By Cristal Cody
Tupelo, Miss., Sept. 6 – Northern States Power Co. sold $600 million of 3.6% 30-year first mortgage bonds (A3/A/A+) on Wednesday at 99.003 to yield 3.655%, or Treasuries plus 93 basis points, according to an FWP filing with the Securities and Exchange Commission.
Barclays, BNY Mellon Capital Markets LLC, BofA Merrill Lynch and PNC Capital Markets LLC were the bookrunners.
Proceeds will be used to repay short-term debt, to redeem $500 million of 5.25% first mortgage bonds on Sept. 29 and for general corporate purposes.
The electric and natural gas utility is based in Minneapolis.
| Issuer: | Northern States Power Co.
|
| Amount: | $600 million
|
| Description: | First mortgage bonds
|
| Maturity: | Sept. 15, 2047
|
| Bookrunners: | Barclays, BNY Mellon Capital Markets LLC, BofA Merrill Lynch and PNC Capital Markets LLC
|
| Co-managers: | Fifth Third Securities Inc. and Loop Capital Markets LLC
|
| Coupon: | 3.6%
|
| Price: | 99.003
|
| Yield: | 3.655%
|
| Spread: | Treasuries plus 93 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before March 15, 2047; thereafter at par
|
| Trade date: | Sept. 6
|
| Settlement date: | Sept. 13
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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