By Andrea Heisinger
New York, Nov. 8 - Public Service Co. of Colorado priced $400 million of 3.2% 10-year senior secured first mortgage bonds series No. 21 on Monday at a spread of Treasuries plus 70 basis points, a source close to the sale said.
The notes (A2/A/A) priced at 99.593 to yield 3.248%.
The notes have a make-whole call at Treasuries plus 10 bps before May 15, 2020, or after that at par.
BMO Capital Markets Corp., Goldman Sachs & Co. and KeyBanc Capital Markets Inc. were the bookrunners.
Co-managers were BNP Paribas Securities Corp. and Mizuho Securities USA Inc.
Proceeds are being used to fund a portion of the $739 million purchase price of Rocky Mountain Energy Center and Blue Spruce Energy Center natural gas generation assets.
The electric and natural gas utility is based in Denver.
| Issuer: | Public Service Co. of Colorado
|
| Issue: | Senior secured first mortgage bonds, series No. 21
|
| Amount: | $400 million
|
| Maturity: | Nov. 15, 2020
|
| Bookrunners: | BMO Capital Markets Corp., Goldman Sachs & Co., KeyBanc Capital Markets Inc.
|
| Co-managers: | BNP Paribas Securities Corp., Mizuho Securities USA Inc.
|
| Coupon: | 3.2%
|
| Price: | 99.593
|
| Yield: | 3.248%
|
| Spread: | Treasuries plus 70 bps
|
| Call: | Before May 15, 2020 at make-whole of Treasuries plus 10 bps, then at par
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
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