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Southwestern Public Service sells $450M of 1st mortgage bonds

Southwestern Public Service Co. issued $450 million of its 3.70% first mortgage bonds, series No. 5 due Aug. 15, 2047, at a price to public of 99.425% of the principal amount.

Interest on the bonds is payable semiannually on Feb. 15 and Aug. 15, commencing Feb. 15, 2018. The bonds were expected to be rated A2 by Moody's, A by S&P Global Ratings and A- by Fitch.

The Xcel Energy Inc. subsidiary intends to use net proceeds from the offering to repay short-term borrowings; fund the Aug. 30 redemption of $250 million of its series G senior notes, 8.75% due Dec. 1, 2018; and for general corporate purposes. Pending such uses, the company may temporarily invest the proceeds in interest-bearing obligations.

KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, U.S. Bancorp Investments LLC and Wells Fargo Securities LLC are serving as joint book-running managers.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.