Sierra Pacific To Sell More Stock
Sierra Pacific Resources, which plans to merge with Washinton Water Power Co., has filed documents for the sale of 1 million shares of common stock.
The additional shares will not affect the rate of exchange for stock in the new utility - Resources West Energy - that will result from the merger, said Sierra spokesman Karl Walquist.
Proceeds will be used to finance continued construction at the Reno-based utility, including a natural gas pipeline and new electrical transmission links.
Common stock outstanding, including the new shares, would total 30,486,405 shares.
The agent is Lehman Brothers Inc.