MINNEAPOLIS--(BUSINESS WIRE)--
Xcel Energy Inc. (NYSE: XEL) subsidiary Public Service Company of
Colorado (PSCo) today announced that it closed an offering of $400.0
million in aggregate principal amount of its 3.2% first mortgage bonds
due November 15, 2020 (the Bonds). The Bonds are redeemable at any time
subject to certain “make whole” provisions prior to May 15, 2020. On and
after this date, the Bonds are callable at par.
PSCo intends to add the net proceeds from the sale of the Bonds to its
general funds and will apply them to fund a portion of the $739 million
purchase price of the 652 megawatt Rocky Mountain Energy Center and the
310 megawatt Blue Spruce Energy Center natural gas generation assets.
Pending such use, PSCo intends to apply the proceeds to make short term
cash investments and/or repay any short term borrowings incurred to fund
its daily operational needs.
BMO Capital Markets Corp., Goldman, Sachs & Co., and KeyBanc Capital
Markets Inc., acted as joint book-running managers for the offering. BNP
Paribas Securities Corp. and Mizuho Securities USA 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) BMO
Capital Markets Corp., toll free at 1-866-864-7760, (ii) Goldman, Sachs
& Co., toll free at 1-866-471-2526, or (iii) KeyBanc Capital Markets
Inc., toll free at 1-866-227-6479.
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
PSCo 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 PSCo 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
PSCo; 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 impose
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 PSCo in reports filed with the Securities and Exchange
Commission (SEC), including Risk Factors in Item 1A and Exhibit 99.01 of
PSCo’s Annual Report on Form 10-K for the year ended December 31, 2009
and on PSCo’s Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2010, June 30, 2010 and September 30, 2010. PSCo assumes no
obligation to update any forward-looking information contained in this
news release.
Source: Xcel Energy
Contact:
Xcel Energy Inc.
Financial analysts:
Paul Johnson,
612-215-4535
Managing Director, Investor Relations & Assistant
Treasurer
or
News media inquiries:
Xcel Energy Media
Relations, 612-215-5300