Xcel Energy (XEL) Prices 10.3M Share Upzied Common Offering at $63.32/Sh

Xcel Energy Inc. (NASDAQ: XEL) (Xcel Energy) announced today the pricing of a registered underwritten offering of 10,300,000 shares of its common stock at a price per share of $63.32 in connection with the forward sale agreement described below. Subject to certain conditions, all shares are expected to be borrowed by the forward purchaser (as defined below) (or its affiliate) from third parties and sold to the underwriter and offered in connection with such forward sale agreement. Citigroup is acting as the sole book-running manager for this offering. The underwriter may offer shares of Xcel Energy’s common stock in transactions on the Nasdaq Stock Market LLC, in the over-the-counter market, through negotiated transactions or otherwise at either market prices, at prices related to market prices or at negotiated prices. Closing of this offering is expected to occur on or about November 4, 2019, subject to customary closing conditions.

In connection with the offering, Xcel Energy entered into a forward sale agreement with an affiliate of Citigroup Global Markets Inc. (in such capacity, the forward purchaser) under which Xcel Energy agreed to issue and sell to the forward purchaser 10,300,000 shares of its common stock. In addition, the underwriter of the offering has been granted a 30-day option to purchase up to an additional 1,545,000 shares of Xcel Energy’s common stock upon the same terms. If the underwriter exercises its option, Xcel Energy may elect to enter into an additional forward sale agreement with the forward purchaser with respect to the additional shares or to issue and sell such shares directly to the underwriter.

Settlement of the forward sale agreement is expected to occur no later than December 31, 2020. Xcel Energy may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreement.

If Xcel Energy elects physical settlement of the forward sale agreement, it expects to use the net proceeds for general corporate purposes, which may include capital contributions to its utility subsidiaries, acquisitions, and/or, repayment of commercial paper, outstanding loans under its revolving credit facility or other debt.

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