-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HX4CFzgitiGtDmMCP1bgL6uVM0LJgscgxx3GW1rUSOtoeA22ac3McpplFDsBAb5N pcJkCidzsQLzcEuq10m/mg== 0000950135-06-000237.txt : 20060120 0000950135-06-000237.hdr.sgml : 20060120 20060120172434 ACCESSION NUMBER: 0000950135-06-000237 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060118 ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant FILED AS OF DATE: 20060120 DATE AS OF CHANGE: 20060120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIERRA PACIFIC RESOURCES /NV/ CENTRAL INDEX KEY: 0000741508 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 880198358 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08788 FILM NUMBER: 06541620 BUSINESS ADDRESS: STREET 1: PO BOX 30150 STREET 2: 6100 NEIL RD CITY: RENO STATE: NV ZIP: 89511 BUSINESS PHONE: 7758344011 MAIL ADDRESS: STREET 1: P O BOX 30150 STREET 2: 6100 NEIL ROAD CITY: RENO STATE: NV ZIP: 89511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEVADA POWER CO CENTRAL INDEX KEY: 0000071180 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 880045330 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-28348 FILM NUMBER: 06541619 BUSINESS ADDRESS: STREET 1: 6226 W SAHARA AVE CITY: LAS VEGAS STATE: NV ZIP: 89146 BUSINESS PHONE: 7023675000 MAIL ADDRESS: STREET 1: P O BOX 230 CITY: LAS VEGAS STATE: NV ZIP: 89151 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHERN NEVADA POWER CO DATE OF NAME CHANGE: 19701113 8-K 1 b58706spe8vk.htm SIERRA PACIFIC RECOURCES e8vk
 

 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported) January 18, 2006
 
         
Commission File   Registrant, State of Incorporation, Address of   I.R.S. employer
Number   Principal Executive Offices and Telephone Number   Identification Number
 
        
1-8788
  SIERRA PACIFIC RESOURCES   88-0198358
 
  P.O. Box 10100 (6100 Neil Road)    
 
  Reno, Nevada 89520-0400 (89511)    
 
  (775) 834-4011    
 
        
1-4698
  NEVADA POWER COMPANY   88-0045330
 
  6226 West Sahara Avenue    
 
  Las Vegas, Nevada 89146    
 
  (702) 367-5000    

     
None
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

2.03 — Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
     On January 18, 2006, Nevada Power Company (“NPC”), a wholly-owned subsidiary of Sierra Pacific Resources, issued and sold $210 million of its 5.95% General and Refunding Mortgage Notes, Series M, due 2016 (the “Series M Notes”). NPC will pay interest on the Series M Notes on March 15 and September 15 of each year, beginning on September 15, 2006. The Series M Notes will mature on March 15, 2016. The Series M Notes were issued to Qualified Institutional Buyers under Rule 144A with registration rights. The net proceeds of the issuance plus available cash were used to repay $210 million outstanding under NPC’s revolving credit facility expiring November 5, 2010 with Wachovia Bank, N.A, which amount was borrowed to finance the purchase of a 75% ownership interest in the Silverhawk Power Plant.
Restrictions
     The Series M Notes contain restrictions on liens (other than permitted liens, which include liens to secure certain permitted debt) and certain sale and leaseback transactions. There are also limitations on certain fundamental structural changes to NPC and limitations on the disposition of property. In the event of a change of control of NPC, the holders of the Series M Notes are entitled to require that NPC repurchase their Series M Notes for a cash payment equal to 101% of the aggregate principal amount plus accrued and unpaid interest and liquidated damages, if any.
Cross-Defaults/Acceleration Events
     In addition to customary default and acceleration events, the terms of the Series M Notes provide that in the event that (1) NPC or any of its restricted subsidiaries defaults with respect to the payment of principal, interest or premium beyond the applicable grace period under any mortgage, indenture or other security instrument relating to debt in excess of $15 million, or (2) a final, unstayed judgment in excess of $15 million is rendered against NPC and remains undischarged for 60 days, the holders of the Series M Notes have the right to require that NPC redeem their Series M Notes, at a price equal to 100% of the aggregate principal amount plus accrued and unpaid interest and liquidated damages, if any, upon notice given by at least 25% of the outstanding noteholders. In addition, in the event of certain events of bankruptcy or insolvency with respect to NPC or any of its significant subsidiaries, NPC shall be required to redeem the Series M Notes immediately, at a price equal to 100% of the aggregate principal amount plus accrued interest and liquidated damages, if any, without further action or notice on the part of the trustee or the holders of the Series M Notes. Moreover, since the Series M Notes were issued under NPC’s General and Refunding Mortgage Indenture, a failure to redeem the Series M Notes would trigger a default with respect to all of the securities issued under NPC’s General and Refunding Mortgage Indenture.
Optional Redemption
     NPC may redeem the notes at its option at any time, in whole or in part, at a price of 100% of the principal amount of the Series M Notes being redeemed plus a make-whole premium.

 

 

Signatures
     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have each duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
         
  Sierra Pacific Resources
(Registrant)
 		  
Date: January 20, 2006  By:   /s/ John E. Brown    
    John E. Brown   
    Controller   
 
  Nevada Power Company
(Registrant)
 		  
Date: January 20, 2006  By:   /s/ John E. Brown    
    John E. Brown   
    Controller   
 

 

-----END PRIVACY-ENHANCED MESSAGE-----