Idaho Power Co. Announces $200M 5.70% Bond Offering

What Happened

• Idaho Power Company filed a Form 8‑K reporting that on August 3, 2026 it entered into a Terms Agreement to sell $200,000,000 aggregate principal of 5.70% First Mortgage Bonds due 2055 (Secured Medium‑Term Notes, Series O). The Bonds are expected to be issued on August 6, 2026.
• The new Bonds will be a further issuance of the Series O bonds issued March 13, 2025 and will be consolidated and fungible with the prior Series O issue (same CUSIP). After this offering, the total outstanding Series O principal will be $600,000,000.
• The purchasers named in the Terms Agreement include J.P. Morgan Securities, Mizuho Securities USA, MUFG Securities Americas, Wells Fargo Securities, BofA Securities, Morgan Stanley, and U.S. Bancorp Investments. The Terms Agreement (Exhibit 1.1) and the previously filed Selling Agency Agreement set forth customary conditions, representations, indemnities and termination provisions.

Key Details

• Offering size: $200,000,000 aggregate principal.
• Coupon / interest rate: 5.70% per annum.
• Maturity date: 2055 (First Mortgage Bonds, Series O).
• Post‑offering outstanding Series O: $600,000,000 (prior $400,000,000 issued March 13, 2025).

Why It Matters

• This 8‑K documents a debt offering that increases Idaho Power’s long‑term debt by $200M, at a fixed 5.70% coupon and with a long maturity (2055). That means additional interest expense over time and higher outstanding secured debt on the company’s balance sheet.
• The bonds are fungible with the existing Series O issue (same CUSIP), so they will trade and settle together with the prior bonds, preserving market liquidity for the series.
• Investors tracking Idaho Power’s capital structure, leverage, and interest obligations should note the size, rate, and maturity of this issuance; the filing does not state any use of proceeds or changes to credit ratings.