MINNEAPOLIS--(BUSINESS WIRE)--
Xcel Energy Inc. (NYSE: XEL) subsidiary Northern States Power
Co.-Minnesota (NSP-Minnesota) today announced that it closed an offering
of $300.0 million in aggregate principal amount of 2.15% first mortgage
bonds due August 15, 2022 (the 2022 Bonds) and $500.0 million in
aggregate principal amount of 3.40% first mortgage bonds due August 15,
2042 (the 2042 Bonds and, together with the 2022 Bonds, the Bonds). The
2022 Bonds and the 2042 Bonds are redeemable at any time subject to
certain “make whole” provisions prior to February 15, 2022 and February
15, 2042, respectively. On or after these dates, the Bonds are callable
at par.
NSP-Minnesota intends to add the net proceeds from the sale of the Bonds
to its general corporate funds and apply a portion of such net proceeds
to the repayment of outstanding short-term debt borrowings, including
its utility money pool borrowings, and to fund the repayment or
redemption of outstanding long-term debt, including the maturity of $450
million of 8.00% first mortgage bonds due August 28, 2012. The balance
of net proceeds will be used for general corporate purposes, including
the funding of our utility capital expenditure program. Until the net
proceeds from the sale of the Bonds have been used, NSP-Minnesota may
invest them temporarily in interest bearing obligations.
Barclays Capital Inc., J.P. Morgan Securities LLC, Keybanc Capital
Markets Inc., UBS Securities LLC and Wells Fargo Securities, LLC, acted
as joint book-running managers for the offering. BMO Capital Markets
Corp. and BNY Mellon Capital Markets, LLC 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 J.P. Morgan
Securities LLC, collect at 1-212-834-4533, UBS Securities LLC, toll free
at 877-827-6444, ext. 561 3884 or Wells Fargo Securities, LLC, toll free
at 1-800-326-5897.
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. 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 inflation
rates, monetary fluctuations and their impact on capital expenditures
and the ability of NSP-Minnesota and its subsidiaries to obtain
financing on favorable terms; business conditions in the energy
industry, including the risk of a slow down in the U.S. economy or delay
in growth recovery; trade, fiscal, taxation and environmental policies
in areas where NSP-Minnesota has a financial interest; customer business
conditions; 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 and its subsidiaries; 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 by
regulatory bodies impacting NSP-Minnesota’s nuclear operations,
including those affecting costs, operations or the approval of requests
pending before the Nuclear Regulatory Commission; financial or
regulatory accounting policies imposed by regulatory bodies;
availability or cost of capital; employee work force factors; 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, the items described under “Factors Affecting Results
of Operations” and Exhibit 99.01 of NSP-Minnesota’s Annual Report on
Form 10-K for the year ended December 31, 2011 and on NSP-Minnesota’s
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2012 and
June 30, 2012. NSP-Minnesota assumes no obligation to update any
forward-looking information contained in this news release.
Xcel Energy
Financial analysts:
Paul Johnson, 612-215-4535
Vice
President, Investor Relations & Financial Management
or
News
media inquiries:
Xcel Energy Media Relations, 612-215-5300
Source: Xcel Energy