New Issue: Northern States Power prices $350 million 3.6% 30-year bonds at 100 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., May 23 – Northern States Power Co. sold $350 million of 3.6% 30-year first mortgage bonds at 99.402 to yield 3.633% on Monday, according to an FWP filed with the Securities and Exchange Commission.

The bonds (Aa3/A/A+) priced with a spread of 100 basis points over Treasuries, on the tight side of guidance of 105 bps, plus or minus 5 bps.

The bookrunners were BNY Mellon Capital Markets, LLC, BofA Merrill Lynch, RBC Capital Markets, LLC and Scotia Capital (USA) Inc.

Proceeds will be added to the company’s general funds and will be used to repay short-term debt and for general corporate purposes.

The electric and natural gas utility is based in Minneapolis.

Issuer:	Northern States Power Co.
Amount:	$350 million
Maturity:	May 15, 2046
Securities:	First mortgage bonds
Bookrunners:	BNY Mellon Capital Markets, LLC, BofA Merrill Lynch, RBC Capital Markets, LLC, Scotia Capital (USA) Inc.
Coupon:	3.6%
Price:	99.402
Yield:	3.633%
Spread:	Treasuries plus 100 bps
Call feature:	Make-whole call before Nov. 15, 2045 at Treasuries plus 15 bps; on or after Nov. 15, 2045 at par
Pricing date:	May 23
Settlement date:	May 31
Ratings:	Moody’s: Aa3
	S&P: A
	Fitch: A+
Distribution:	SEC registered
Price guidance:	Treasuries plus 105 bps, plus or minus 5 bps

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