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December 7, 2009

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Utility selling bonds

Friday, April 30, 1999 | 2:10 a.m.

Nevada Power Co. filed a registration statement with the Securities and Exchange Commission to sell bonds to pay down its bank credit line.

The company on Thursday filed a statement to issue $130 million in Series B senior unsecured notes at a rate of 6.2 percent due on April 15, 2004.

Richard Schmalz, director of the treasury for Nevada Power, said the bonds are being used to pay down the company's bank credit line, which had been run up to pay for company's continued expansion.

Schmalz said issuing long-term bonds to pay down the credit line is something Nevada Power routinely does twice a year.

The bonds initially had been issued to institutional investors last month, but were registered with the SEC to allow the investors the ability to resell the bonds to non-institutional investors.

The issue is being administered by IBJ Whitehall Bank & Trust Co.

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