Northern States Power talks 10-, 31-year green first mortgage bonds

By Rebecca Melvin and Cristal Cody

New York, March 23 – Northern States Power Co. was talking two tranches of green first mortgage bonds early Tuesday, according to a market source.

The $425 million of bonds due April 1, 2031 was being talked at Treasuries plus 90 basis points area.

The $425 million of bonds due April 1, 2052 was being talked at Treasuries plus 110 bps area.

According to a 424B5 filing with the Securities and Exchange Commission, the bookrunners of the offering are MUFG, PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.

BNP Paribas Securities Corp., CIBC World Markets Corp., Goldman Sachs & Co. LLC and Scotia Capital (USA) Inc. are the senior co-managers, and Loop Capital Markets LLC and Siebert Williams Shank & Co. LLC are the co-managers.

Proceeds will be used for eligible green expenditures.

The electric and natural gas utility is based in Minneapolis.

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