Xcel Energy subsidiary Northern States Power Co.-Minnesota (NSP-Minnesota) has closed its offering of $300 million 30-year first mortgage bonds with an annual interest rate of 5.35%. The bonds are redeemable at any time, subject to certain ‘make whole’ provisions.
NSP-Minnesota intends to add the net proceeds from the offering to its general funds and apply a portion of such net proceeds to the repayment of outstanding short-term debt, including short-term debt incurred to fund the repayment at maturity of $250 million of 6.875% unsecured senior notes due Aug. 1, 2009. The balance of net proceeds will be used for general corporate purposes.
Barclays Capital Inc., KeyBanc Capital Markets Inc. and RBS Securities Inc. acted as joint book-running managers for the offering. BNY Mellon Capital Markets, LLC and U.S. Bancorp Investments Inc. were co-managers for the offering.
SOURCE: Xcel Energy
