Xcel Energy looking to issue $500 million of long-term debt this year

By Angela McDaniels

Tacoma, Wash., April 5 - Xcel Energy Inc. plans to issue approximately $500 million of long-term debt during 2010, according to an 8-K filing with the Securities and Exchange Commission.

The proceeds from the debt and the issuance of approximately $400 million of equity in 2010 or 2011 will be used to fund an equity investment in subsidiary Public Service Co. of Colorado, to pay down short-term debt incurred at Xcel Energy and to fund a $359 million Xcel Energy debt maturity in December 2010.

In addition, Public Service Co. of Colorado plans to purchase some natural gas-generation assets from Riverside Energy Center LLC and Calpine Development Holdings, Inc. and anticipates issuing long-term debt to fund a portion of the $739 million acquisition price.

The acquisition is expected to close in December 2010, the filing stated.

Xcel Energy is a public utility holding company based in Minneapolis. Public Service Co. of Colorado is based in Denver.

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