Northern States Power Company- Minnesota’s $500 Million Green Bond Offering

Hunton Andrews Kurth advised the underwriters on the deal while Jones Day represented Xcel Energy Inc.

Northern States Power Company (a Minnesota corporation) announced the offering of $500 million principal amount of its 4.50% First Mortgage Bonds, Series due June 1, 2052 (the “Bonds”). An amount equal to the net proceeds from the sale of the Bonds will be used by the Company to finance or refinance, in whole or in part, existing and future Eligible Green Expenditures, which are those funded and to be funded from October 1, 2021 to December 31, 2023, and used in the development, construction, and operation of the Company’s wind energy projects.

The Company was incorporated in 2000 under the laws of the State of Minnesota. The Company is an operating utility engaged primarily in the generation, purchase, transmission, distribution and sale of electricity in Minnesota, North Dakota and South Dakota. The Company also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas in Minnesota and North Dakota. As of December 31, 2021, the Company provided electric utility service to approximately 1.5 million customers and natural gas utility service to approximately 0.5 million customers. The Company is a wholly owned subsidiary of Xcel Energy Inc.

NSP-Minnesota, Citigroup Global Markets Inc., MUFG Securities Americas Inc., and TD Securities (USA) LLC acted as representatives of the underwriters.

The Hunton Andrews Kurth team included Peter K. O’Brien (Picture), Brendan P. Harney and Matthew A. Hayes. Robert McNamara and Tim Strother provided tax advice.

The Jones Day team was led by Robert Joseph.

Involved fees earner: Brendan Harney – Hunton Andrews Kurth LLP; Matthew Hayes – Hunton Andrews Kurth LLP; Robert McNamara – Hunton Andrews Kurth LLP; Peter O’Brien – Hunton Andrews Kurth LLP; Tim Strother – Hunton Andrews Kurth LLP; Robert Joseph – Jones Day;

Law Firms: Hunton Andrews Kurth LLP; Jones Day;

Clients: Citigroup Inc.; MUFG Securities Americas Inc. ; TD Securities; Xcel Energy Inc.;

Martina Bellini

Author: Martina Bellini