MINNEAPOLIS--(BUSINESS WIRE)--
Xcel Energy Inc. (NYSE: XEL) subsidiary Northern States Power
Co.-Minnesota (NSP-Minnesota) today announced that it closed an offering
of $250.0 million in aggregate principal amount of 1.95% first mortgage
bonds due August 15, 2015 (the 2015 Bonds) and $250.0 million in
aggregate principal amount of 4.85% first mortgage bonds due August 15,
2040 (the 2040 Bonds). The 2015 Bonds and the 2040 Bonds are redeemable
at any time subject to certain “make whole” provisions prior to May 15,
2015 and February 15, 2040, respectively. After these dates, the bonds
are callable at par.
NSP-Minnesota intends to apply the majority of net proceeds to the
repayment of outstanding short-term debt, including short-term debt
incurred to fund the repayment at maturity of $175 million of 4.75%
first mortgage bonds due August 1, 2010. The balance of net proceeds
will be used for general corporate purposes, including the funding of
our utility capital expenditure program.
BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc. and RBS
Securities Inc. acted as joint book-running managers for the offering.
Mitsubishi UFJ Securities (USA), Inc. and U.S. Bancorp Investments, Inc.
were co-managers for the offering.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy these securities nor shall there be any
sale of these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. The
offering is being made only by means of a prospectus and related
prospectus supplement. A prospectus supplement related to the offering
has been filed with the Securities and Exchange Commission. Copies of
the prospectus supplement and accompanying prospectus for the offering
may be obtained on the Securities and Exchange Commission’s website at www.sec.gov.
Alternatively, any underwriter or dealer participating in the offering
will send you the prospectus if you request it by calling (i) BNY Mellon
Capital Markets, LLC, toll free at 1-800-269-6864, (ii) Citigroup Global
Markets Inc., toll free at 1-877-858-5407, or (iii) RBS Securities Inc.,
toll free at 1-866-884-2071.
This announcement contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 that reflect
management’s current views with respect to future events, based on what
NSP-Minnesota believes are reasonable assumptions. No assurance can be
given, however, that these events will occur, including the closing of
the above mentioned offering. Such forward-looking statements are
intended to be identified in this document by the words “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “may,” “objective,”
“outlook,” “plan,” “project,” “possible,” “potential,” “should” and
similar expressions. Actual results may vary materially. Factors that
could cause actual results to differ materially include, but are not
limited to: general economic conditions, including the availability of
credit and its impact on capital expenditures and the ability of
NSP-Minnesota to obtain financing on favorable terms; business
conditions in the energy industry; actions of credit rating agencies;
competitive factors, including the extent and timing of the entry of
additional competition in the markets served by NSP-Minnesota; unusual
weather; effects of geopolitical events, including war and acts of
terrorism; state, federal and foreign legislative and regulatory
initiatives that affect cost and investment recovery, have an impact on
rates or have an impact on asset operation or ownership or imposed
environmental compliance conditions; structures that affect the speed
and degree to which competition enters the electric and natural gas
markets; costs and other effects of legal and administrative
proceedings, settlements, investigations and claims; actions of
accounting regulatory bodies; and the other risk factors listed from
time to time by NSP-Minnesota in reports filed with the Securities and
Exchange Commission (SEC), including Risk Factors in Item 1A and Exhibit
99.01 of NSP-Minnesota’s Annual Report on Form 10-K for the year ended
December 31, 2009 and on NSP-Minnesota’s Quarterly Reports on Form 10-Q
for the quarters ended March 31, 2010 and June 30, 2010. NSP-Minnesota
assumes no obligation to update any forward-looking information
contained in this news release.
Source: Xcel Energy
Contact:
Xcel Energy
Financial analysts:
Paul Johnson,
612-215-4535
Managing Director, Investor Relations
& Assistant
Treasurer
or
News media inquiries:
Xcel Energy
Media Relations
612-215-5300
www.xcelenergy.com