Northern States Power intends to offer green first mortgage bonds

By Mary-Katherine Stinson

Lexington, Ky., Feb. 22 – Northern States Power Co. plans to offer green first mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are callable with a make-whole premium until a number of months before the maturity date when they will be callable at par.

The joint bookrunners of the offering are MUFG Securities Americas Inc., RBC Capital Markets LLC, U.S. Bancorp Investments, Inc. and SMBC Nikko Securities America, Inc.

The co-managers are Drexel Hamilton, LLC, Mischler Financial Group, Inc. and Multi-Bank Securities, Inc.

Bank of New York Mellon Trust Co., NA will be the trustee.

Legal counsel will be provided to the issuer by in-house counsel and by Jones Day. Counsel to the underwriters is provided by Hunton Andrews Kurth LLP.

Proceeds will be used to fund existing and future eligible green expenditures made or to be made during the period from Jan. 1, 2023 to Dec. 31, 2024 and allocated in the development, construction and operation of the company’s solar energy projects, including the Sherco solar facility. This may include previously financed eligible green expenditures which, through Feb. 22, include expenditures previously financed with the company’s general funds, including proceeds from commercial paper.

The electric and natural gas utility, a subsidiary of Xcel Energy Inc., is based in Minneapolis.

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