0001193125-22-146312.txt : 20220510 0001193125-22-146312.hdr.sgml : 20220510 20220510161711 ACCESSION NUMBER: 0001193125-22-146312 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20220510 DATE AS OF CHANGE: 20220510 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE CO OF COLORADO CENTRAL INDEX KEY: 0000081018 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 840296600 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-255446-02 FILM NUMBER: 22909873 BUSINESS ADDRESS: STREET 1: 1800 LARIMER STREET CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3035717511 MAIL ADDRESS: STREET 1: P O BOX 840 STE 300 CITY: DENVER STATE: CO ZIP: 80201 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE CO OF COLORADO CENTRAL INDEX KEY: 0000081018 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 840296600 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 1800 LARIMER STREET CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3035717511 MAIL ADDRESS: STREET 1: P O BOX 840 STE 300 CITY: DENVER STATE: CO ZIP: 80201 FWP 1 d337293dfwp.htm FWP FWP

Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-255446-02

PUBLIC SERVICE COMPANY OF COLORADO

(a Colorado corporation)

$300,000,000 4.10% FIRST MORTGAGE BONDS, SERIES NO. 38 DUE 2032

$400,000,000 4.50% FIRST MORTGAGE BONDS, SERIES NO. 39 DUE 2052

 

Issuer:    Public Service Company of Colorado (a Colorado corporation)
Issue Format:    SEC Registered
Expected Ratings*:    A1/A/A+ (Stable/Stable/Stable) (Moody’s/S&P/Fitch)
Security Type:    First Mortgage Bonds
Pricing Date:    May 10, 2022
Settlement Date:    May 17, 2022 (T+5)
   2032 Bonds    2052 Bonds
Principal Amount:    $300,000,000    $400,000,000
Maturity Date:    June 1, 2032    June 1, 2052
Interest Payment Dates:    Semi-annually on June 1 and December 1, commencing on December 1, 2022    Semi-annually on June 1 and December 1, commencing on December 1, 2022
Reference Benchmark Treasury:    1.875% due February 15, 2032    1.875% due November 15, 2051
Benchmark Treasury Price:    90-23    76-04+
Benchmark Treasury Yield:    2.977%    3.117%
Spread to Benchmark Treasury:    +120 bps    +145 bps
Yield to Maturity:    4.177%    4.567%
Coupon:    4.10%    4.50%
Price to the Public:    99.372% of the principal amount    98.909% of the principal amount
Net Proceeds to Issuer:    $296,166,000 (after deducting the underwriting discount but before transaction expenses)    $392,136,000 (after deducting the underwriting discount but before transaction expenses)
Make-Whole Call:    Prior to December 1, 2031 (the 2032 par call date), T+20 bps (calculated to the 2032 par call date)    Prior to December 1, 2051 (the 2052 par call date), T+25 bps (calculated to the 2052 par call date)
Par Call:    On or after December 1, 2031, at par    On or after December 1, 2051, at par
CUSIP/ISIN:    744448CW9 / US744448CW94    744448CX7 / US744448CX77
Minimum Denominations:    $2,000 and integral multiples of $1,000 in excess thereof
Joint Book-Running Managers:   

CIBC World Markets Corp.
Goldman Sachs & Co. LLC

J.P. Morgan Securities LLC

Mizuho Securities USA LLC

PNC Capital Markets LLC

Scotia Capital (USA) Inc.

Co-Managers:   

Loop Capital Markets LLC

Penserra 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, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by

calling CIBC World Markets Corp. toll-free at 1-800-282-0822, Goldman Sachs & Co. LLC toll-free at (866) 471-2526, J.P. Morgan Securities LLC collect at 1-212-834-4533, Mizuho Securities USA LLC toll-free at 1-866-271-7403 or PNC Capital Markets LLC toll-free at 1-855-881-0697.