Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-278797-01
Southwestern Public Service Company
(a New Mexico corporation)
$600,000,000 6.00% FIRST MORTGAGE BONDS, SERIES NO. 11 DUE 2054
| Issuer: | Southwestern Public Service Company (a New Mexico corporation) | |
| Issue Format: | SEC Registered | |
| Expected Ratings*: | A3/A-/A- (Stable/Negative/Stable) (Moody’s/S&P/Fitch) | |
| Security Type: | First Mortgage Bonds | |
| Pricing Date: | June 3, 2024 | |
| Settlement Date: | June 6, 2024 (T+3) | |
| Principal Amount: | $600,000,000 | |
| Maturity Date: | June 1, 2054 | |
| Interest Payment Dates: | Semi-annually on June 1 and December 1, commencing on December 1, 2024 | |
| Reference Benchmark Treasury: | 4.250% due February 15, 2054 | |
| Benchmark Treasury Price | 95-02+ | |
| Benchmark Treasury Yield: | 4.554% | |
| Spread to Benchmark Treasury: | +150 bps | |
| Yield to Maturity: | 6.054% | |
| Coupon: | 6.00% | |
| Price to the Public: | 99.258% of the principal amount | |
| Net Proceeds to Issuer: | $590,298,000 (after deducting the underwriting discount but before transaction expenses) | |
| Make-Whole Call: | Prior to December 1, 2053 (the par call date), T +25 bps (calculated to the par call date) | |
| Par Call: | On or after December 1, 2053, at par | |
| CUSIP/ISIN: | 845743 BX0 / US845743BX00 | |
| Minimum Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | |
| Joint Book-Running Managers: | Morgan Stanley & Co. LLC TD Securities (USA) LLC BNY Mellon Capital Markets, LLC Scotia Capital (USA) 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, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or TD Securities (USA) LLC toll-free at 1-855-495-9846.