Xcel Energy Subsidiary Prices $300M Notes
Ticker: XELLL · Form: 8-K · Filed: Nov 21, 2025 · CIK: 72903
| Field | Detail |
|---|---|
| Company | Xcel Energy Inc (XELLL) |
| Form Type | 8-K |
| Filed Date | Nov 21, 2025 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $2.50, $175 million, $3.9 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt-issuance, subsidiary, financing
Related Tickers: XEL
TL;DR
Xcel subsidiary Southwestern Public Service just priced $300M in long-term debt.
AI Summary
Xcel Energy Inc. announced on November 20, 2025, that its subsidiary, Southwestern Public Service Company, has entered into a purchase agreement for $300 million of junior subordinated notes due 2085. This issuance is part of Southwestern Public Service's ongoing efforts to manage its capital structure and fund its operations.
Why It Matters
This debt issuance by a key subsidiary will impact Xcel Energy's overall financial leverage and its ability to fund future capital expenditures.
Risk Assessment
Risk Level: medium — Issuing subordinated debt can increase financial risk for the parent company if the subsidiary's performance falters.
Key Numbers
- $300M — Junior Subordinated Notes (Principal amount issued by Southwestern Public Service Company)
Key Players & Entities
- Xcel Energy Inc. (company) — Filer
- Southwestern Public Service Company (company) — Subsidiary issuing notes
- $300 million (dollar_amount) — Principal amount of notes
- 2085 (date) — Maturity year of notes
- November 20, 2025 (date) — Filing date
FAQ
What is the purpose of issuing these junior subordinated notes?
The filing indicates these notes are part of Southwestern Public Service Company's ongoing efforts to manage its capital structure and fund its operations.
What is the maturity date of the notes?
The notes are due in 2085.
Which subsidiary of Xcel Energy is issuing the notes?
Southwestern Public Service Company is the subsidiary issuing the notes.
What is the principal amount of the notes being issued?
The principal amount is $300 million.
What type of debt instrument is being issued?
Junior subordinated notes are being issued.
Filing Stats: 969 words · 4 min read · ~3 pages · Grade level 16.6 · Accepted 2025-11-20 18:45:31
Key Financial Figures
- $2.50 — ange on which registered Common Stock, $2.50 par value per share XEL Nasdaq Stock Ma
- $175 million — ing an increase in base rate revenue of $175 million (16.7%). The request is based on a futu
- $3.9 billion — ty ratio of 56% and retail rate base of $3.9 billion. The request reflects: Significant re
Filing Documents
- xel-20251120.htm (8-K) — 40KB
- 0000072903-25-000261.txt ( ) — 216KB
- xel-20251120.xsd (EX-101.SCH) — 3KB
- xel-20251120_def.xml (EX-101.DEF) — 17KB
- xel-20251120_lab.xml (EX-101.LAB) — 31KB
- xel-20251120_pre.xml (EX-101.PRE) — 18KB
- xel-20251120_htm.xml (XML) — 6KB
01. Other Events
Item 8.01. Other Events On Nov. 20, 2025, Southwestern Public Service Company (SPS), a New Mexico corporation, and a wholly owned subsidiary of Xcel Energy Inc., filed an electric rate case with the New Mexico Public Regulation Commission (NMPRC) seeking an increase in base rate revenue of $175 million (16.7%). The request is based on a future test year period ending November 30, 2027, a return on equity (ROE) of 10.5%, an equity ratio of 56% and retail rate base of $3.9 billion. The request reflects: Significant retail revenue growth. Continued capital investment primarily to support the clean energy transition and load growth. Planned roll-off of 100 megawatts (MW) of wholesale load in 2026. SPS' base rate request (millions of dollars): Retail revenue growth $ (204) Increase in allocation of assets and costs to New Mexico retail, including impact of wholesale load roll-off 148 Capital investment 133 O&M expenses 36 Depreciation rate changes and amortization 34 Increase in requested ROE 28 Total rate request $ 175 A NMPRC decision and implementation of final rates is anticipated in the fourth quarter of 2026. Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to expected rate increases to customers and expectations regarding the regulatory proceedings and the effective date of the rates, as well as assumptions and other statements are intended to be identified in this document by the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should," "will," "would" and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looki
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. November 21, 2025 Xcel Energy Inc. (a Minnesota corporation) Southwestern Public Service Company (a New Mexico corporation) By: /s/ BRIAN J. VAN ABEL Brian J. Van Abel Executive Vice President, Chief Financial Officer