Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-224333-04
NORTHERN STATES POWER COMPANY
(a Minnesota corporation)
$425,000,000 2.25% FIRST MORTGAGE BONDS, SERIES DUE APRIL 1, 2031
$425,000,000 3.20% FIRST MORTGAGE BONDS, SERIES DUE APRIL 1, 2052
| Issuer: | Northern States Power Company (a Minnesota corporation) | |||
| Issue Format: | SEC Registered | |||
| Expected Ratings*: | Aa3/A/A+ (Stable/Stable/Stable) (Moody’s/S&P/Fitch) | |||
| Security Type: | First Mortgage Bonds | |||
| Pricing Date: | March 23, 2021 | |||
| Settlement Date: | March 30, 2021 (T+5) | |||
| 2031 Bonds | 2052 Bonds | |||
| Principal Amount: | $425,000,000 | $425,000,000 | ||
| Maturity Date: | April 1, 2031 | April 1, 2052 | ||
| Interest Payment Dates: | Semi-annually on April 1 and October 1, commencing on October 1, 2021 | Semi-annually on April 1 and October 1, commencing on October 1, 2021 | ||
| Reference Benchmark Treasury: | 1.125% due February 15, 2031 | 1.625% due November 15, 2050 | ||
| Benchmark Treasury Price: | 95-08 | 84-07 | ||
| Benchmark Treasury Yield: | 1.647% | 2.369% | ||
| Spread to Benchmark Treasury: | +65 bps | +85 bps | ||
| Yield to Maturity: | 2.297% | 3.219% | ||
| Coupon: | 2.25% | 3.20% | ||
| Price to the Public: | 99.582% of the principal amount | 99.629% of the principal amount | ||
| Net Proceeds to Issuer: | $420,461,000 (after deducting the underwriting discount but before transaction expenses) | $419,704,500 (after deducting the underwriting discount but before transaction expenses) | ||
| Make-Whole Call: | Prior to October 1, 2030 (the 2031 par call date), T+10 bps (calculated to the 2031 par call date) | Prior to October 1, 2051 (the 2052 par call date), T+15 bps (calculated to the 2052 par call date) | ||
| Par Call: | On or after October 1, 2030, at par | On or after October 1, 2051, at par | ||
| CUSIP/ISIN: | 665772 CT4 / US665772CT43 | 665772 CU1 / US665772CU16 | ||
| Minimum Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | |||
| Joint Book-Running Managers: | MUFG Securities Americas Inc. U.S. Bancorp Investments, Inc. Wells Fargo Securities, LLC | |||
| Senior Co-Managers: | BNP Paribas Securities Corp. CIBC World Markets Corp. Goldman Sachs & Co. LLC Scotia Capital (USA) Inc. | |||
| Co-Managers: | Loop Capital Markets LLC Siebert Williams Shank & Co., 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, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling MUFG Securities Americas Inc. toll-free at 1-877-649-6848, PNC Capital Markets LLC toll-free at 1-855-881-0697, TD Securities (USA) LLC toll-free at 1-855-495-9846, U.S. Bancorp Investments, Inc. toll-free at 1-877-558-2607 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.