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Independent regulatory commissions

Idaho Power Company Submits Report of Securities Issued to FERC

Strategic Insights

— 1 min read

The Idaho Power Company submitted a document to the Federal Energy Regulatory Commission (FERC) on behalf of Upper Michigan Energy Resources Corporation (UMERC), in which they reported the issuance of $120 million in aggregate principal amount of unsecured long-term debt securities. The securities were issued in two tranches: $80 million of 5.31% Senior Notes with an August 14, 2030 maturity date and $40 million of 5.93% Senior Notes with an August 14, 2035 maturity date. The report details the costs associated with the issuance of these securities, including underwriter's spread, SEC registration fee, trustee's charges, and counsel fees.

Key Takeaways:

  • The UMERC issued $120 million in aggregate principal amount of unsecured long-term debt securities on August 14, 2025.
  • The securities were issued in two tranches, with $80 million of 5.31% Senior Notes due on August 14, 2030, and $40 million of 5.93% Senior Notes due on August 14, 2035.
  • The report outlines the costs associated with the issuance of these securities, including underwriter's spread of $400,000, SEC registration fee of $0, and counsel fees of $97,200.
  • The net amount realized from the issuance of the securities was $79,445,100 after deductions of $554,900.
  • The report was submitted to FERC by Idaho Power Company on behalf of UMERC, as authorized by a Commission order dated July 18, 2025.

Statistics:

  • $120 million: Aggregate principal amount of unsecured long-term debt securities issued by UMERC.
  • $80 million: Principal amount of 5.31% Senior Notes due on August 14, 2030.
  • 5.31%: Interest rate of the 5.31% Senior Notes.
  • $40 million: Principal amount of 5.93% Senior Notes due on August 14, 2035.
  • 5.93%: Interest rate of the 5.93% Senior Notes.
  • $0: U.S. Securities and Exchange Commission registration fee.
  • $554,900: Total deductions from the gross proceeds of the securities issuance.
  • $79,445,100: Net amount realized from the issuance of the securities.

Sources:

  • Idaho Power Company's letter to FERC dated [no specific date mentioned, but likely August 14, 2025].
  • FERC's order in Docket No. ES25-49-000 dated July 18, 2025.
  • Upper Michigan Energy Resources Corporation's Report of Securities Issued dated August 14, 2025.

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