By Aleesia Forni
Virginia Beach, May 6 - Northern States Power Co. priced $300 million of 4.125% 30-year first mortgage bonds (Aa3/A/A+) at 77 basis points over Treasuries on Tuesday, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.709 to yield 4.142%.
The mortgage bonds sold at the tight end of talk, which was set in the area of Treasuries plus 80 bps.
Bookrunners were BMO Capital Markets Corp., J.P. Morgan Securities LLC, KeyBanc Capital Markets LLC and Mizuho Securities USA Inc.
Proceeds will be used to repay short-term debt borrowings and for general corporate purposes.
Northern States last sold bonds in a $400 million sale of 10-year bonds on May 13, 2013. The 2.6% first mortgage bonds priced with a spread of Treasuries plus 70 bps.
The electric and natural gas utility is based in Minneapolis.
| Issuer: | Northern States Power Co.
|
| Amount: | $300 million
|
| Description: | First mortgage bonds
|
| Maturity: | May 15, 2044
|
| Bookrunners: | BMO Capital Markets Corp., J.P. Morgan Securities LLC, KeyBanc Capital Markets LLC, Mizuho Securities USA Inc.
|
| Coupon: | 4.125%
|
| Price: | 99.709
|
| Yield: | 4.142%
|
| Spread: | Treasuries plus 77 bps
|
| Make-whole call: | Treasuries plus 15 bps prior to Nov. 15, 2043, then callable at par
|
| Trade date: | May 6
|
| Settlement date: | May 13
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 80 bps area
|
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