September 30,2015, Topaz had $316 million of letters of credit issued under this facility.

In March 2015, PacifiCorp obtained $191 million of letters of credit to support variable-rate tax-exempt bond obligations. These letters of credit expire through March 2017 and replace certain letters of credit previously issued under one of the credit facilities. Also, in March 2015, PacifiCorp arranged for the cancellation of $23 million of letters of credit previously issued under one of the credit facilities to support variable-rate tax-exempt bond obligations.

As of September 30, 2015, PacifiCorp had $310 million of fully available letters of credit issued under committed arrangements to support variable-rate tax-exempt bond obligations, of which $10 million were issued under credit facilities.