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MidAmerican Energy sells $850M of bonds for wind investment

MidAmerican Energy Co. on Jan. 23 sold $850 million worth of first mortgage bonds to finance investments in the company's 301.1-MW Ida Grove, 250-MW Highland II and 2,000-MW Wind XI wind facilities.

The Berkshire Hathaway Inc. subsidiary issued $375 million of its 3.10% bonds, due May 1, 2027, and $475 million of its 3.95% bonds, due Aug. 1, 2047. The bonds were expected to be rated Aa2 by Moody's and A+ by both S&P Global Ratings and Fitch Ratings.

The 3.10% bonds have a spread to benchmark Treasury of 70 basis points and interest on the bonds is payable semiannually on May 1 and Nov. 1, starting May 1. The 3.95% bonds have a spread to benchmark Treasury of 95 basis points and interest on the bonds is payable semiannually on Feb. 1 and Aug. 1, starting Aug. 1.

Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Mizuho Securities USA Inc., MUFG Securities Americas Inc. and U.S. Bancorp Investments Inc. acted as joint book-running managers.

BMO Capital Markets Corp., BNY Mellon Capital Markets LLC, CIBC Capital Markets Corp., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., PNC Capital Markets LLC, RBC Capital Markets LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC served as co-managers.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.