Northern States talks $100 million 10-year bonds for Monday pricing

By Aleesia Forni

Virginia Beach, June 16 – Northern States Power Co. is planning to sell $100 million first mortgage bonds due June 15, 2024 on Monday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The notes (Aa3/A/A+) are guided in the Treasuries plus 75 bps to 80 bps area.

There will be a make-whole call option until Dec. 15, 2023 and a par call after that date.

The bookrunners are Citigroup Global Markets Inc. and Wells Fargo Securities LLC.

Proceeds from the offering will be used to repay short-term debt borrowings and for general corporate purposes.

The electric and natural gas utility is based in Minneapolis.

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