Northern States Power intends to offer first mortgage bonds

By Mary-Katherine Stinson

Lexington, Ky., May 1 – Northern States Power Co. plans to offer first mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are callable with a make-whole premium until a number of months before the maturity date when they will be callable at par.

The joint bookrunners of the offering are BMO Capital Markets Corp., CIBC World Markets Corp., Citigroup Global Markets Inc., Mizuho Securities USA LLC, U.S. Bancorp Investments, Inc. and BNY Mellon Capital Markets, LLC.

The co-managers are Bancroft Capital, LLC, Cabrera Capital Markets, LLC, C.L. King & Associates, Inc. and RBC Capital Markets, LLC.

Bank of New York Mellon Trust Co., NA will be the trustee.

Legal counsel will be provided to the issuer by in-house counsel and also by Jones Day. Counsel to the underwriters is provided by Hunton Andrews Kurth LLP.

Proceeds will be used to repay short-term borrowings, to help fund the repayment or redemption of outstanding long-term debt including $400 million total principal of its 2.6% first mortgage bonds due May 15 and for other general corporate purposes.

The electric and natural gas utility, a subsidiary of Xcel Energy Inc., is based in Minneapolis.

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