By Cristal Cody
Tupelo, Miss., March 27 – Xcel Energy Inc. priced an upsized $600 million of 3.4% 10-year senior notes (Baa1/BBB+/BBB+) on Friday at a spread of 270 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.67 to yield 3.438%.
Initial guidance was in the Treasuries plus 312.5 bps area.
The deal was upsized from $500 million.
Barclays, BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC were the bookrunners.
Proceeds will be used to repay short-term borrowings and for other general corporate purposes.
The public utility holding company is based in Minneapolis.
Issuer: | Xcel Energy Inc.
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Amount: | $600 million
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Description: | Senior notes
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Maturity: | June 1, 2030
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Bookrunners: | Barclays, BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC
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Co-managers: | Credit Suisse Securities (USA) LLC and KeyBanc Capital Markets Inc.
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Coupon: | 3.4%
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Price: | 99.67
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Yield: | 3.438%
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Spread: | Treasuries plus 270 bps
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Call features: | Make-whole call at Treasuries plus 45 bps before Dec. 1, 2029; thereafter at par
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Trade date: | March 27
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Settlement date: | April 1
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Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: BBB+
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Distribution: | SEC registered
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Price guidance: | Treasuries plus 312.5 bps area
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