Berkshire Hathaway Energy Co.’s PacifiCorp is selling US investment-grade bonds to help fund settlement claims related to wildfires in Oregon, Bloomberg News reported. The electric utility is issuing debt in four parts, with the longest portion — a long 30-year fixed-rate note — being floated to investors at around 200 basis points over comparable Treasuries, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. PacifiCorp’s sale comes amid a flurry of primary-market activity in the first days of the new year, with 10 bondsellers announcing high-grade sales on Wednesday. The announcement also comes just weeks after PacifiCorp said it would pay $299 million to settle claims linked to wildfires that burned homes in southwest Oregon, averting another jury trial. Investors approached the firm’s existing debt with a sense of cautiousness on Wednesday. The spread on the company’s 5.5% notes due May 2054 increased 3.6 basis points to 167 basis points, according to Trace bond trading data.
