Xcel Energy 2010 Annual Report Download - page 108

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98
Maturities of long-term debt are:
(Millions of Dollars)
2011 .................................................................................................
.
$55
2012 .................................................................................................
.
1,059
2013 .................................................................................................
.
259
2014 .................................................................................................
.
282
2015 .................................................................................................
.
257
Xcel Energy
In May 2010, Xcel Energy issued $550 million of 4.70 percent unsecured senior notes, due May 15, 2020. Xcel Energy added the
net proceeds from the sale of the notes to its general funds and used the proceeds to repay commercial paper and fund equity
investments in its utility subsidiaries.
Xcel Energy has entered into a Replacement Capital Covenant (RCC). Under the terms of the RCC, Xcel Energy has agreed not
to redeem or repurchase all or part of the $400 million of 7.6 percent junior subordinated notes due 2068 (Junior Subordinated
Notes) prior to 2038 unless qualifying securities are issued to non-affiliates in a replacement offering in the 180 days prior to the
redemption or repurchase date. Qualifying securities include those that have equity-like characteristics that are the same as, or
more equity-like than, the applicable characteristics of the Junior Subordinated Notes at the time of redemption or repurchase.
NSP-Minnesota
In August 2010, NSP-Minnesota issued $250 million of 1.95 percent first mortgage bonds, due Aug. 15, 2015 and $250 million of
4.85 percent first mortgage bonds, due Aug. 15, 2040. NSP-Minnesota added the net proceeds from the sale of the bonds to its
general funds and applied a portion of the proceeds to the repayment of short-term debt, including short-term debt incurred to
fund the repayment at maturity of $175 million of 4.75 percent first mortgage bonds due Aug. 1, 2010. The balance of the net
proceeds was used for general corporate purposes, including the funding of capital expenditures.
In November 2009, NSP-Minnesota issued $300 million of 5.35 percent first mortgage bonds, due Nov. 1, 2039. NSP-Minnesota
added the net proceeds from the sale of the first mortgage bonds to its general funds and applied a portion of the proceeds to the
repayment of commercial paper and borrowings under the utility money pool arrangement incurred to fund the repayment at
maturity of $250 million of 6.875 percent unsecured senior notes due Aug. 1, 2009.
NSP-Wisconsin
In March 2009, NSP-Wisconsin redeemed its 7.375 percent $65.0 million first mortgage bonds due Dec. 1, 2026.
PSCo
In November 2010, PSCo issued $400 million of 3.2 percent first mortgage bonds, due Nov. 15, 2020. PSCo used the proceeds to
fund a portion of the $739 million purchase price of the Rocky Mountain Energy Center and the Blue Spruce Energy Center
generation assets. PSCo funded the balance of the purchase price of these generation assets through short-term borrowings and a
capital contribution from Xcel Energy. See Note 19 to the consolidated financial statements for further discussion.
In June 2009, PSCo issued $400 million of 5.125 percent first mortgage bonds, due June 1, 2019. PSCo added the proceeds from
the sale of the first mortgage bonds to its general funds and applied a portion of the net proceeds to fund the payment at maturity
of $200 million of 6.875 percent unsecured senior notes due July 15, 2009.
SPS
In February 2010, SPS redeemed its $25.0 million pollution control obligations, securing pollution control revenue bonds, due
July 1, 2016.