Xcel Energy, subsidiaries restate $3.1 billion in credit facilities

By Wendy Van Sickle

Columbus, Ohio, June 10 – Xcel Energy Inc. and its wholly owned subsidiaries, Northern States Power Co. in Minnesota, Northern States Power Co. in Wisconsin, Public Service Co. of Colorado and Southwestern Public Service Co., entered into third amended and restated credit agreements on Monday with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Each of the new facilities has a five-year term and amends and restates the relevant prior credit facility scheduled to expire in June 2021.

The new facility amounts include:

• Xcel Energy's facility of $1.25 billion with a $200 million accordion;

• Northern States Power-Minnesota's facility of $500 million with a $100 million accordion;

• Northern States Power-Wisconsin's facility of $150 million;

• Southwestern Public Service's facility of $500 million with a $50 million accordion; and

• Public Service Co. of Colorado's facility of $700 million with a $100 million accordion.

Each of the facilities, except for Northern States Power-Wisconsin's, may be extended for two additional one-year periods. Northern States Power-Wisconsin's facility may be extended for an additional one-year period.

Borrowings under the facilities bear interest at Libor plus 75 basis points to 150 bps, based on the borrower’s credit ratings. The unused fee ranges from 6 bps to 22.5 bps, also depending on ratings.

Bank of America, NA and Barclays are the syndication agents, and Wells Fargo Bank, NA, MUFG and Citibank, NA are the documentation agents.

Each of the facilities requires the borrower's consolidated funded debt to total capitalization ratio be less than or equal to 65%.

Xcel Energy is an electric and natural gas company based in Minneapolis.

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