Final Term Sheet
Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-147958
$500,000,000
NORTHERN STATES POWER COMPANY
5.25% FIRST MORTGAGE BONDS, SERIES DUE MARCH 1, 2018
FINAL TERMS AND CONDITIONS
Issuer: |
| Northern States Power Company |
Issue Format: |
| SEC Registered |
Ratings: |
| A2/A/A+ (Stable/Stable/Stable) |
Note Type: |
| First Mortgage Bonds |
Total Principal Amount: |
| $500,000,000 |
Pricing Date: |
| March 11, 2008 |
Settlement Date: |
| March 18, 2008 |
Maturity Date: |
| March 1, 2018 |
Interest Payment Dates: |
| Each March 1 and September 1, commencing on September 1, 2008 |
Reference Benchmark: |
| 3.50% due February 15, 2018 |
Benchmark Price: |
| 99-08 |
Benchmark Yield: |
| 3.59% |
Re-offer Spread: |
| 170 bps |
Re-offer Yield: |
| 5.29% |
Coupon: |
| 5.25% semi-annual |
Re-offer/Issue Price to Public: |
| 99.696% |
Make-Whole Call: |
| T+30 bps |
Minimum Denominations: |
| $1,000 |
Joint Bookrunners: |
| Barclays Capital Inc. and J.P. Morgan Securities Inc. |
Co-Managers: |
| Greenwich Capital Markets, Inc. and Wells Fargo Securities, LLC |
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. toll free at 1-888-227-2275, ext. 2663, or by calling J.P. Morgan Securities Inc. at 212-834-4533.