Xcel Energy 2004 Annual Report Download - page 60

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NOTES to CONSOLIDATED FINANCIAL STATEMENTS
Xcel Energy Annual Report 2004
58
8. MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SUBSIDIARY TRUSTS
Southwestern Public Service Capital I, a wholly owned, special-purpose subsidiary trust of SPS, had $100 million of 7.85-percent trust preferred securities
issued and outstanding that were originally scheduled to mature in 2036. The securities were redeemable at the option of SPS after October 2001, at
100 percent of the principal amount plus accrued interest. On Oct. 15, 2003, SPS redeemed the $100 million of trust preferred securities. A certificate
of cancellation was filed to dissolve SPS Capital I on Jan. 5, 2004.
NSP Financing I, a wholly owned, special-purpose subsidiary trust of NSP-Minnesota, had $200 million of 7.875-percent trust preferred securities issued
and outstanding that were originally scheduled to mature in 2037. The preferred securities were redeemable at NSP Financing I’s option at $25 per share,
beginning in 2002. On July 31, 2003, NSP-Minnesota redeemed the $200 million of trust preferred securities. A certificate of cancellation was filed to
dissolve NSP Financing I on Sept. 15, 2003.
PSCo Capital Trust I, a wholly owned, special-purpose subsidiary trust of PSCo, had $194 million of 7.60-percent trust preferred securities issued and
outstanding that were originally scheduled to mature in 2038. The securities were redeemable at the option of PSCo after May 2003, at 100 percent of
the principal amount outstanding plus accrued interest. On June 30, 2003, PSCo redeemed the $194 million of trust preferred securities. A certificate
of cancellation was filed to dissolve PSCo Capital Trust I on Dec. 29, 2003.
Distributions paid to preferred security holders were reflected as a financing cost in the Consolidated Statements of Operations, along with interest charges.