(Bloomberg) -- Power utility PacifiCorp is selling $1.1 billion of environmentally-friendly bonds due in 2053, the longest maturity to be offered in the sustainable debt market from a US corporation this year.
The offering from the Berkshire Hathaway Inc. unit is one of the longest maturities from a green corporate issuer in the US ever, according to data compiled by Bloomberg. The bonds will yield 1.53 percentage points above Treasuries, after initial discussions of around 1.8 percentage points, according to a person with knowledge of the matter.
Proceeds from the offering will be used to fund a range of eligible projects that include renewable energy, clean transportation and climate change adaptation, according to Berkshire Hathaway Energy's green financing framework. The Portland, Oregon-based power utility raised $1 billion through similar bonds last year.
Bank of Montreal, PNC Financial Services Group Inc., Sumitomo Mitsui Banking Corp., Toronto-Dominion Bank and Wells Fargo & Co. are managing the bond sale, said the person.
--With assistance from .
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