Filed pursuant to Rule 433(d)
Registration No. 333-274494
Dated January 3, 2024
FINAL TERM SHEET
| 2029 Bonds | 2031 Bonds | 2034 Bonds | 2055 Bonds | |
| Issuer: | PacifiCorp | |||
| Legal Format: | SEC-Registered | |||
| Security Type: | First Mortgage Bonds due 2029 (the “2029 Bonds”) | First Mortgage Bonds due 2031 (the “2031 Bonds”) | First Mortgage Bonds due 2034 (the “2034 Bonds”) | First Mortgage Bonds due 2055 (the “2055 Bonds”) |
| Principal Amount: | $500,000,000 | $700,000,000 | $1,100,000,000 | $1,500,000,000 |
| Coupon: | 5.100% | 5.300% | 5.450% | 5.800% |
| Interest Payment Dates: | Semi-annually on February 15 and August 15, commencing on August 15, 2024 | Semi-annually on February 15 and August 15, commencing on August 15, 2024 | Semi-annually on February 15 and August 15, commencing on August 15, 2024 | Semi-annually on January 15 and July 15, commencing on July 15, 2024 |
| Record Dates: | February 1 and August 1 | February 1 and August 1 | February 1 and August 1 | January 1 and July 1 |
| Trade Date: | January 3, 2024 | |||
| Settlement Date: | January 5, 2024 (T+2) | |||
| Maturity: | February 15, 2029 | February 15, 2031 | February 15, 2034 | January 15, 2055 |
| Treasury Benchmark: | 3.750% due December 31, 2028 | 3.750% due December 31, 2030 | 4.500% due November 15, 2033 | 4.125% due August 15, 2053 |
| U.S. Treasury Benchmark Spot: | 3.905% | 3.928% | 3.922% | 4.092% |
| Spread to Treasury Benchmark: | +120 basis points | +140 basis points | +155 basis points | +175 basis points |
| Re-offer Yield: | 5.105% | 5.328% | 5.472% | 5.842% |
| Price to Public: | 99.969% of the principal amount | 99.827% of the principal amount | 99.821% of the principal amount | 99.399% of the principal amount |
| Optional Redemption: | Prior to January 15, 2029, Make Whole Call at T+20 basis points | Prior to December 15, 2030, Make Whole Call at T+25 basis points | Prior to November 15, 2033, Make Whole Call at T+25 basis points | Prior to July 15, 2054, Make Whole Call at T+30 basis points |
| On or after January 15, 2029, 100% of the principal amount plus accrued and unpaid interest | On or after December 15, 2030, 100% of the principal amount plus accrued and unpaid interest | On or after November 15, 2033, 100% of the principal amount plus accrued and unpaid interest | On or after July 15, 2054, 100% of the principal amount plus accrued and unpaid interest | |
| 2029 Bonds | 2031 Bonds | 2034 Bonds | 2055 Bonds | |
| Expected Ratings*: | A2 by Moody’s Investors Service, Inc. A by S&P Global Ratings | |||
| Denominations: | $2,000 and any integral multiples of $1,000 in excess thereof | |||
| Joint Book-Running Managers: | Barclays Capital Inc.; Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; Mizuho Securities USA LLC; PNC Capital Markets LLC; Wells Fargo Securities, LLC | |||
| CUSIP No: | 695114 DB1 | 695114 DC9 | 695114 DD7 | 695114 DE5 |
| ISIN: | US695114DB12 | US695114DC94 | US695114DD77 | US695114DE50 |
*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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| The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. at 1-888-603-5847; Citigroup Global Markets Inc. at 1-800-831-9146; J.P. Morgan Securities LLC at 1-212-834-4533; Mizuho Securities USA LLC at 1-866-271-7403; PNC Capital Markets LLC at 1-855-881-0697; and Wells Fargo Securities, LLC at 1-800-645-3751. | ||||
