Wwp Begins Selling Preferred Securities

Washington Water Power Co. is offering $60 million in 7.87 percent trust-originated preferred securities at $25 per share through a consortium of underwriters.

The proceeds will be used to fund construction and improvements to company facilities, retire other debt, and for other corporate purposes.

The underwriters are led by Merrill Lynch & Co., A.G. Edwards & Sons Inc., Lehman Brothers Inc. and Smith Barney.

Other participants include Dain Bosworth Inc., D.A. Davidson Inc., Everen Securities Inc., Legg Mason Wood Walker Inc., Piper Jaffray Inc. and Ragen MacKenzie Inc.

, DataTimes