Xcel Energy unit closes $300 million bond offering

Posted In: Energy

By The Associated Press

Tuesday, November 17, 2009

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Power company Xcel Energy Inc. on Tuesday said its subsidiary Northern States Power Co.-Minnesota closed its offering of $300 million 30-year first mortgage bonds with an annual interest rate of 5.35 percent.

NSP-Minnesota said it plans to use a portion of net proceeds to pay off debt, including short-term debt incurred to fund the repayment at maturity of $250 million of 6.875 percent unsecured senior notes due Aug. 1. The remaining net proceeds will be used for general corporate purposes.

Shares of the company fell 12 cents to $19.91 in afternoon trading.

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