By Andrea Heisinger
New York, May 28 - Public Service Co. of Colorado priced $400 million 5.125% 10-year first mortgage bonds Thursday to yield Treasuries plus 150 basis points, an informed source said.
The notes came at the tight end of guidance, which was 150 bps to 155 bps over Treasuries, the source said.
The bonds (A3/A/A) priced at 99.46 to yield 5.195% with a make-whole call at Treasuries plus 30 bps.
Bookrunners were BNP Paribas Securities Corp., Credit Suisse Securities and Scotia Capital (USA) Inc. Co-managers were Mitsubishi UFJ Securities and Mizuho Securities USA Inc.
Proceeds will be added to the company's general funds and applied to the payment of $200 million in senior notes due July 15. The balance will be used for repayment of utility money pool borrowings and for working capital.
The electric company is based in Denver.
| Issuer: | Public Service Co. of Colorado
|
| Issue: | First mortgage bonds
|
| Amount: | $400 million
|
| Maturity: | June 1, 2019
|
| Bookrunners: | BNP Paribas Securities Corp., Credit Suisse Securities, Scotia Capital (USA) Inc.
|
| Co-managers: | Mitsubishi UFJ Securities, Mizuho Securities USA Inc.
|
| Coupon: | 5.125%
|
| Price: | 99.46
|
| Yield: | 5.195%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | May 28
|
| Settlement date: | June 4
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A
|
| Price talk: | 150 to 155 bps
|
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