Final Term Sheet
Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-151868
September 3, 2008
NORTHERN STATES POWER COMPANY — A WISCONSIN CORPORATION
$200,000,000 6.375% FIRST MORTGAGE BONDS, SERIES DUE SEPTEMBER 1, 2038
Issuer: | Northern States Power Company | |
Issue Format: | SEC Registered | |
Ratings*: | A/A2/A+ (Stable/Stable/Stable) | |
Note Type: | First Mortgage Bonds | |
Total Principal Amount: | $200,000,000 | |
Pricing Date: | September 3, 2008 | |
Settlement Date: | September 10, 2008 | |
Maturity Date: | September 1, 2038 | |
Interest Payment Dates: | Each March 1 and September 1, commencing on March 1, 2009 | |
Daycount | 30/360 | |
Reference Benchmark: | 4.375% due February 15, 2038 | |
Benchmark Price: | 100-22 | |
Benchmark Yield: | 4.333% | |
Re-offer Spread: | 210 bps | |
Re-offer Yield: | 6.433% | |
Coupon: | 6.375% semi-annual | |
Re-offer/Issue Price to Public: | 99.235% | |
Make-Whole Call: | T+35 bps | |
Minimum Denominations: | $1,000 | |
Pro Forma Ratio of Consolidated Earnings to Consolidated Fixed Charges | Six Months Ended June 30, 2008 2.9 | Year Ended December 31, 2007 3.0 |
Joint Bookrunners: | Banc of America Securities LLC and BNY Mellon Capital Markets, LLC | |
Co-Managers: | KeyBanc Capital Markets Inc. | |
*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 Banc of America Securities LLC toll free at 1-800-294-1322 or by calling BNY Mellon Capital Markets, LLC toll free at 1-800-269-6864.
