Public Service Co of Colorado Issues $800M of First Mortgage Bonds

What Happened
Public Service Company of Colorado (PSCo) announced on August 10, 2026 that it issued $150 million of 5.35% First Mortgage Bonds, Series No. 41 due May 15, 2034, and $650 million of 6.20% First Mortgage Bonds, Series No. 47 due August 15, 2056, for a total of $800 million. The offering was completed under an underwriting agreement led by J.P. Morgan Securities, Mizuho Securities, PNC Capital Markets and U.S. Bancorp Investments and was made pursuant to PSCo’s Form S‑3 registration statement. A prospectus supplement related to the sale was filed with the SEC on August 4, 2026.

Key Details

• Total issuance: $800,000,000 (2034 Bonds: $150M at 5.35%; 2056 Bonds: $650M at 6.20%).
• 2034 Bonds join an existing Series No. 41; prior tranches of that series were $450M (issued Apr 4, 2024) and $400M (issued Mar 20, 2025).
• Indenture: bonds governed by the original First Mortgage Indenture (Oct 1, 1993) as supplemented (Supplemental Indenture No. 35 for Series 41; Supplemental Indenture No. 39 for Series 47).
• Transaction documents and a legal opinion from Faegre Drinker Biddle & Reath LLP were filed as exhibits to the 8‑K.

Why It Matters
This filing signals PSCo has raised long‑term fixed‑rate debt, extending its maturity profile (one tranche to 2034 and a longer tranche to 2056) and locking in borrowing costs at the stated coupons. For investors, the issuance affects the company’s capital structure and liquidity — proceeds may be used for general corporate purposes, refinancing, or capital investments (the 8‑K reports the issuance details but not specific use of proceeds). The addition of the 2034 bonds to an existing series also means those bonds share terms with earlier issuances except for issue date and initial pricing.