By Andrea Heisinger
New York, March 19 - Public Service Co. of Colorado priced $500 million of first mortgage bonds (A2/A/A) in two parts on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
A $250 million tranche of 2.5% 10-year notes was sold at 99.537 to yield 2.553% with a spread of Treasuries plus 65 basis points.
There was also $250 million of 3.95% 30-year bonds priced at 99.323 to yield 3.989% with a spread of 85 bps over Treasuries.
Goldman Sachs & Co., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay short-term borrowings, to fund the maturity of $250 million 4.875% first mortgage bonds and for operational needs.
The electric and gas utility is based in Denver.
| Issuer: | Public Service Co. of Colorado
|
| Issue: | First mortgage bonds
|
| Amount: | $500 million
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, UBS Securities LLC, Wells Fargo Securities LLC
|
| Trade date: | March 19
|
| Settlement date: | March 26
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
|
|
| 10-year bonds
|
| Amount: | $250 million
|
| Maturity: | March 15, 2023
|
| Coupon: | 2.5%
|
| Price: | 99.537
|
| Yield: | 2.553%
|
| Spread: | Treasuries plus 65 bps
|
| Call: | Make-whole at Treasuries plus 10 bps to Sept. 15, 2022, par call after
|
|
|
| 30-year bonds
|
| Amount: | $250 million
|
| Maturity: | March 15, 2043
|
| Coupon: | 3.95%
|
| Price: | 99.323
|
| Yield: | 3.989%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | Make-whole at Treasuries plus 15 bps to Sept. 15, 2042, par call after
|
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