By Cristal Cody
Tupelo, Miss., May 18 – Northern States Power Co. sold $100 million of 3.05% first mortgage bonds due May 1, 2051 (Aa3/A/A+) on Monday at 98.834 to yield 3.109%, or a spread of Treasuries plus 170 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was at the 170 bps spread area.
Mizuho Securities USA Inc. was the bookrunner.
Proceeds will be used for general corporate purposes and to repay commercial paper.
The electric and natural gas utility is based in Minneapolis.
| Issuer: | Northern States Power Co.
|
| Amount: | $100 million
|
| Description: | First mortgage bonds
|
| Maturity: | May 1, 2051
|
| Bookrunner: | Mizuho Securities USA Inc.
|
| Coupon: | 3.05%
|
| Price: | 98.834
|
| Yield: | 3.109%
|
| Spread: | Treasuries plus 170 bps
|
| Call features: | Make-whole call at Treasuries plus 30 bps before Nov. 1, 2050; thereafter at par
|
| Trade date: | May 18
|
| Settlement date: | May 26
|
| Ratings: | Moody’s: Aa3
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 170 bps area
|
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