Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-278797-04
NORTHERN STATES POWER COMPANY
(a Minnesota corporation)
$600,000,000 5.05% FIRST MORTGAGE BONDS, SERIES DUE MAY 15, 2035
$500,000,000 5.65% FIRST MORTGAGE BONDS, SERIES DUE MAY 15, 2055
| Issuer: | Northern States Power Company (a Minnesota corporation) | |||
| Issue Format: | SEC Registered | |||
| Expected Ratings*: | Aa3/A/A+ (Stable/Negative/Stable) (Moody’s/S&P/Fitch) | |||
| Security Type: | First Mortgage Bonds | |||
| Pricing Date: | April 28, 2025 | |||
| Settlement Date: | May 5, 2025 (T+5) | |||
| 2035 Bonds | 2055 Bonds | |||
| Principal Amount: | $600,000,000 | $500,000,000 | ||
| Maturity Date: | May 15, 2035 | May 15, 2055 | ||
| Interest Payment Dates: | Semi-annually on May 15 and November 15, commencing on November 15, 2025 | Semi-annually on May 15 and November 15, commencing on November 15, 2025 | ||
| Reference Benchmark Treasury: | 4.625% due February 15, 2035 | 4.500% due November 15, 2054 | ||
| Benchmark Treasury Price: | 103-04+ | 96-22+ | ||
| Benchmark Treasury Yield: | 4.229% | 4.708% | ||
| Spread to Benchmark Treasury: | +83 bps | +98 bps | ||
| Yield to Maturity: | 5.059% | 5.688% | ||
| Coupon: | 5.05% | 5.65% | ||
| Price to the Public: | 99.928% of the principal amount | 99.454% of the principal amount | ||
| Net Proceeds to Issuer: | $595,668,000 (after deducting the underwriting discount but before transaction expenses) | $492,895,000 (after deducting the underwriting discount but before transaction expenses) | ||
| Make-Whole Call: | Prior to November 15, 2034 (the par call date), T+12.5 bps (calculated to the par call date) | Prior to November 15, 2054 (the par call date), T+15 bps (calculated to the par call date) | ||
| Par Call: | On or after November 15, 2034, at par | On or after November 15, 2054, at par | ||
| CUSIP/ISIN: | 665772 CZ0 / US665772CZ03 | 665772 DA4 / US665772DA43 | ||
| Minimum Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | |||
| Joint Book-Running Managers: | Mizuho Securities USA LLC Scotia Capital (USA) Inc. MUFG Securities Americas Inc. SMBC Nikko Securities America, Inc. | |||
| Co-Manager: | Academy Securities, 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 Mizuho Securities USA LLC toll-free at (866) 271-7403, PNC Capital Markets LLC toll-free at (855) 881-0697, Scotia Capital (USA) Inc. toll-free at (800) 372-3930 or TD Securities (USA) LLC toll-free at (855) 495-9846.