By Cristal Cody
Eureka Springs, Ark., June 6 – Public Service Co. of Colorado priced $250 million of 3.55% 30-year first mortgage bonds at 98.96 to yield 3.607% on Monday, according to an FWP filing with the Securities and Exchange Commission.
The series No. 29 bonds (A1/A/A+) priced with a spread of 105 basis points over Treasuries.
Bookrunners were Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and PNC Capital Markets LLC.
Proceeds will be used to redeem $129.5 million outstanding of 4.375% pollution control refunding revenue bonds due Sept. 1, 2017, to repay short-term debt and to fund the company’s capital expenditure program.
The Denver-based electric utility is a subsidiary of Minneapolis-based Xcel Energy.
| Issuer: | Public Service Co. of Colorado
|
| Amount: | $250 million
|
| Maturity: | June 15, 2046
|
| Securities: | First mortgage bonds
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC
|
| Coupon: | 3.55%
|
| Price: | 98.96
|
| Yield: | 3.607%
|
| Spread: | Treasuries plus 105 bps
|
| Call feature: | Make-whole call before Dec. 15, 2045 at Treasuries plus 20 bps; on or after Dec. 15, 2045 at par
|
| Pricing date: | June 6
|
| Settlement date: | June 13
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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