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Northern States Power talks $100 million tap of 3.3% bonds due 2024 for Monday pricing
By Aleesia Forni
Virginia Beach, June 22 – Northern States Power Co. is in Monday’s market with a planned $100 million add-on to its existing 3.3% first mortgage bonds due June 15, 2024, according to a market source and a 424B5 filed with the Securities and Exchange Commission.
The notes (Aa3/A/A+) are talked in the Treasuries plus 125 basis points area.
The bookrunners are BofA Merrill Lynch and J.P. Morgan Securities LLC.
Proceeds from the offering will be used to repay short-term debt and for general corporate purposes.
The original $100 million issue of bonds sold with a spread of Treasuries plus 75 bps on June 16, 2014.
The electric and natural gas utility is based in Minneapolis.
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