By Wendy Van Sickle
Columbus, Ohio, May 10 – Northern States Power Co. entered on Wednesday into a purchase agreement to sell $125 million of 5.3% first mortgage bonds due 2053 at par in a private placement, according to an 8-K filing with the Securities and Exchange Commission.
The bonds feature a make-whole call at Treasuries plus 50 basis points prior to Dec. 15, 2052, followed by a par call.
KeyBanc Capital Markets Inc. was the placement agent.
Proceeds will be used for general corporate purposes, including meeting its working capital requirements, funding capital expenditures and repaying short-term debt.
The electric and natural gas utility is based in Minneapolis.
| Issuer: | Northern States Power Co.
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| Amount: | $125 million
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| Issue: | First mortgage bonds
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| Maturity: | June 15, 2053
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| Coupon: | 5.3%
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| Price: | Par
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| Yield: | 5.3%
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| Placement agent: | KeyBanc Capital Markets Inc.
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| Call options: | Make whole at Treasuries plus 50 bps prior to Dec. 15, 2052 followed by par call
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| Pricing date: | May 10
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| Settlement date: | June 8
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| Distribution: | Private placement
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