FWP 1 d927993dfwp.htm FWP FWP

Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-224333-03

NORTHERN STATES POWER COMPANY

(a Wisconsin corporation)

$100,000,000 3.05% FIRST MORTGAGE BONDS, SERIES DUE MAY 1, 2051

 

Issuer:

   

Northern States Power Company (a Wisconsin corporation)

Issue Format:

   

SEC Registered

Expected Ratings*:

   

Aa3/A/A+ (Stable/Stable/Stable) (Moody’s/S&P/Fitch)

Security Type:

   

First Mortgage Bonds

Pricing Date:

   

May 18, 2020

Settlement Date:

   

May 26, 2020 (T+5)

Principal Amount:

   

$100,000,000

Maturity Date:

   

May 1, 2051

Interest Payment Dates:

   

Semi-annually on May 1 and November 1, commencing

November 1, 2020

Reference Benchmark:

   

2.00% due February 15, 2050

Benchmark Price:

   

114-10

Benchmark Yield:

   

1.409%

Spread to Benchmark Treasury:

   

+170 bps

Yield to Maturity:

   

3.109%

Coupon:

   

3.05%

Price to Public:

   

98.834% of the principal amount

Net Proceeds to Issuer:

   

$97,959,000 (after deducting the underwriting discount but

before transaction expenses)

Make-Whole Call:

   

Prior to November 1, 2050 (the par call date), T +30 bps

(calculated to the par call date)

Par Call:

   

On or after November 1, 2050, at par

CUSIP/ISIN:

   

665789 BB8/US665789BB86

Minimum Denominations:

   

$2,000 and integral multiples of $1,000 in excess thereof

Sole Book-Running Manager:

   

Mizuho Securities USA 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, 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 at 1-866-271-7403.