By Marisa Wong and Cristal Cody
Los Angeles, March 27 – Public Service Co. of Colorado priced $850 million of 5.25% first mortgage bonds, series 40, due April 1, 2053 (A1/A/A+) on Monday, according to an FWP filed with the Securities and Exchange Commission.
The bonds priced at 99.298 to yield 5.297%, or with a spread of 155 basis points to Treasuries.
Price talk was in the Treasuries plus 185 bps area, according to a market source.
The bonds feature a make-whole call and then a par call.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, BNP Paribas Securities Corp. and Scotia Capital (USA) Inc. are the joint bookrunners.
Proceeds will be used to repay short-term borrowings and for other general corporate purposes.
Public Service Co. of Colorado is an electric and natural gas company based in Denver and a subsidiary of Xcel Energy Inc.
| Issuer: | Public Service Co. of Colorado
|
| Amount: | $850 million
|
| Issue: | First mortgage bonds, series 40
|
| Maturity: | April 1, 2053
|
| Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, BNP Paribas Securities Corp. and Scotia Capital (USA) Inc.
|
| Co-managers: | PNC Capital Markets LLC and Siebert Williams Shank & Co. LLC
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Faegre Drinker Biddle & Reath LLP and Jones Day
|
| Counsel to underwriters: | Hunton Andrews Kurth LLP
|
| Coupon: | 5.25%
|
| Price: | 99.298
|
| Yield: | 5.297%
|
| Spread: | Treasuries plus 155 bps
|
| Call option: | Make-whole call at Treasuries plus 25 bps prior to Oct. 1, 2052; par call after that
|
| Trade date: | March 27
|
| Settlement date: | April 3
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 185 bps area
|
| Cusip: | 744448CY5
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
