By Andrea Heisinger
New York, June 5 - Southwestern Public Service Co. reopened its issue of 4.5% first mortgage bonds due 2041 on Tuesday to add $100 million, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A-/A-) were priced at 110.058 to yield 3.913% with a spread of Treasuries plus 130 basis points.
There is a make-whole call at 15 bps over Treasuries until Feb. 15, 2041, and a par call after that date.
The total issue size is now $300 million, including $200 million priced on Aug. 3, 2011 at 78 bps over Treasuries.
Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. were bookrunners for the add on.
Proceeds are being used to repay short-term borrowings incurred to fund daily operational needs and for general corporate purposes.
The electric utility is based in Amarillo, Texas.
| Issuer: | Southwestern Public Service Co.
|
| Issue: | First mortgage bonds, reopened
|
| Amount: | $100 million
|
| Maturity: | Aug. 15, 2041
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
|
| Coupon: | 4.5%
|
| Price: | 110.058
|
| Yield: | 3.913%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole at Treasuries plus 15 bps until Feb. 15, 2041, par call after
|
| Trade date: | June 5
|
| Settlement date: | June 12
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Issue size: | $300 million including $200 million sold Aug. 3, 2011
|
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