<SEC-DOCUMENT>0001193125-25-223352.txt : 20250929
<SEC-HEADER>0001193125-25-223352.hdr.sgml : 20250929
<ACCEPTANCE-DATETIME>20250929164826
ACCESSION NUMBER:		0001193125-25-223352
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250929
DATE AS OF CHANGE:		20250929

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XCEL ENERGY INC
		CENTRAL INDEX KEY:			0000072903
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				410448030
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-278797
		FILM NUMBER:		251356895

	BUSINESS ADDRESS:	
		STREET 1:		414 NICOLLET MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55401
		BUSINESS PHONE:		6123305500

	MAIL ADDRESS:	
		STREET 1:		414 NICOLLET MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTHERN STATES POWER CO /MN/
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XCEL ENERGY INC
		CENTRAL INDEX KEY:			0000072903
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				410448030
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		414 NICOLLET MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55401
		BUSINESS PHONE:		6123305500

	MAIL ADDRESS:	
		STREET 1:		414 NICOLLET MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTHERN STATES POWER CO /MN/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Free Writing Prospectus </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed Pursuant to Rule 433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-278797</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>XCEL ENERGY INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(a
Minnesota corporation) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$900,000,000 6.25% JUNIOR SUBORDINATED NOTES, SERIES DUE OCTOBER 15, 2085 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Xcel Energy Inc. (a Minnesota corporation)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Issue Format:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SEC Registered</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Expected Ratings*:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Baa2/BBB-</FONT> (Stable/Stable) (Moody&#8217;s/S&amp;P)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Security Type:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Junior Subordinated Notes</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Pricing Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;29, 2025</TD></TR>
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<TD HEIGHT="4" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Settlement Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">October&nbsp;7, 2025 (T+6)</TD></TR>
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<TD HEIGHT="4" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Principal Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$900,000,000</TD></TR>
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<TD VALIGN="top">Maturity Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">October&nbsp;15, 2085</TD></TR>
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<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Coupon:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">6.25%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Quarterly on January&nbsp;15, April&nbsp;15, July&nbsp;15, and October&nbsp;15 commencing on January&nbsp;15, 2026</TD></TR>
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<TD VALIGN="top">Interest Deferral:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Up to 40 consecutive quarters; deferred interest will accrue and compound quarterly at an annual rate of 6.25%, as permitted by law</TD></TR>
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<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Price to the Public:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$25.00</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Price to Underwriters:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">An underwriting discount of $0.7875 per Junior Subordinated Note sold in this offering will be deducted from the proceeds paid to Xcel Energy Inc. by the underwriters. However, the discount will be $0.25 per Junior Subordinated
Note for sales to institutions.</TD></TR>
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<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Optional Redemption:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">In whole or in part, on or after October&nbsp;15, 2030, at 100% plus accrued and unpaid interest thereon to, but excluding, the redemption date</TD></TR>
<TR STYLE="font-size:1pt">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tax Event Call:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">In whole but not in part, prior to October&nbsp;15, 2030 and following the occurrence of a Tax Event (as defined in the Preliminary Prospectus Supplement dated September&nbsp;29, 2025 (the &#8220;Prospectus Supplement&#8221;)) at
100% plus accrued and unpaid interest thereon to but excluding, the redemption date</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Rating Agency Event:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">In whole but not in part, prior to October&nbsp;15, 2030, and within 90 days of the occurrence of a Rating Agency Event (as defined in the Prospectus Supplement) at 102% plus accrued and unpaid interest thereon to but excluding,
the redemption date</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Expected Listing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Expect to apply to list on the Nasdaq Global Select Market; if approved for listing, trading expected to begin within 30 days of issuance</TD></TR>
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<TD VALIGN="top">CUSIP/ISIN:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">98389B 878 / US98389B8789</TD></TR>
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<TD VALIGN="top">Denominations:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$25.00 and integral multiples of $25.00 in excess thereof</TD></TR>
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<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Joint Book-Running Managers:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">BofA Securities, Inc. <BR>J.P. Morgan Securities LLC <BR>Morgan Stanley&nbsp;&amp; Co. LLC <BR>RBC Capital Markets, LLC <BR>Wells Fargo Securities, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Co-Manager:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Academy Securities, Inc.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">*<B>Note</B>: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or
withdrawal at any time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>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, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc.
toll free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-294-1322</FONT></FONT></FONT> (or by email at dg.prospectus_requests@bofa.com), J.P. Morgan Securities LLC collect at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-212-834-4533,</FONT></FONT></FONT> Morgan Stanley&nbsp;&amp; Co. LLC toll free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-866-718-1649,</FONT></FONT></FONT> RBC Capital Markets, LLC toll free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-375-6829</FONT></FONT></FONT> or Wells
Fargo Securities, LLC toll free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-645-3751.</FONT></FONT></FONT> </B></P>
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