By Cristal Cody
Tupelo, Miss., June 12 – Public Service Co. of Colorado sold $400 million of series 30 first mortgage bonds due June 15, 2047 (A1/A/A+) on Monday at 99.592 to yield 3.823%, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds priced with a spread of 95 basis points over Treasuries, on the tight side of guidance in the Treasuries plus 95 bps to 100 bps area.
BNP Paribas Securities Corp., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including working capital, capital expenditures and acquisitions, repaying short-term debt and refunding long-term debt at maturity or otherwise.
The Denver-based company is an operating utility engaged primarily in the generation, purchase, transmission, distribution and sale of electricity. It is a subsidiary of Minneapolis-based Xcel Energy Inc.
Issuer: | Public Service Co. of Colorado
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Amount: | $400 million
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Description: | First mortgage bonds
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Maturity: | June 15, 2047
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Bookrunners: | BNP Paribas Securities Corp., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc.
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Coupon: | 3.8%
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Price: | 99.592
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Yield: | 3.823%
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Spread: | Treasuries plus 95 bps
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Call features: | Make-whole call before Dec. 15, 2046 at Treasuries plus 15 bps; thereafter at par
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Trade date: | June 12
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Settlement date: | June 19
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Ratings: | Moody’s: A1
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| S&P: A
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| Fitch: A+
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Distribution: | SEC registered
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Price guidance: | Treasuries plus 95 bps-100 bps area
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