EXHIBIT H-1
Utility Subsidiaries Financing Arrangements
1. Nevada Power Company ("Nevada Power"):
(i) Commercial Paper Facilities
o $150 million commercial paper program, backed by a revolving
credit facility with various banks in the amount of $150 million
(see below) which expires in August, 2000.
(ii) Committed Line of Credit
o $150 million unsecured revolving credit facility with Mellon
Bank, First Union National Bank and Wells Fargo, as syndication
agents. This facility may be used for working capital and general
corporate purposes, including for commercial paper backup.
(iii) First Mortgage Bonds
Amount Series Interest Rate Maturity Date
------ ------ ------------- -------------
$ 15.0 million L 7.625 % 11/1/02
$105.0 million1 V 6.700 % 06/1/22
$ 39.5 million1 W 6.600 % 06/1/19
$ 78.0 million1 X 7.200 % 10/1/22
$ 35.0 million Z 8.500 % 01/1/21
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1 Secures a like principal amount of tax-exempt bonds (see below).
(iv) Pollution Control Facilities Revenue Bonds (tax-exempt)
Amount Interest Rate Maturity Date Bond Issuer
------ ------------- ------------- -------------------
$ 13.0 million 5.350 % 10/1/22 Coconino Co., Ariz.
$ 20.0 million 6.375 % 10/1/36 Coconino Co., Ariz.
$ 20.0 million 5.800 % 11/1/32 Coconino Co., Ariz.
$ 15.0 million floating 10/1/09 Clark Co., Nevada
$ 39.5 million2 6.600 % 06/1/19 Clark Co., Nevada
$ 14.0 million 5.300 % 10/1/11 Clark Co., Nevada
$ 6.3 million 5.450 % 10/1/23 Clark Co., Nevada
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2 Secured by a like principal amount of first mortgage bonds
(listed above).
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(v) Industrial Development Revenue Bonds (tax-exempt)
Amount Interest Rate Maturity Date Bond Issuer
------ ------------- ------------- -------------------
$ 76.75 million 5.600 % 10/1/30 Clark Co., Nevada
$ 85.0 million 5.900 % 10/1/30 Clark Co., Nevada
$ 44.0 million 5.500 % 10/1/30 Clark Co., Nevada
$100.0 million floating 06/1/20 Clark Co., Nevada
$105.0 million3 6.700 % 06/1/22 Clark Co., Nevada
$ 78.0 million3 7.200 % 10/1/22 Clark Co., Nevada
$ 52.285 million 5.900 % 11/1/32 Clark Co., Nevada
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3 Secured by a like principal amount of first mortgage bonds
(listed above).
(vi) Senior Unsecured Notes
Amount Interest Rate Maturity Date
------ ------------- -------------
$130.0 million 6.200 % 04/15/04
(vii) Unsecured Money Market Notes
Amount Interest Rate Maturity Date
------ ------------- -------------
$150.0 million floating 06/12/01
(viii) Junior Subordinated Deferrable Interest Debentures
Amount Interest Rate Maturity Date
------ ------------- -------------
$122.548 million4 8.200 % 03/31/37
$ 72.165 million4 7.750 % 10/1/38
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4 Issued to special purpose business trust subsidiary in connection
with issuance trust preferred securities (see below).
(ix) Guarantees
o Nevada Power guarantees the obligations of the $118.872 million
of Preferred Securities of NVP Capital I, a wholly-owned
subsidiary of Nevada Power.
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o Nevada Power guarantees the obligations of the $70.000 million of
Preferred Securities of NVP Capital III, a wholly-owned
subsidiary of Nevada Power.
(x) Trust Preferred Securities of Subsidiary Trusts
Amount Distribution Rate Maturity Date
------ ----------------- -------------
$118.872 million 8.200 % 03/31/37
$ 72.165 million 7.750 % 10/1/38
2. Sierra Pacific Power Company ("SPPC"):
(i) Commercial Paper Facilities
o $150 million commercial paper program, backed by a revolving
credit facility with various banks in the amount of $150 million
(see below) which expires in August, 2000.
(ii) Committed Line of Credit
o $150 million unsecured revolving credit facility with Mellon
Bank, First Union National Bank and Wells Fargo, as syndication
agents. This facility may be used for working capital and general
corporate purposes, including for commercial paper backup.
(iii) First Mortgage Bonds
Amount Series Interest Rate Maturity Date
------ ------ ---------------- -------------
$ .9 million O 2.000 % 05/21/04
$ 1.5 million Y 2.000 % 02/19/11
$ 3.2 million Z 5.000 % 08/10/24
$ 39.5 million5 AA 6.550 % 10/1/13
$ 17.5 million5 BB 6.650 % 12/1/17
$115.0 million6 CC 12.000 % 06/1/22
$ 45.0 million5 DD 6.300 % 12/1/14
$10.25 million5 EE 6.300 % 07/1/22
$ 1.0 million5 FF 6.350 % 08/1/12
$ 20.0 million5 GG 6.550 % 09/1/20
$ 75.0 million5 HH 6.650 % 06/1/17
$ 21.2 million5 II 6.700 % 11/1/32
$ 9.8 million5 JJ 5.900 % 06/1/23
$ 30.0 million5 KK 5.900 % 06/1/23
$ 80.0 million6 LL 10.000 % 06/1/33
$ 80.0 million6 MM 9.000 % 01/1/35
$ 35.0 million6 NN 9.000 % 02/1/37
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5 Secures a like principal amount of tax-exempt bonds (see below)
6 Secures a series of collateralized medium-term notes (listed
below).
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(iii) Collateralized Medium-Term Notes
Amount Series Interest Rate Maturity Date
------ ------ ---------------- -------------
$ 27.0 million7 A 8.610 % 06/1/22
$ 46.0 million7 A 7.875 % 06/1/22
$ 37.0 million7 A 6.950 % 06/1/22
$ 32.5 million7 B 7.100 % 11/2/23
$ 25.5 million7 B 7.140 % 11/6/23
$ 10.0 million7 C 6.810 % 03/29/06
$ 5.0 million7 C 6.820 % 03/29/06
$ 5.0 million7 C 6.830 % 03/29/06
$ 10.0 million7 C 6.810 % 04/1/06
$ 7.0 million7 C 6.650 % 11/29/06
$ 13.0 million7 C 6.620 % 11/29/06
$ 13.0 million7 D 5.590 % 12/11/03
$ 5.0 million7 D 5.500 % 12/15/03
$ 17.0 million7 D 5.470 % 12/17/01
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7 Secured by a like principal amount of first mortgage bonds (see
above).
(iv) Pollution Control Facilities Revenue Bonds (tax-exempt)
Amount Interest Rate Maturity Date Bond Issuer
------ ------------- ------------- -------------------
$ 39.5 million8 6.550 % 10/1/13 Humboldt Co., Nev.
$ 1.0 million8 6.350 % 08/1/12 Humboldt Co., Nev.
$10.25 million8 6.300 % 07/1/22 Humboldt Co., Nev.
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8 Secured by a like principal amount of first mortgage bonds
(listed above).
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(v) Water and/or Gas Facilities Revenue Bonds (tax-exempt)
Amount Interest Rate Maturity Date Bond Issuer
------ ------------- ------------- -------------------
$ 17.5 million9 6.650 % 12/1/17 Washoe Co., Nev.
$ 45.0 million9 6.300 % 12/1/14 Washoe Co., Nev.
$ 75.0 million9 6.650 % 06/1/17 Washoe Co., Nev.
$ 20.0 million9 6.550 % 09/1/20 Washoe Co., Nev.
$ 21.2 million9 6.700 % 11/1/32 Washoe Co., Nev.
$ 80.0 million floating 12/1/20 Washoe Co., Nev.
$ 9.8 million9 5.900 % 06/1/23 Washoe Co., Nev.
$ 30.0 million9 5.900 % 06/1/23 Washoe Co., Nev.
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9 Secured by a like principal amount of first mortgage bonds
(listed above).
(vi) Unsecured Money Market Notes
Amount Interest Rate Maturity Date
------ ------------- -------------
$200.0 million floating 06/12/01
(vii) Series 1999-1 Notes of SPPC Funding LLC, a wholly-owned subsidiary of
SPPC
Amount Interest Rate Maturity Date
------ ------------- -------------
$24.0 million10 6.40% 03/25/11
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10 Issued to California Infrastructure and Economic Development Bank
Special Purpose Trust SPPC-1 in connection with the issuance of
California Rate Reduction Certificates.
(viii) Junior Subordinated Debentures
Amount Interest Rate Maturity Date
------ ------------- -------------
$50.0 million11 8.60% 07/30/36
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11 Issued to special purpose business trust subsidiary in connection
with issuance trust preferred securities (see below).
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(ix) Guarantees
o SPPC guarantees the obligations of the $48.0 million of Preferred
Securities of Sierra Pacific Power Capital I, a wholly-owned
subsidiary of SPPC.
(x) Trust Preferred Securities of Subsidiary Trust
Amount Distribution Rate Maturity Date
------ ---------------- -------------
$48.5 million 8.600 % 07/30/36
(xi) Class A, Series 1 Preferred Stock
Amount Dividend Rate Maturity Date
------ ------------- -------------
$50.0 million 7.800 % None
(2,000,000 shares, (redeemable
$25 stated value) starting 09/1/02)
3. Portland General Electric Company ("PGE"):
(i) Commercial Paper Facilities
o $300 million of commercial paper program, backed by revolving
credit facilities with various banks in the amount of $300
million (of which $200 million is a multi year credit agreement
expiring July 2000 and $100 million is a 364 day credit agreement
expiring in August 2000).
The above two commercial paper facilities will be replaced in July
2000 by the following two new facilities:
o $250 million of commercial paper program, backed by revolving
credit facilities with various banks in the amount of $250
million (of which $150 million is a 3 year credit agreement
expiring July 2003 and $100 million is a 364 day credit agreement
expiring in July 2001).
<PAGE>
(ii) First Mortgage Bonds
Amount Interest Rate Maturity Date
------ ------------- -------------
$ 45 million 7.40% 11/15/01
$ 15 million 7.66% 01/15/02
$ 40 million 6.47% 08/15/03
$ 11 million 7.61% 07/14/04
$ 26 million 7.61% 07/20/04
$ 8 million 7.60% 07/21/04
$ 18 million 9.07% 08/15/05
$ 50 million 7.15% 06/15/07
$ 20 million 9.31% 08/11/21
$ 25 million 9.46% 08/12/21
$115 million 7.75% 04/15/23
(iii) Pollution Control Bonds
Amount Interest Rate Maturity Date
------ ------------- -------------
$ 20.2 million 4.80% 04/01/10
$ 16.7 million 4.80% 06/01/10
$ 9.6 million 5.25% 08/01/14
$ 5.1 million 7.125% 12/15/14
$ 5.8 million floating 12/01/31
$ 97.8 million 4.60% 05/01/33
$ 23.6 million 4.60% 05/01/33
$ 21 million 4.75% 05/01/33
(iv) $57.3 million in Conservation Bonds maturing monthly to 2006 at 6.91%.
(v) $150 million in Senior Unsecured Notes due 2010 at 7.875%.
(vi) $75 million in Junior Subordinated Deferrable Interest Debentures due
2035 at 8.25%.
(vii) $30 million in 7.75% Series Cumulative Preferred Stock with a
mandatory sinking fund period from June 2002 through June 2007 .
