By Cristal Cody
Tupelo, Miss., Sept. 5 – Northern States Power Co. sold $200 million of 4.2% 30-year first mortgage bonds (Aa3/A/A+) on Wednesday at 99.629 to yield 4.222%, or a spread of Treasuries plus 115 basis points, according to an FWP filing with the Securities and Exchange Commission.
Mizuho Securities USA Inc. and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used to repay at maturity the company’s $150 million of 5.25% series B first mortgage bonds due Oct. 1, 2018 and to repay short-term debt.
The electric and natural gas utility is based in Minneapolis.
| Issuer: | Northern States Power Co.
|
| Amount: | $200 million
|
| Description: | First mortgage bonds
|
| Maturity: | Sept. 1, 2048
|
| Bookrunners: | Mizuho Securities USA Inc. and U.S. Bancorp Investments Inc.
|
| Coupon: | 4.2%
|
| Price: | 99.629
|
| Yield: | 4.222%
|
| Spread: | Treasuries plus 115 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before March 1, 2048; thereafter at par
|
| Trade date: | Sept. 5
|
| Settlement date: | Sept. 12
|
| Ratings: | Moody’s: Aa3
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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