By Andrea Heisinger
New York, May 13 - Northern States Power Co. tapped Monday's market for $400 million of 2.6% 10-year first mortgage bonds (A1/A/A+) at Treasuries plus 70 basis points, according to an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.817 to yield 2.621%.
There will be a make-whole call at Treasuries plus 12.5 bps until Nov. 15, 2022 and a par call after that date.
Bookrunners were BNY Mellon Capital Markets LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC.
Proceeds will be added to the company's general corporate funds and used for repayment of short-term borrowings.
Northern States last sold bonds in a $100 million sale of 30-year bonds on Oct. 2, 2012.
The electric and natural gas utility is based in Minneapolis.
| Issuer: | Northern States Power Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $400 million
|
| Maturity: | May 15, 2023
|
| Bookrunners: | BNY Mellon Capital Markets LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC
|
| Coupon: | 2.6%
|
| Price: | 99.817
|
| Yield: | 2.621%
|
| Spread: | Treasuries plus 70 bps
|
| Call: | Make-whole at Treasuries plus 12.5 bps to Nov. 15, 2022, par call after
|
| Trade date: | May 13
|
| Settlement date: | May 20
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: A+
|
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