RENO, Nev., March 9 /PRNewswire-FirstCall/ -- Sierra Pacific Resources
(NYSE: SRP), announced today that it is seeking to raise $300 million through
a private placement of senior notes due 2014. The notes will be unsecured
obligations of Sierra Pacific Resources and will rank equally with its other
senior indebtedness.
The offering will be made only to qualified institutional buyers in
accordance with Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act") and outside the United States in compliance with Regulation
S under the Securities Act. Sierra Pacific Resources plans to use the net
proceeds from the sale of the notes to fund the repurchase of its $300 million
unsecured 8 3/4% Notes due 2005 pursuant to a tender offer that was previously
announced. The notes will not be registered under the Securities Act and may
not be offered or sold by holders thereof without registration unless an
exemption from such registration is available. This press release does not
constitute an offer to sell these notes, nor a solicitation for an offer to
purchase these notes, nor is it a solicitation of any proxy or consent for any
purpose.
Headquartered in Nevada, Sierra Pacific Resources is a holding company
whose principal subsidiaries are Nevada Power Company, the electric utility
for most of southern Nevada, and Sierra Pacific Power Company, the electric
utility for most of northern Nevada and the Lake Tahoe area of California.
Sierra Pacific Power Company also distributes natural gas in the Reno-Sparks
area of northern Nevada. Other subsidiaries include the Tuscarora Gas Pipeline
Company, which owns 50 percent interest in an interstate natural gas
transmission partnership.
This press release contains forward-looking statements regarding the
future performance of Sierra Pacific Resources and its subsidiaries, Nevada
Power Company and Sierra Pacific Power Company, within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements are subject
to a variety of risks and uncertainties that could cause actual results to
differ materially from current expectations. For Sierra Pacific Resources,
these risks and uncertainties include, but are not limited to, Sierra Pacific
Resources' ability to receive dividends from its subsidiaries in the near
future, the financial performance of the Sierra Pacific Resources'
subsidiaries, particularly Nevada Power Company and Sierra Pacific Power
Company, and Sierra Pacific Resources' ability to access the capital markets
to refinance upcoming debt maturities (including without limitation the
repurchase of its 8 3/4% Notes due 2005 pursuant to the tender offer) and for
general corporate purposes. For Nevada Power Company and Sierra Pacific Power
Company, these risks and uncertainties include, but are not limited to,
unfavorable rulings in their pending and future rate cases, adverse decisions
in pending or future litigation, their ability to access the capital markets
to refinance upcoming debt maturities and for general corporate purposes,
their ability to purchase sufficient power to meet their power demands,
whether terminated power suppliers will be successful in pursuing claims
against Nevada Power Company and Sierra Pacific Power Company for liquidated
damages under their terminated power contracts and weather conditions during
the summer months of 2004 and beyond. Additional cautionary statements
regarding other risk factors that could have an effect on the future
performance of Sierra Pacific Resources, Nevada Power Company and Sierra
Pacific Power Company are contained in their Annual Report on Form 10- K for
the year ended December 31, 2003, filed with the SEC. The companies undertake
no obligation to release publicly the result of any revisions to these
forward-looking statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Sierra Pacific Resources
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Related links:
http://www.sierrapacific.com
CONTACT:
Media: Karl Walquist, +1-775-834-3891, or
Analyst: Vicki Erickson, +1-775-834-5646, both for Sierra Pacific
Resources
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