By Andrea Heisinger
New York, May 10 - Xcel Energy Inc. priced an upsized $550 million of 4.7% 10-year senior unsecured notes on Monday to yield Treasuries plus 120 basis points, an informed source said.
The size was increased from $500 million, with the notes pricing at the tight end of talk in the 125 bps area, a source said.
The notes (Baa1/BBB/BBB+) priced at 99.676 to yield 4.741%. They have a make-whole call at 20 bps over Treasuries before Nov. 15, 2019 and are callable at par on or after that date.
Barclays Capital Inc., Morgan Stanley & Co. Inc. and UBS Investment Bank were the bookrunners.
Co-managers were Scotia Capital and U.S. Bancorp.
Proceeds will be added to a general corporate fund to repay commercial paper and to fund equity investments in one or more utility subsidiaries.
The public utility holding company is based in Minneapolis.
| Issuer: | Xcel Energy Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $550 million, increased from $500 million
|
| Maturity: | May 15, 2020
|
| Bookrunners: | Barclays Capital Inc., Morgan Stanley & Co. Inc., UBS Investment Bank
|
| Co-managers: | Scotia Capital, U.S. Bancorp
|
| Coupon: | 4.7%
|
| Price: | 99.676
|
| Yield: | 4.741%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Make-whole at Treasuries plus 20 bps before Nov. 15, 2019, then at par
|
| Trade date: | May 10
|
| Settlement date: | May 13
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Price talk: | 125 bps area
|
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