Free Writing Prospectus
Filed Pursuant to Rule 433
Registration StatementNo. 333-224333-03
Northern States Power Company
(a Wisconsin corporation)
$200,000,000 4.20% FIRST MORTGAGE BONDS, SERIES DUE SEPTEMBER 1, 2048
| Issuer: | Northern States Power Company (a Wisconsin corporation) | |
| Issue Format: | SEC Registered | |
| Expected Ratings*: | Aa3/A/A+ (Stable/Stable/Stable) (Moody’s/Standard & Poor’s/Fitch) | |
| Security Type: | First Mortgage Bonds | |
| Pricing Date: | September 5, 2018 | |
| Settlement Date: | September 12, 2018 (T+5) | |
| Interest Payment Dates: | Semi-annually on March 1 and September 1, commencing on March 1, 2019 | |
| Principal Amount: | $200,000,000 | |
| Maturity Date: | September 1, 2048 | |
| Reference Benchmark: | 3.125% due May 15, 2048 | |
| Benchmark Price: | 101-01 | |
| Benchmark Yield: | 3.072% | |
| Spread to Benchmark Treasury: | +115 bps | |
| Yield to Maturity: | 4.222% | |
| Coupon: | 4.20% | |
| Price to Public: | 99.629% of principal amount | |
| Net Proceeds to Issuer: | $197,508,000 (after underwriting discount but before transaction expenses) | |
| Make-Whole Call: | Prior to March 1, 2048 (the par call date), T +20 bps (calculated to the par call date) | |
| Par Call: | On or after March 1, 2048, at par | |
| CUSIP/ISIN: | 665789 BA0/US665789BA04 | |
| Minimum Denominations: | $1,000 | |
| Joint Book-Running Managers: | Mizuho Securities USA LLC U.S. Bancorp Investments, 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 Mizuho Securities USA LLC, toll-free at1-866-271-7403 or U.S. Bancorp Investments, Inc., toll-free at1-877-558-2607.
