Free Writing Prospectus
Filed Pursuant to Rule 433
Registration StatementNo. 333-224333-01
Southwestern Public Service Company
(a New Mexico corporation)
$300,000,000 4.40% FIRST MORTGAGE BONDS, SERIES NO. 6 DUE 2048
| Issuer: | Southwestern Public Service Company (a New Mexico corporation) | |
| Issue Format: | SEC Registered | |
| Expected Ratings*: | A3 (Stable)/A(Stable)/A- (Stable) (Moody’s/Standard & Poor’s/Fitch) | |
| Security Type: | First Mortgage Bonds | |
| Principal Amount: | $300,000,000 | |
| Pricing Date: | October 29, 2018 | |
| Settlement Date: | November 5, 2018 (T+5) | |
| Maturity Date: | November 15, 2048 | |
| Interest Payment Dates: | Semi-annually on May 15 and November 15, commencing on May 15, 2019 | |
| Reference Benchmark Treasury: | 3.125% due May 15, 2048 | |
| Benchmark Treasury Price / Yield: | 96-00 / 3.339% | |
| Spread to Benchmark Treasury: | +110 bps | |
| Yield to Maturity: | 4.439% | |
| Coupon: | 4.40% | |
| Price to Public: | 99.355% of principal amount | |
| Net Proceeds to Issuer: | $295,440,000 (after underwriting discount but before transaction expenses) | |
| Make-Whole Call: | Prior to May 15, 2048 (the par call date), T +20 bps (calculated to the par call date) | |
| Par Call: | On or after May 15, 2048 at par | |
| CUSIP/ISIN: | 845743 BS1/ US845743BS15 | |
| Minimum Denominations: | $1,000 | |
| Joint Book-Running Managers: | KeyBanc Capital Markets Inc. PNC Capital Markets LLC Scotia Capital (USA) Inc. 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 KeyBanc Capital Markets Inc., toll-free at1-866-227-6479, PNC Capital Markets LLC, toll-free at1-855-881-0697, Scotia Capital (USA) Inc., toll-free at1-800-372-3930 or Wells Fargo Securities, LLC, toll-free at1-800-645-3751.
