By Devika Patel
Knoxville, Tenn., Sept. 3 – Northern States Power Co. priced $600 million of 2.9% green first mortgage bonds (Aa3/A/A+) due March 1, 2050 at a spread of 105 basis points over Treasuries on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 98.071 to yield 2.997%.
CIBC Capital Markets, J.P. Morgan Securities LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC, BNY Mellon Capital Markets LLC and Mizuho Securities USA Inc. were the bookrunners.
Proceeds will be used for the development, construction and operation of, as well as transmission infrastructure to support, the company’s wind energy projects.
The electric and natural gas utility is based in Minneapolis.
| Issuer: | Northern States Power Co.
|
| Amount: | $600 million
|
| Securities: | Green first mortgage bonds
|
| Maturity: | March 1, 2050
|
| Bookrunners: | CIBC Capital Markets, J.P. Morgan Securities LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC, BNY Mellon Capital Markets LLC and Mizuho Securities USA Inc.
|
| Co-manager: | Loop Capital Markets LLC
|
| Coupon: | 2.9%
|
| Price: | 98.071
|
| Yield: | 2.997%
|
| Spread: | Treasuries plus 105 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps until July 15, 2028; thereafter at par
|
| Trade date: | Sept. 3
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody’s: Aa3
|
| S&P: A
|
| Fitch: A+
|
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