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Northern States Power-Wisconsin sells $200M of bonds

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Northern States Power-Wisconsin sells $200M of bonds

Northern States Power Co.-Wisconsin sold $200 million of 4.20% first mortgage bonds due Sept. 1, 2048, to fund the repayment of $150 million of 5.25% series B bonds due Oct. 1 and the repayment of $30 million of short-term debt borrowings.

The balance of the net proceeds will be used for general corporate purposes. Pending such use, the Xcel Energy Inc. subsidiary may invest the proceeds temporarily in interest-bearing obligations.

Interest is payable semiannually on March 1 and Sept. 1, starting March 1, 2019. The bonds have a spread to benchmark Treasury of 115 basis points, according to a Sept. 5 free writing prospectus. The issue was expected to be rated Aa3 by Moody's, A by S&P Global Ratings and A+ by Fitch Ratings.

Mizuho Securities USA LLC and U.S. Bancorp Investments Inc. acted as joint book-running managers.

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