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Idaho Power sells $220M of 1st mortgage bonds

Idaho Power Co. sold $220 million of its 4.20% series K first mortgage bonds due March 1, 2048, according to company filings.

Interest on the secured medium-term notes is payable every March 1 and Sept. 1, starting Sept. 1. The issue was expected to be rated A- by S&P Global Ratings and A1 by Moody's.

The IDACORP Inc. subsidiary intends to use net proceeds to pay $130 million of its 4.5% first mortgage bonds due March 2020 and to fund a portion of its capital requirements. Pending such use, the company may also temporarily invest the proceeds in short-term investments.

Purchasers of the notes were J.P. Morgan Securities LLC, Wells Fargo Securities LLC, KeyBanc Capital Markets Inc., Merrill Lynch Pierce Fenner & Smith Inc., MUFG Securities Americas Inc., U.S. Bancorp Investments Inc. and BNY Mellon Capital Markets LLC.

S&P Global Ratings is a division of S&P Global.