PacifiCorp, parent company of Utah Power & Light Co. said it has retained Shearson Lehman Hutton to solicit offers to purchase portions of PacifiCorp Financial Services Inc.(PFS), subject to corporate, lender and other approvals.

In connection with PFS' medium-term notes, PacifiCorp's subsidiary, Inner PacifiCorp Inc., has agreed to maintain the tangible net worth of PFS at not less than $10 million and to own at least 80 percent of the outstanding ordinary voting shares of PFS.Unless the holders of all the outstanding medium-term notes consent, or the medium-term notes are paid, PFS said the agreements may not be terminated or amended without confirmation from two of three national rating agencies and that they will not cause a reduction in the ratings of the outstanding senior medium-term notes.