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Recent Financing Transactions
9 Months Ended
Sep. 30, 2020
Debt Instrument [Line Items]  
Recent Financing Transactions
Recent Financing Transactions

Long-Term Debt

In October 2020, BHE issued $500 million of its 1.650% Senior Notes due 2031 and $1.5 billion of its 2.850% Senior Notes due 2051. BHE intends to use the net proceeds to repay approximately $1.2 billion of debt at Eastern Energy Gas Holdings, LLC (formerly known as Dominion Energy Gas Holdings, LLC) as it matures over the months following the GT&S Transaction, to fund its commitments under certain tax equity investments in third party sponsored renewable energy projects and for general corporate purposes.

In September 2020, AltaLink, L.P. issued C$225 million of its 1.509% Senior Secured Notes due 2030 and intends to use the net proceeds to repay or refinance a portion of its short-term indebtedness and for general corporate purposes.

In June 2020, Northern Powergrid (Northeast) plc issued £300 million of its 1.875% Green Bonds due 2062 and intends to use the net proceeds to finance and refinance eligible green projects in certain categories within Northern Powergrid's green project portfolio.

In April 2020, PacifiCorp issued $400 million of its 2.70% First Mortgage Bonds due 2030 and $600 million of its 3.30% First Mortgage Bonds due 2051. PacifiCorp intends to use the net proceeds to fund capital expenditures, primarily for renewable resources and associated transmission projects, and for general corporate purposes.

In March 2020, BHE issued $1.25 billion of its 4.05% Senior Notes due 2025, $1.1 billion of its 3.70% Senior Notes due 2030 and $900 million of its 4.25% Senior Notes due 2050. BHE used the net proceeds to refinance a portion of the Company's short-term indebtedness and for general corporate purposes.

In January 2020, Nevada Power issued $425 million of its 2.40% General and Refunding Mortgage Notes, Series DD, due 2030 and $300 million of its 3.125% General and Refunding Mortgage Notes, Series EE, due 2050. Nevada Power used the net proceeds for the early redemption of $575 million of its 2.75% General and Refunding Mortgage Notes, Series BB, due April 2020 and for general corporate purposes.

In January 2020, Pinyon Pines I and II issued $382 million of fifteen year variable-rate term loans due 2034 with a portion of the proceeds used to repay $284 million of existing variable-rate term loans due April 2020. The new term loans amortize semiannually and have variable interest rates based on LIBOR plus a margin that varies during the terms of the agreements. The Company has entered into interest rate swaps that fix the interest rate on 100% of the new term loans. The variable interest rate as of September 30, 2020 was 1.77% while the fixed interest rate as of September 30, 2020 was 3.23%.

Credit Facilities

In May 2020, MidAmerican Energy terminated its $400 million unsecured credit facility expiring August 2020 and entered into a $600 million unsecured credit facility, which expires May 2021, with an option to extend for up to three months, and has a variable rate based on the Eurodollar rate or a base rate, at MidAmerican Energy's option, plus a spread. The facility requires that MidAmerican Energy's ratio of consolidated debt to total capitalization not exceed 0.65 to 1.0 as of the last day of any quarter.

In April 2020, AltaLink entered into a C$100 million revolving credit facility expiring April 2021 with a recurring one-year extension option subject to lender consent. The credit facility requires that AltaLink's ratio of consolidated debt to total capitalization not exceed 0.75 to 1.0 as of the last day of each quarter.

In April 2020, AltaLink Investments, L.P. entered into a C$200 million revolving term credit facility expiring April 2021 with a recurring one-year extension option subject to lender consent. The credit facility requires that AltaLink Investments, L.P.'s ratio of consolidated debt to total capitalization not exceed 0.80 to 1.0 as of the last day of each quarter.
Nevada Power Company [Member]  
Debt Instrument [Line Items]  
Recent Financing Transactions
Recent Financing Transactions

Long-Term Debt

In May 2020, Nevada Power repurchased and entered into a re-offering of the following series of fixed-rate tax-exempt bonds: $40 million of its Coconino County Pollution Control Refunding Revenue Bonds, Series 2017A, due 2032; $13 million of its Coconino County Pollution Control Refunding Revenue Bonds, Series 2017B, due 2039; and $40 million of its Clark County Pollution Control Refunding Revenue Bonds, Series 2017, due 2036. The Series 2017A bond was offered at a fixed rate of 1.875% and the Series 2017B and Series 2017 bonds were offered at a fixed rate of 1.65%.

In January 2020, Nevada Power issued $425 million of 2.40% General and Refunding Mortgage Notes, Series DD, due 2030 and $300 million of its 3.125% General and Refunding Mortgage Notes, Series EE, due 2050. Nevada Power used the net proceeds for the early redemption of $575 million of its 2.75% General and Refunding Mortgage Notes, Series BB, due April 2020 and for general corporate purposes.
PacifiCorp [Member]  
Debt Instrument [Line Items]  
Recent Financing Transactions
Recent Financing Transactions

Long-Term Debt

In April 2020, PacifiCorp issued $400 million of its 2.70% First Mortgage Bonds due 2030 and $600 million of its 3.30% First Mortgage Bonds due 2051. PacifiCorp intends to use the net proceeds to fund capital expenditures, primarily for renewable resources and associated transmission projects, and for general corporate purposes.

MidAmerican Energy Company [Member]  
Debt Instrument [Line Items]  
Recent Financing Transactions
Recent Financing Transactions

Credit Facilities

In May 2020, MidAmerican Energy terminated its $400 million unsecured credit facility expiring August 2020 and entered into a $600 million unsecured credit facility, which expires May 2021, with an option to extend for up to three months, and has a variable rate based on the Eurodollar rate or a base rate, at MidAmerican Energy's option, plus a spread. The facility requires that MidAmerican Energy's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of any quarter.
MidAmerican Funding, LLC and Subsidiaries [Domain]  
Debt Instrument [Line Items]  
Recent Financing Transactions
Recent Financing Transactions

Refer to Note 4 of MidAmerican Energy's Notes to Financial Statements.
Sierra Pacific Power Company [Member]  
Debt Instrument [Line Items]  
Recent Financing Transactions
Recent Financing Transactions

Long-Term Debt

In September 2020, Sierra Pacific entered into a re-offering of $30 million of its Washoe County Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036. The series was offered at a fixed rate of 0.625% for a two-year term subject to mandatory purchase by Sierra Pacific in April 2022 at which date the interest rate may be adjusted.

In April 2020, Sierra Pacific entered into a re-offering of the following series of tax-exempt bonds that were held in treasury: $30 million of its Washoe County Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $59 million of its Washoe County Gas Facilities Refunding Revenue Bonds, Series 2016A, due 2031; and $20 million of its Humboldt County Water Facilities Refunding Revenue Bonds, Series 2016A, due 2029. The interest rate mode of these bonds was changed to a variable rate from an annual fixed rate. Sierra Pacific holds the Washoe and Humboldt County Series 2016A bonds and they could be issued at a future date if deemed necessary.