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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported):
February 16, 1999
PACIFICORP
(Exact name of registrant as specified in its charter)
State of Oregon 1-5152 93-0246090
(State of Incorporation) (Commission (I.R.S. Employer
File No.) Identification No.)
825 N.E. Multnomah, Suite 2000, Portland, Oregon 97232-4116
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(503) 813-7200
700 N.E. Multnomah, Suite 1600, Portland, Oregon
(Former Name or Former Address, if changed since last report)
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Item 5. OTHER EVENTS
Information contained in the news release of PacifiCorp issued on
February 16, 1999 concerning an agreement to sell TPC Corporation.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibit.
99. PacifiCorp news release issued February 16, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PACIFICORP
(Registrant)
By: /s/ROBERT R. DALLEY
____________________________
Robert R. Dalley
Controller
(Chief Accounting Officer)
Date: February 17, 1999
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INDEX TO EXHIBITS
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EXHIBIT DESCRIPTION PAGE
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99 PacifiCorp news release issued February 16, 1999.
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EXHIBIT 99
_____________________________________________________________________________
PACIFICORP NEWS RELEASE
_____________________________________________________________________________
Scott Hibbs, for investors, (503) 813-7222
Dave Kvamme, for media, (503) 813-7279
February 16, 1999
PACIFICORP ANNOUNCES SALE OF
TPC CORPORATION
PORTLAND, Ore. - PacifiCorp (NYSE: PPW) today announced it has agreed to sell
TPC Corporation to NIPSCO Industries, Inc (NYSE: NI) for $132.5 million plus
an additional payment for working capital to be determined at the date of
closing of the transaction.
Working capital was approximately $42 million as of December 31, 1998.
PacifiCorp expects the working capital balance to substantially decline as
gas in storage declines and cash is extracted from the business through closing.
The sale of TPC comes after PacifiCorp's October 1998 announcement that it
would refocus on its core electricity business in the western United States
and sell its other U.S. businesses. TPC is a natural gas marketing and
storage company based in Houston Texas.
PacifiCorp acquired TPC in April of 1997 for $265 million cash and assumed debt
of $140 million. In December of 1997, PacifiCorp sold the gas gathering and
processing assets of TPC for $196.5 million.
The sale is subject to the conditions of the Hart Scott Rodino Antitrust
Improvements Act. The transaction is expected to close during the second
quarter of 1999.
PacifiCorp serves 1.5 million electricity customers in Oregon, Utah, Wyoming,
Washington, Idaho and California. It has one of the most extensive
transmission systems in the U.S. and owns 8,300 megawatts of low-cost thermal
and hydroelectric generation. PacifiCorp also serves 550,000 electricity
customers in the Australian states of Victoria and New South Wales.
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