Public Service Company of Colorado
03/10/2026 | Press release | Distributed by Public on 03/10/2026 15:00
Free Writing Prospectus (Form FWP)
Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-278797-02
PUBLIC SERVICE COMPANY OF COLORADO
(a Colorado corporation)
$700,000,000 4.15% FIRST MORTGAGE BONDS, SERIES NO. 45 DUE 2029
$600,000,000 5.05% FIRST MORTGAGE BONDS, SERIES NO. 46 DUE 2036
| Issuer: | Public Service Company of Colorado (a Colorado corporation) | |||
| Issue Format: | SEC Registered | |||
| Expected Ratings*: | A1/A/A+ (Negative/Negative/Stable) (Moody's/S&P/Fitch) | |||
| Security Type: | First Mortgage Bonds | |||
| Pricing Date: | March 10, 2026 | |||
| Settlement Date: | March 13, 2026 (T+3) | |||
| 2029 Bonds | 2036 Bonds | |||
| Principal Amount: | $700,000,000 | $600,000,000 | ||
| Maturity Date: | March 13, 2029 | June 15, 2036 | ||
| Interest Payment Dates: | Semi-annually on March 13 and September 13, commencing on September 13, 2026 | Semi-annually on June 15 and December 15, commencing on December 15, 2026 (long first coupon) | ||
| Reference Benchmark Treasury: | 3.500% due February 15, 2029 | 4.125% due February 15, 2036 | ||
| Benchmark Treasury Price: | 99-25 3/8 | 99-31+ | ||
| Benchmark Treasury Yield: | 3.574% | 4.127% | ||
| Spread to Benchmark Treasury: | +60 bps | +95 bps | ||
| Yield to Maturity: | 4.174% | 5.077% | ||
| Coupon: | 4.15% | 5.05% | ||
| Price to the Public: | 99.933% of the principal amount, plus accrued interest, if any, from March 13, 2026 | 99.762% of the principal amount, plus accrued interest, if any, from March 13, 2026 | ||
| Net Proceeds to Issuer: | $697,081,000 (after deducting the underwriting discount but before transaction expenses) | $594,672,000 (after deducting the underwriting discount but before transaction expenses) | ||
| Make-Whole Call: | Prior to February 13, 2029 (the 2029 par call date), T+10 bps (calculated to the 2029 par call date) | Prior to December 15, 2035 (the 2036 par call date), T+15 bps (calculated to the 2036 par call date) | ||
| Par Call: | On or after February 13, 2029, at par | On or after December 15, 2035, at par | ||
| Call for Tax Credit Event: | At the issuer's option, in whole, but not in part, at a redemption price equal to 101% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date (any notice of redemption may be sent only by the later of (a) December 31, 2026 and (b) six months from the date of issuance) | At the issuer's option, in whole, but not in part, at a redemption price equal to 101% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date (any notice of redemption may be sent only by the later of (a) December 31, 2026 and (b) six months from the date of issuance) | ||
| CUSIP/ISIN: | 744448 DD0 / US744448DD05 | 744448 DE8 / US744448DE87 | ||
| Minimum Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | |||
| Joint Book-Running Managers: |
BNY Mellon Capital Markets, LLC CIBC World Markets Corp. J.P. Morgan Securities LLC Scotia Capital (USA) Inc. TD Securities (USA) LLC |
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| Co-Manager: | Loop Capital Markets 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 BNY Mellon Capital Markets, LLC toll-free at (800) 269-6864, CIBC World Markets Corp. toll-free at (800) 282-0822, J.P. Morgan Securities LLC collect at (212) 834-4533, Scotia Capital (USA) Inc. toll-free at (800) 372-3930 or TD Securities (USA) LLC toll-free at (855) 495-9846.
Public Service Company of Colorado published this content on March 10, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 10, 2026 at 21:00 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]