Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-278797-02
PUBLIC SERVICE COMPANY OF COLORADO
(a Colorado corporation)
$200,000,000 5.85% FIRST MORTGAGE BONDS, SERIES NO. 43 DUE 2055
$800,000,000 5.15% FIRST MORTGAGE BONDS, SERIES NO. 44 DUE 2035
| Issuer: | Public Service Company of Colorado (a Colorado corporation) | |||
| Issue Format: | SEC Registered | |||
| Expected Ratings*: | A1/A/A+ (Stable/Negative/Stable) (Moody’s/S&P/Fitch) | |||
| Security Type: | First Mortgage Bonds | |||
| Pricing Date: | August 4, 2025 | |||
| Settlement Date: | August 7, 2025 (T+3) | |||
| 2055 Bonds | 2035 Bonds | |||
| Principal Amount: | $200,000,000 (Reopening of 5.85% First Mortgage Bonds, Series No. 43 due 2055, of which $600,000,000 was previously issued on March 20, 2025, for a total principal amount outstanding of $800,000,000) | $800,000,000 | ||
| Maturity Date: | May 15, 2055 | September 15, 2035 | ||
| Interest Payment Dates: | Semi-annually on May 15 and November 15, commencing on November 15, 2025 | Semi-annually on March 15 and September 15, commencing on March 15, 2026 (long first coupon) | ||
| Reference Benchmark Treasury: | 4.625% due February 15, 2055 | 4.250% due May 15, 2035 | ||
| Benchmark Treasury Price: | 97-07 |
100-11+ | ||
| Benchmark Treasury Yield: | 4.802% | 4.204% | ||
| Spread to Benchmark Treasury: | +102 bps | +97 bps | ||
| Yield to Maturity: | 5.822% | 5.174% | ||
| Coupon: | 5.85% | 5.15% | ||
| Price to the Public: | 100.367% of the principal amount, plus accrued interest from and including March 20, 2025 to, but excluding, the date of delivery (the total amount of accrued interest on August 7, 2025 will be $44.525 per $2,000 principal amount of the 2055 Bonds) | 99.805% of the principal amount, plus accrued interest, if any, from August 7, 2025 | ||
| Net Proceeds to Issuer: | $198,984,000 (after deducting the underwriting discount but before transaction expenses (and not including the amount of accrued interest paid by the purchasers of the 2055 Bonds)) | $793,240,000 (after deducting the underwriting discount but before transaction expenses) | ||
| Make-Whole Call: | Prior to November 15, 2054 (the 2055 par call date), T+20 bps (calculated to the 2055 par call date) | Prior to March 15, 2035 (the 2035 par call date), T+15 bps (calculated to the 2035 par call date) | ||
| Par Call: | On or after November 15, 2054, at par | On or after March 15, 2035, at par | ||
| CUSIP/ISIN: | 744448 DB4 / US744448DB49 | 744448 DC2 / US744448DC22 | ||
| Minimum Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | |||
| Joint Book-Running Managers: | Barclays Capital Inc. BNY Mellon Capital Markets, LLC Citigroup Global Markets Inc. Huntington Securities, Inc. Truist Securities, Inc. |
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| Co-Manager: | Independence Point 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 Barclays Capital Inc. toll-free at (888) 603-5847, BNY Mellon Capital Markets, LLC toll-free at (800) 269-6864, Citigroup Global Markets Inc. toll-free at (800) 831-9146, Huntington Securities, Inc. toll-free at (800) 824-5652 or Truist Securities, Inc. toll-free at (800) 685-4786.