MidAmerican Energy Co. on Jan. 9 issued $1.5 billion of first mortgage bonds, consisting of $600 million of 3.65% first mortgage bonds due 2029 and $900 million of 4.25% first mortgage bonds due 2049.
Interest on the 2029 bonds is payable every April 15 and Oct. 15, starting April 15, 2019. Interest on the 2049 bonds is payable every July 15 and Jan. 15, starting July 15, 2019.
The Berkshire Hathaway Inc. subsidiary plans to use the net proceeds from the sale of the bonds to finance capital expenditures disbursed from Nov. 1, 2017, to Dec. 14, 2018, related to investments on the 2,000-MW Wind XI project and the 591-MW Wind XII project, as well as the repowering of certain wind facilities previously financed using general funds.
Barclays Capital Inc., BNY Mellon Capital Markets LLC, Mizuho Securities USA LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp. and SMBC Nikko Securities America Inc. are the joint book-running managers for the transaction.
BMO Capital Markets Corp., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., nabSecurities LLC, RBC Capital Markets LLC, Santander Investment Securities Inc. and SunTrust Robinson Humphrey Inc. are the co-managers.