By William Gullotti
Buffalo, N.Y., May 2 – Northern States Power Co. priced $500 million of 4.5% green first mortgage bonds due 2052 (expected ratings: Aa3/A/A+) on Monday at 99.279, according to an FWP filing with the Securities and Exchange Commission.
The bonds were priced at Treasuries plus 148 basis points to yield 4.544%. Price talk for the spread was in the 170 bps area over Treasuries.
The bonds feature a make-whole call at Treasuries plus 25 bps prior to Dec. 1, 2051, followed by a par call.
Citigroup Global Markets Inc., MUFG, TD Securities (USA) LLC, BNY Mellon Capital Markets, LLC and Credit Suisse Securities (USA) LLC are the joint bookrunning managers for the offering.
Proceeds will be used for eligible green expenditures.
The electric and natural gas utility is based in Minneapolis.
Issuer: | Northern States Power Co.
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Amount: | $500 million
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Issue: | Green first mortgage bonds
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Maturity: | June 1, 2052
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Bookrunners: | Citigroup Global Markets Inc., MUFG, TD Securities (USA) LLC, BNY Mellon Capital Markets, LLC and Credit Suisse Securities (USA) LLC
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Co-managers: | Fifth Third Securities, Inc. and R. Seelaus & Co., Inc.
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Trustee: | Bank of New York Mellon Trust Co., NA
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Counsel to issuer: | Jones Day
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Counsel to underwriters: | Hunton Andrews Kurth LLP
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Coupon: | 4.5%
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Price: | 99.279
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Yield: | 4.544%
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Spread: | Treasuries plus 148 bps
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Call options: | Make whole at Treasuries plus 25 bps prior to Dec. 1, 2051 followed by par call
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Pricing date: | May 2
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Settlement date: | May 9
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Expected ratings: | Moody’s: Aa3
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| S&P: A
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| Fitch: A+
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Distribution: | SEC registered
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Cusip: | 665772CV9
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Price talk: | Treasuries plus 170 bps area
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