By Cristal Cody
Tupelo, Miss., March 3 - Public Service Co. of Colorado sold $300 million of 4.3% 30-year first mortgage bonds at 99.631 to yield 4.322% on Monday, according to a syndicate source and a FWP filing with the Securities and Exchange Commission.
The series No. 27 bonds (A1/A/A+) priced with a spread of Treasuries plus 77 basis points.
BNP Paribas Securities Corp., BofA Merrill Lynch, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used to fund the maturity of $275 million of 5.5% first mortgage bonds on April 1 and for general corporate purposes, including the repayment of short-term debt and the funding of a capital expenditure program.
The Denver-based electric utility is a subsidiary of Xcel Energy Inc.
| Issuer: | Public Service Co. of Colorado
|
| Amount: | $300 million
|
| Maturity: | March 15, 2044
|
| Securities: | First mortgage bonds
|
| Bookrunners: | BNP Paribas Securities Corp., BofA Merrill Lynch, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc.
|
| Coupon: | 4.3%
|
| Price: | 99.631
|
| Yield: | 4.322%
|
| Spread: | Treasuries plus 77 bps
|
| Call feature: | Make-whole call prior to Sept. 15, 2043 at Treasuries plus 15 bps; par on or after Sept. 15, 2043
|
| Pricing date: | March 3
|
| Settlement date: | March 10
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: A+
|
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