Document:

Exhibit 10.1

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

SECOND AMENDMENT, dated as of March 27, 2013 (this “Amendment”), to the Credit Agreement, dated as of May 24, 2012 (as amended, amended and restated, modified or supplemented from time to time prior to the date hereof, the “Credit Agreement”), among EPE Holdings LLC, a Delaware limited liability company (“Holdings”), EP Energy LLC (f/k/a Everest Acquisition LLC), a Delaware limited liability company and a wholly owned subsidiary of Holdings (the “Borrower”), the banks, financial institutions and other lending institutions from time to time parties as lenders thereto (each a “Lender” and collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and as collateral agent for the Lenders, the swingline lender and an issuer of Letters of Credit, and each other Issuing Bank from time to time party thereto.

 

W I T N E S S E T H:

 

WHEREAS, the Borrower has provided to the Administrative Agent and the Lenders in accordance with Section 9.14 of the Credit Agreement reserve reports, together with supplemental reserve information, with respect to the Borrower’s Oil and Gas Properties (the “Assets Reserve Report”) and has requested that the Commitments and the Borrowing Base under the Credit Agreement be increased to $2,500,000,000.

 

WHEREAS, the Administrative Agent and the Lenders have determined based on the Assets Reserve Report that, subject to the conditions set forth in Article IV hereof, the Commitments and the Borrowing Base under the Credit Agreement should be affirmed and increased to the amounts described above.

 

NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

ARTICLE I

 

Section 1.1.           Defined Terms. Terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement unless otherwise defined herein or the context otherwise requires.

 

ARTICLE II

 

Section 2.1.           Amendment.  On the Amendment Effective Date:

 

(a)           Schedule 1.1(a) of the Credit Agreement will be hereby deleted in its entirety and the commitment schedule for the Credit Agreement will be restated to provide as set forth on Annex I hereto.

 

(b)           Section 1.1 of the Credit Agreement is hereby amended by inserting in the alphabetically appropriate place therein the following defined terms:

 

“Excluded Swap Obligation” means, with respect to any Credit Party, any Secured Hedge Agreement, if and to the extent that, all or a portion of the guarantee of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Secured Hedge Agreement (or any

 

 

guarantee thereof) is or becomes (as a result of a Change in Law after the date of a transaction governed by such Secured Hedge Agreement) illegal under the Commodity Exchange Act of 1936, as amended, or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party’s failure for any reason to constitute a Qualified ECP Guarantor at the time such Credit Party’s guarantee or such Credit Party’s grant of such security interest becomes effective with respect to such Secured Hedge Agreement.  If a Hedging Obligation arises under a Secured Hedge Agreement governing more than one Hedging Agreement, such exclusion shall apply only to the portion of such Hedging Obligation that is attributable to Hedging Agreements for which such guarantee or security interest is or becomes illegal.

 

“Qualified ECP Guarantor” means, in respect of any Secured Hedge Agreement, each Credit Party that has total assets exceeding $10,000,000 at the time such Secured Hedge Agreement is incurred or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act of 1936, as amended, or any regulation promulgated thereunder.

 

(c)           The defined term “Obligations” in Section 1.1 of the Credit Agreement is hereby amended to add the following sentence at the conclusion thereof:

 

“Notwithstanding the foregoing, Excluded Swap Obligations shall not be an Obligation of any Guarantor that is not a Qualified ECP Guarantor.”

 

ARTICLE III

 

Section 3.1.           Redetermination of Borrowing Base.  On the Amendment Effective Date, and until further adjusted, if at all, pursuant to the next redetermination of the Borrowing Base in accordance with the provisions of Section 2.14 of the Credit Agreement or otherwise, the amount of the Borrowing Base under the Credit Agreement shall be $2,500,000,000.

 

Section 3.2.           Stipulations Regarding Redeterminations.  The Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other hand, agree that the redetermination and adjustment of the Borrowing Base pursuant to this Article III shall constitute the regularly scheduled semi-annual April 2013 redetermination of the Borrowing Base pursuant to Section 2.14 of the Credit Agreement.

 

ARTICLE IV

 

Section 4.1.           Conditions to Effectiveness.  This Amendment shall become effective on the date (the “Amendment Effective Date”) on which:

 

(a)           The Administrative Agent shall have received this Amendment, executed and delivered by a duly authorized officer of each of the Borrower, Holdings and the Lenders;

 

(b)           Each of the Borrower and Holdings shall have confirmed and acknowledged to the Administrative Agent, each Issuing Bank and the Lenders, and by its execution and delivery of this Amendment each of the Borrower and Holdings does hereby confirm and acknowledge to

 

2

 

the Administrative Agent, each Issuing Bank and the Lenders, that (i) such Credit Party shall have taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of this Amendment, (ii) the Credit Agreement and each other Credit Document to which it or any of its applicable Subsidiaries that are Credit Parties is a party constitutes the legal, valid and binding obligation of such Credit Party enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law) and (iii) no Default or Event of Default exists under the Credit Agreement or any of the other Credit Documents; and

 

(c)           The Borrower shall have paid or caused to be paid the fees described in Section 5.1 below.

 

The Administrative Agent shall notify the Borrower and the Lenders of the Amendment Effective Date, and such notice shall be conclusive and binding.  Notwithstanding the foregoing, the Amendment Effective Date shall not occur unless each of the foregoing conditions is satisfied (or waived) at or prior to 2:00 p.m., New York City time, on March 29, 2013 (and, in the event such conditions are not so satisfied or waived, the amendments contemplated hereby shall be null and void).

 

Section 4.2.           Ratification.  Each of the Borrower and Holdings (for itself and its applicable Subsidiaries that are Credit Parties) hereby (a) ratifies and confirms all of the Obligations under the Credit Agreement (as amended hereby) and the other Credit Documents related thereto, and, in particular, affirms that, after giving effect to this Amendment, the terms of the Security Documents secure, and will continue to secure, all Obligations thereunder, and (b) represents and warrants to the Lenders that as of the effectiveness of this Amendment (i) all of the representations and warranties contained in the Credit Document to which it is a party are true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of such date (except where such representations and warranties expressly relate to an earlier date, in which case, such representations and warranties shall have been true and correct in all material respects  as of such earlier date) and (ii) no Default or Event of Default has occurred and is continuing.

 

Section 4.3.           Continuing Effect; No Other Amendments or Waivers. This Amendment shall not constitute an amendment or waiver of or consent to any provision of the Credit Agreement and the other Credit Documents except as expressly stated herein and shall not be construed as an amendment, waiver or consent to any action on the part of the Borrower that would require an amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein.  Except as expressly waived hereby, the provisions of the Credit Agreement and the other Credit Documents are and shall remain in full force and effect in accordance with their terms.

 

Section 4.4.           Assignment of Outstanding Loans, Letter of Credit Exposure, and Swingline Exposure.  If after giving effect to this Amendment, a Lender’s Total Exposure would exceed that Lender’s Commitment, such Lender (each an “Assigning Lender”) shall, and does hereby, assign (severally and not jointly) to each non-Assigning Lender (each an “Assignee Lender”), and each Assignee Lender shall and does hereby purchase and assume (severally and not jointly) from each Assigning Lender, an undivided amount of the outstanding Loans, Letter of Credit Exposure, and Swingline Exposure such that, after giving effect to this Amendment and the assignments described in this Section 4.4, each Lender will hold Loans, Letter of Credit Exposure, and Swingline Exposure in accordance with its respective Commitment Percentage.  Each Assignee Lender shall promptly pay to the Administrative Agent for

 

3

 

the account of each Assignor Lender an amount sufficient to effectuate the purchase of such outstanding Loans, Letter of Credit Exposure, and Swingline Exposure from each Assignor Lender.

 

ARTICLE V

 

Section 5.1.           Up Front Fees.  Concurrently with the increase in the Commitments and the Borrowing Base under the Credit Agreement pursuant to this Amendment, the Borrower agrees to pay to the Administrative Agent for the account of each Lender the amounts set forth on Annex II attached hereto.

 

ARTICLE VI

 

Section 6.1.           Counterparts. This Amendment may be executed in any number of separate counterparts by the parties hereto (including by telecopy or via electronic mail), each of which counterparts when so executed shall be an original, but all the counterparts shall together constitute one and the same instrument.

 

Section 6.2.           GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT A SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 6.3.           FINAL AGREEMENT.  THE CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS, WHICH SHALL INCLUDE THIS AMENDMENT, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the date first above written.

 

	
 
    	
EPE   HOLDINGS LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kyle McCuen
    
	
 
    	
 
    	
Name:   Kyle McCuen
    
	
 
    	
 
    	
Title:   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
EP   ENERGY LLC (F/K/A EVEREST ACQUISITION LLC)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kyle McCuen
    
	
 
    	
 
    	
Name:   Kyle McCuen
    
	
 
    	
 
    	
Title:   Vice President
    

 

Signature Page — Second Amendment

 

 

	
 
    	
JPMORGAN CHASE BANK, N.A., as Administrative Agent   and as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jo Linda Papadakis
    
	
 
    	
 
    	
Name:   Jo Linda Papadakis
    
	
 
    	
 
    	
Title:   Authorized Officer
    

 

Signature Page — Second Amendment

 

 

	
 
    	
CITIBANK,   N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eamon Baqui
    
	
 
    	
 
    	
Name:   Eamon Baqui
    
	
 
    	
 
    	
Title:   Vice President
    

 

Signature Page — Second Amendment

 

 

	
 
    	
BMO   HARRIS FINANCING, INC., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kevin Utsey
    
	
 
    	
 
    	
Name:   Kevin Utsey
    
	
 
    	
 
    	
Title:   Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
CREDIT SUISSEE AG, CAYMAN ISLANDS BRANCH, as a   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mikhail Faybusovich
    
	
 
    	
 
    	
Name:   Mikhail Faybusovich
    
	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Tyler R. Smith
    
	
 
    	
 
    	
Name:   Tyler R. Smith
    
	
 
    	
 
    	
Title:   Associate
    

 

Signature Page — Second Amendment

 

 

	
 
    	
DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Marcus M. Tarkington
    
	
 
    	
 
    	
Name:   Marcus M. Tarkington
    
	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Dusan Lazarov
    
	
 
    	
 
    	
Name:   Dusan Lazarov
    
	
 
    	
 
    	
Title:   Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
ROYAL   BANK OF CANADA, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark Lumpkin Jr.
    
	
 
    	
 
    	
Name:   Mark Lumpkin, Jr.
    
	
 
    	
 
    	
Title:   Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
UBS   LOAN FINANCE LLC, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joselin Fernandes
    
	
 
    	
 
    	
Name:   Joselin Fenandes
    
	
 
    	
 
    	
Title:   Associate Director
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Urban
    
	
 
    	
 
    	
Name:   David Urban
    
	
 
    	
 
    	
Title:   Associate Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
COMPASS   BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Umar Hassan
    
	
 
    	
 
    	
Name:   Umar Hassan
    
	
 
    	
 
    	
Title:   Vice President
    

 

Signature Page — Second Amendment

 

 

	
 
    	
Capital   One, National Association, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Wesley Fontana
    
	
 
    	
 
    	
Name:   Wesley Fontana
    
	
 
    	
 
    	
Title:   Vice President
    

 

Signature Page — Second Amendment

 

 

	
 
    	
CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK   AGENCY, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Dominic Sorresso
    
	
 
    	
 
    	
Name:   Dominic Sorresso
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert Casey
    
	
 
    	
 
    	
Name:   Robert Casey
    
	
 
    	
 
    	
Title:   Authorized Signatory
    

 

Signature Page — Second Amendment

 

 

	
 
    	
BANK   OF SCOTLAND PLC, as a Exiting Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen Giacolone
    
	
 
    	
 
    	
Name:   Stephen Giacolone
    
	
 
    	
 
    	
Title:   Assistant Vice President
    

 

Signature Page — Second Amendment

 

 

	
 
    	
SOCIETE   GENERALE, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Elena Robciuc
    
	
 
    	
 
    	
Name:   Elena Robciuc
    
	
 
    	
 
    	
Title:   Managing Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
SUNTRUST,   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shannon Juhan
    
	
 
    	
 
    	
Name:   Shannon Juhan
    
	
 
    	
 
    	
Title:   Vice President
    

 

Signature Page — Second Amendment

 

 

	
 
    	
TORONTO   DOMINION (NEW YORK) LLC, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bebi Yasin
    
	
 
    	
 
    	
Name:   Bebi Yasin
    
	
 
    	
 
    	
Title:   Authorized Signatory
    

 

Signature Page — Second Amendment

 

 

	
 
    	
WELLS   FARGO BANK, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Lila   Jordan
    
	
 
    	
 
    	
Name:   Lila Jordan
    
	
 
    	
 
    	
Title:   Managing Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
NOMURA CORPORATE FUNDING AMERICAS, LLC, as a   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jamie Merli
    
	
 
    	
 
    	
Name:   Jamie Merli
    
	
 
    	
 
    	
Title:   Managing Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
BANK   OF AMERICA, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael J. Dillon
    
	
 
    	
 
    	
Name:   Michael J. Dillon
    
	
 
    	
 
    	
Title:   Managing Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
DNB   BANK ASA, GRAND CAYMAN BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Cathleen Buckley
    
	
 
    	
 
    	
Name:   Cathleen Buckley
    
	
 
    	
 
    	
Title:   Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Evan Uhlick
    
	
 
    	
 
    	
Name:   Evan Uhlick
    
	
 
    	
 
    	
Title:   Nice President
    

 

Signature Page — Second Amendment

 

 

	
 
    	
ING   CAPITAL LLC, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Charles Hall
    
	
 
    	
 
    	
Name:   Charles Hall
    
	
 
    	
 
    	
Title:   Managing Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
MIZUHO   CORPORATE BANK, LTD., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   James R. Fayen
    
	
 
    	
 
    	
Name:   James R. Fayen
    
	
 
    	
 
    	
Title:   Deputy General Manager
    

 

Signature Page — Second Amendment

 

 

	
 
    	
The   Royal Bank of Scotland plc, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sanjay Remond
    
	
 
    	
 
    	
Name:   Sanjay
    
	
 
    	
 
    	
Title:   Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
SUMITOMO   MITSUI BANKING CORPORATION, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shuji Yabe
    
	
 
    	
 
    	
Name:   Shuji Yabe
    
	
 
    	
 
    	
Title:   Managing Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
Scotiabanc   Inc., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   J.F. Todd
    
	
 
    	
 
    	
Name:   J.F. Todd
    
	
 
    	
 
    	
Title:   Managing Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
THE   BANK OF NOVIA SCOTIA, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark Sparrow
    
	
 
    	
 
    	
Name:   Mark Sparrow
    
	
 
    	
 
    	
Title:   Director
    

 

Signature Page — Second Amendment

 

 

	
 
    	
THE   BANK OF TOKYO-MITSUBISHI UFJ., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sherwin Brandford
    
	
 
    	
 
    	
Name:   Sherwin Brandform
    
	
 
    	
 
    	
Title:   Vice President
    

 

Signature Page — Second Amendment

 

 

	
 
    	
UNION   BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lauren Trussell
    
	
 
    	
 
    	
Name:   Lauren Trussell
    
	
 
    	
 
    	
Title:   Vice President
    

 

Signature Page — Second Amendment

 

 

	
 
    	
GOLDMAN   SACHS BANK USA as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark Walton
    
	
 
    	
 
    	
Name:   Mark Walton
    
	
 
    	
 
    	
Title:   Authorized Signatory
    

 

Signature Page — Second Amendment

 

 

	
 
    	
MORGAN   STANLEY BANK, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kelly Chin
    
	
 
    	
 
    	
Name:   Kelly Chin
    
	
 
    	
 
    	
Title:   Authorized Signatory
    

 

Signature Page — Second Amendment

 

 

	
 
    	
COMERICA   BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeffery Treadway
    
	
 
    	
 
    	
Name:   Jeffery Treadway
    
	
 
    	
 
    	
Title:   Vice President
    

 

Signature Page — Second Amendment

 

 

ANNEX I

 

Schedule 1.1(a)

Commitments

 

	
 
    	
 
    	
Commitment
    	
 
    	
%
    	
 
    
	
J.P.   Morgan
    	
 
    	
$
    	
172,429,023.28
    	
 
    	
6.90
    	
%
    
	
Citigroup
    	
 
    	
$
    	
172,429,023.28
    	
 
    	
6.90
    	
%
    
	
BMO   Financial Group
    	
 
    	
$
    	
157,520,495.95
    	
 
    	
6.30
    	
%
    
	
Credit   Suisse
    	
 
    	
$
    	
157,520,495.95
    	
 
    	
6.30
    	
%
    
	
Deutsche   Bank
    	
 
    	
$
    	
157,520,495.95
    	
 
    	
6.30
    	
%
    
	
Royal   Bank of Canada
    	
 
    	
$
    	
157,520,495.95
    	
 
    	
6.30
    	
%
    
	
UBS
    	
 
    	
$
    	
157,520,495.95
    	
 
    	
6.30
    	
%
    
	
BBVA   Compass
    	
 
    	
$
    	
86,348,684.21
    	
 
    	
3.45
    	
%
    
	
Capital   One
    	
 
    	
$
    	
108,828,947.37
    	
 
    	
4.35
    	
%
    
	
CIBC
    	
 
    	
$
    	
108,828,947.37
    	
 
    	
4.35
    	
%
    
	
Lloyds   TSB
    	
 
    	
$
    	
0.00
    	
 
    	
0.00
    	
%
    
	
Societe   Generale
    	
 
    	
$
    	
86,348,684.21
    	
 
    	
3.45
    	
%
    
	
SunTrust
    	
 
    	
$
    	
86,348,684.21
    	
 
    	
3.45
    	
%
    
	
TD   Bank
    	
 
    	
$
    	
86,348,684.21
    	
 
    	
3.45
    	
%
    
	
Wells   Fargo
    	
 
    	
$
    	
108,828,947.37
    	
 
    	
4.35
    	
%
    
	
Nomura   Group
    	
 
    	
$
    	
50,000,000.00
    	
 
    	
2.00
    	
%
    
	
Bank   of America
    	
 
    	
$
    	
57,565,789.48
    	
 
    	
2.30
    	
%
    
	
DNB   Nor
    	
 
    	
$
    	
70,000,000.00
    	
 
    	
2.80
    	
%
    
	
ING
    	
 
    	
$
    	
57,565,789.48
    	
 
    	
2.30
    	
%
    
	
Mizuho
    	
 
    	
$
    	
57,565,789.48
    	
 
    	
2.30
    	
%
    
	
RBS
    	
 
    	
$
    	
57,565,789.48
    	
 
    	
2.30
    	
%
    
	
Sumitomo   Mitsui Banking Corporation
    	
 
    	
$
    	
57,565,789.48
    	
 
    	
2.30
    	
%
    
	
Scotiabank
    	
 
    	
$
    	
43,174,342.12
    	
 
    	
1.73
    	
%
    
	
Bank   of Nova Scotia
    	
 
    	
$
    	
43,174,342.10
    	
 
    	
1.73
    	
%
    
	
Bank   of Tokyo-Mitsubishi
    	
 
    	
$
    	
43,174,342.10
    	
 
    	
1.73
    	
%
    
	
Union   Bank
    	
 
    	
$
    	
43,174,342.10
    	
 
    	
1.73
    	
%
    
	
Goldman   Sachs
    	
 
    	
$
    	
43,174,342.10
    	
 
    	
1.73
    	
%
    
	
Morgan   Stanley
    	
 
    	
$
    	
43,174,342.10
    	
 
    	
1.73
    	
%
    
	
Comerica
    	
 
    	
$
    	
28,782,894.72
    	
 
    	
1.15
    	
%
    
	
Total 
    	
 
    	
$
    	
2,500,000,000.00
    	
 
    	
100.00
    	
%
    

 

 

ANNEX II

 

Fees

 

	
 
    	
 
    	
Fees
    	
 
    
	
J.P.   Morgan
    	
 
    	
$
    	
97,232.41
    	
 
    
	
Citigroup
    	
 
    	
$
    	
97,232.41
    	
 
    
	
BMO   Financial Group
    	
 
    	
$
    	
94,512.30
    	
 
    
	
Credit   Suisse
    	
 
    	
$
    	
94,512.30
    	
 
    
	
Deutsche   Bank
    	
 
    	
$
    	
94,512.30
    	
 
    
	
Royal   Bank of Canada
    	
 
    	
$
    	
94,512.30
    	
 
    
	
UBS
    	
 
    	
$
    	
94,512.30
    	
 
    
	
BBVA   Compass
    	
 
    	
$
    	
51,809.21
    	
 
    
	
Capital   One
    	
 
    	
$
    	
119,250.00
    	
 
    
	
CIBC
    	
 
    	
$
    	
119,250.00
    	
 
    
	
Lloyds   TSB
    	
 
    	
$
    	
0.00
    	
 
    
	
Societe   Generale
    	
 
    	
$
    	
51,809.21
    	
 
    
	
SunTrust
    	
 
    	
$
    	
51,809.21
    	
 
    
	
TD   Bank
    	
 
    	
$
    	
51,809.21
    	
 
    
	
Wells   Fargo
    	
 
    	
$
    	
119,250.00
    	
 
    
	
Nomura   Group
    	
 
    	
$
    	
0.00
    	
 
    
	
Bank   of America
    	
 
    	
$
    	
34,539.47
    	
 
    
	
DNB   Nor
    	
 
    	
$
    	
71,842.11
    	
 
    
	
ING
    	
 
    	
$
    	
34,539.47
    	
 
    
	
Mizuho
    	
 
    	
$
    	
34,539.47
    	
 
    
	
RBS
    	
 
    	
$
    	
34,539.47
    	
 
    
	
Sumitomo   Mitsui Banking Corporation
    	
 
    	
$
    	
34,539.47
    	
 
    
	
Scotiabank
    	
 
    	
$
    	
25,904.61
    	
 
    
	
Bank   of Nova Scotia
    	
 
    	
$
    	
25,904.61
    	
 
    
	
Bank   of Tokyo-Mitsubishi
    	
 
    	
$
    	
25,904.61
    	
 
    
	
Union   Bank
    	
 
    	
$
    	
25,904.61
    	
 
    
	
Goldman   Sachs
    	
 
    	
$
    	
54,523.03
    	
 
    
	
Morgan   Stanley
    	
 
    	
$
    	
55,273.03
    	
 
    
	
Comerica
    	
 
    	
$
    	
17,269.74
    	
 
    
	
Total 
    	
 
    	
$
    	
1,707,236.84ex4_01.htm

Exhibit 4.01

 

SUPPLEMENTAL INDENTURE NO. 7

FROM

XCEL ENERGY INC.

(a Minnesota corporation)

TO

WELLS FARGO BANK, NATIONAL ASSOCIATION

Trustee

 

DATED AS OF

MAY 1, 2013

SUPPLEMENTAL TO INDENTURE

DATED AS OF DECEMBER 1, 2000

 

  

  

  

TABLE OF CONTENTS

 

	
Parties

	  	
1

	
Recitals

	  	
1

	  	  	  
	 	

ARTICLE ONE

	  
	 	

RELATION TO INDENTURE; DEFINITIONS

	  
	  	  	  
	
SECTION 1.01

	
Integral Part of Indenture

	
2

	
SECTION 1.02

	
(a)     Definitions

	
2

	  	
(b)     References to Articles and Sections

	
2

	  	
(c)     Terms Referring to this Supplemental Indenture

	
2

	  	  	  
	 	  	  
	 	

ARTICLE TWO

	  
	  	

0.75% SENIOR NOTES, SERIES DUE MAY 9, 2016

	  
	 	 	 
	
SECTION 2.01

	
Designation and Principal Amount

	
2

	
SECTION 2.02

	
Stated Maturity Date

	
2

	
SECTION 2.03

	
Interest Payment Dates

	
2

	
SECTION 2.04

	
Office for Payment

	
2

	
SECTION 2.05

	
Redemption Provisions

	
2

	
SECTION 2.06

	
Authorized Denominations

	
4

	
SECTION 2.07

	
Form of 0.75% Senior Notes, Series due May 9, 2016

	
4

	
SECTION 2.08

	
Reopening of Notes

	
4

	  	  	  
	 	

ARTICLE THREE

	  
	 	

MISCELLANEOUS

	  
	  	  	  
	
SECTION 3.01

	
Recitals of fact, except as stated, are statements of the Company

	

4

	
SECTION 3.02

	
Supplemental Indenture to be construed as a part of the Indenture

	

4

	
SECTION 3.03

	
(a)     Trust Indenture Act to control

	
4

	  	
(b)     Severability of provisions contained in Supplemental Indenture and Notes

	

4

	
SECTION 3.04

	
Reference to either party in Supplemental Indenture include successors or assigns

	

4

	
SECTION 3.05

	
(a)      Provision for execution in counterparts

	
5

	  	
(b)     Table of Contents and descriptive headings of Articles not to affect meaning

	

5

Exhibit A – Form of 0.75% Senior Notes, Series due May 9, 2016

 

  

-i-

  

SUPPLEMENTAL INDENTURE No. 7, made as of the 1st day of May, 2013, by and between XCEL ENERGY INC., a corporation duly organized and existing under the laws of the State of Minnesota (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States, as trustee (the “Trustee”):

 

WITNESSETH:

 

WHEREAS, the Company has heretofore executed and delivered its Indenture (hereinafter referred to as the “Indenture”), made as of December 1, 2000; and

 

WHEREAS, Section 2.5 of the Indenture provides that Securities shall be issued in series and that a Company Order shall specify the terms of each series; and

 

WHEREAS, the Company has this day delivered a Company Order setting forth the terms of a series of Securities designated “0.75% Senior Notes, Series due May 9, 2016” (hereinafter sometimes referred to as the “Notes due 2016”); and

 

WHEREAS, Section 12.1 of the Indenture provides that the Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of establishing the form of Securities or establishing or reflecting any terms of any Security and adding to the covenants of the Company; and

 

WHEREAS, the execution and delivery of this Supplemental Indenture No. 7 (herein, this “Supplemental Indenture”) have been duly authorized by a resolution or written consent adopted by the Board of Directors of the Company;

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

That in order to set forth the terms and conditions upon which the Notes due 2016 are, and are to be, authenticated, issued and delivered, and in consideration of the premises of the purchase and acceptance of the Notes due 2016 by the Holders thereof and the sum of one dollar duly paid to it by the Trustee at the execution of this Supplemental Indenture, the receipt whereof is hereby acknowledged, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes due 2016, as follows:

 

  

-1-

  

 

ARTICLE ONE

RELATION TO INDENTURE; DEFINITIONS

SECTION 1.01.          This Supplemental Indenture constitutes an integral part of the Indenture.

 

SECTION 1.02.          For all purposes of this Supplemental Indenture:

 

	
  

	
(a)

	
Capitalized terms used herein without definition shall have the meanings specified in the Indenture;

 

	
  

	
(b)

	
All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture; and

 

	
  

	
(c)

	
The terms “hereof,” “herein,” “hereby,” “hereto,” “hereunder” and “herewith” refer to this Supplemental Indenture.

 

ARTICLE TWO

0.75% SENIOR NOTES, SERIES DUE MAY 9, 2016

SECTION 2.01.         There shall be a series of Securities designated the “0.75% Senior Notes, Series due May 9, 2016” (the “Notes due 2016”). The Notes due 2016 shall be limited to $450,000,000 aggregate principal amount except as provided in Section 2.08 hereof.

 

SECTION 2.02.         Except as otherwise provided in Section 2.05 hereof, the principal amount of the Notes due 2016 shall be payable on the stated maturity date of May 9, 2016.

 

SECTION 2.03.         The Notes due 2016 shall be dated their date of authentication as provided in the Indenture and shall bear interest from their date at the rate of 0.75% per annum, payable semi-annually on May 9 and November 9 of each year, commencing November 9, 2013. The Regular Record Dates with respect to such May 9 and November 9 interest payment dates shall be May 1 and November 1, respectively, immediately preceding such interest payment dates. Principal and interest shall be payable to the persons and in the manner provided in Sections 2.4 and 2.12 of the Indenture.

 

SECTION 2.04.         The Notes due 2016 shall be payable at the corporate trust office of the Trustee and at the offices of such paying agents as the Company may appoint by Company Order in the future.

 

SECTION 2.05.         At any time, the Company may redeem the Notes due 2016, in whole or in part, at a redemption price equal to the greater of (i) 100% of the principal amount of such Notes due 2016 being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield (as defined below) plus 10 basis points, plus, in each case, accrued and unpaid interest thereon to but excluding the date fixed for redemption.

 

  

-2-

  

 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes due 2016 that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes.

 

“Comparable Treasury Price” means (i) the average of the Reference Treasury Dealer Quotations for such date fixed for redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

“Independent Investment Banker” means each of Barclays Capital Inc., Citigroup Global Markets Inc. or Merrill Lynch, Pierce, Fenner & Smith Incorporated or their respective successors or, if such firms or their successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.

 

“Reference Treasury Dealer” means (i) each of Barclays Capital Inc., Citigroup Global Markets Inc. or Merrill Lynch, Pierce, Fenner & Smith Incorporated and any other primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), designated by, and not affiliated with, Barclays Capital Inc., Citigroup Global Markets Inc. or Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors, provided, however, that if any of the foregoing or any of their respective designees ceases to be a Primary Treasury Dealer, the Company shall appoint another Primary Treasury Dealer as a substitute and (ii) any other Primary Treasury Dealer selected by the Company after consultation with an Independent Investment Banker.

 

“Reference Treasury Dealer Quotations” means, for each Reference Treasury Dealer and any date fixed for redemption, the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to an Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., Eastern time, on the third business day preceding the date fixed for redemption.

 

“Treasury Yield” means, with respect to any date fixed for redemption, (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Yield will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such date fixed for redemption.  The Treasury Yield will be calculated on the third business day preceding the date fixed for redemption.

 

  

-3-

  

 

The Notes due 2016 shall not be subject to any sinking fund.

 

SECTION 2.06.         The Notes due 2016 shall be issued in fully registered form without coupons in denominations of $1,000 and integral multiples thereof.

 

SECTION 2.07.          The Notes due 2016 shall initially be in the form attached as Exhibit A hereto.

 

SECTION 2.08           The Notes due 2016 may be reopened and additional notes of the Notes due 2016 may be issued in excess of the limitation set forth in Section 2.01, provided that such additional notes will contain the same terms (including the stated maturity date and interest rate) as the other Notes due 2016, except for the price to public and issue date. Any such additional Notes due 2016, together with the other Notes due 2016, shall constitute a single series for purposes of the Indenture.

 

ARTICLE THREE

MISCELLANEOUS

SECTION 3.01.         The recitals of fact herein and in the Notes due 2016 (except the Trustee’s Certificate of Authentication) shall be taken as statements of the Company and shall not be construed as made by the Trustee.

 

SECTION 3.02.          This Supplemental Indenture shall be construed in connection with and as a part of the Indenture.

 

SECTION 3.03.

 

	
  

	
(a)

	
If any provision of this Supplemental Indenture limits, qualifies, or conflicts with another provision of the Indenture required to be included in indentures qualified under the Trust Indenture Act of 1939 (as enacted prior to the date of this Supplemental Indenture) by any of the provisions of Sections 310 to 317, inclusive, of said Act, such required provisions shall control.

 

	
  

	
(b)

	
In case any one or more of the provisions contained in this Supplemental Indenture or in the notes issued hereunder should be invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected, impaired, prejudiced or disturbed thereby.

 

  

-4-

  

 

SECTION 3.04.         Whenever in this Supplemental Indenture either of the parties hereto is named or referred to, this shall be deemed to include the successors or assigns of such party, and all the covenants and agreements in this Supplemental Indenture contained by or on behalf of the Company or by or on behalf of the Trustee shall bind and inure to the benefit of the respective successors and assigns of such parties, whether so expressed or not.

 

SECTION 3.05.

 

	
  

	
(a)

	
This Supplemental Indenture may be simultaneously executed in several counterparts, and all said counterparts executed and delivered, each as an original, shall constitute but one and the same instrument.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

	
  

	
(b)

	
The Table of Contents and the descriptive headings of the several Articles of this Supplemental Indenture were formulated, used and inserted in this Supplemental Indenture for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.

 

  

-5-

  

 

IN WITNESS WHEREOF, XCEL ENERGY INC. has caused this Supplemental Indenture to be signed by its President or a Vice President, and attested by its Secretary or an Assistant Secretary and WELLS FARGO BANK, NATIONAL ASSOCIATION, has caused this Supplemental Indenture to be signed by its Vice President as of this 7th day of May, 2013.

 

	  	
XCEL ENERGY INC.

	  	  
	  	
By:  /s/  George E. Tyson II

	  	
Name: George E. Tyson II

	  	
Title: Vice President and Treasurer

	  	  
	  	
ATTEST:

	  	  
	  	
By:  /s/  Patrice D. Blaeser

	  	
Name: Patrice D. Blaeser

	  	
Title: Assistant Secretary

	  	  
	  	
WELLS FARGO BANK,

	  	
NATIONAL ASSOCIATION, as Trustee

	  	  
	  	
By:  /s/  Martin G. Reed

	  	
Name: Martin G. Reed

	  	
Title: Vice President

[Signature Page to the Supplemental Indenture No. 7]

 

  

 

  

EXHIBIT A

FORM OF

0.75% SENIOR NOTES, SERIES DUE MAY 9, 2016

REGISTERED

         THIS NOTE IS A GLOBAL SECURITY REGISTERED IN THE NAME OF THE DEPOSITORY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

XCEL ENERGY INC.

(Incorporated under the laws of the State of Minnesota)

0.75% SENIOR NOTE, SERIES DUE MAY 9, 2016

	
CUSIP:  98389BAP5

	
NUMBER:

	  	  
	
ORIGINAL ISSUE DATE(S):

	
PRINCIPAL AMOUNT(S):

	
May 9, 2013

	
$

	  	  
	
INTEREST RATE:  0.75%

	
MATURITY DATE: May 9, 2016

 

XCEL ENERGY INC., a corporation of the State of Minnesota (the “Company”), for value received hereby promises to pay to Cede & Co. or registered assigns, the principal sum of _______________ DOLLARS on the Maturity Date set forth above, and to pay interest thereon from the Original Issue Date (or if this Global Security has two or more Original Issue Dates, interest shall, beginning on each such Original Issue Date, begin to accrue for that part of the principal amount to which that Original Issue Date is applicable) set forth above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 9 and November 9 in each year, commencing November 9, 2013, at the per annum Interest Rate set forth above, until the principal hereof is paid or made available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Global Security is paid on the Maturity Date. The interest so payable and punctually paid or duly provided for on any such Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the May 1 or November 1, as the case may be, next preceding such Interest Payment Date; provided, that the first Interest Payment Date for any part of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date following the next succeeding Regular Record Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall be payable. Except as otherwise provided in the Indenture (as defined below), any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Securityholders not more than fifteen days or fewer than ten days prior to such Special Record Date. On or before Noon, New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which such payment of interest is due on this Global Security (other than maturity), the Trustee shall pay to the Depository such interest in same day funds. On or before 11:30 a.m., New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which principal, interest payable at maturity and premium, if any, is due on this Global Security and following receipt of the necessary funds from the Company, the Trustee shall deposit with the Depository the amount equal to the principal, interest payable at maturity and premium, if any, by wire transfer into the account specified by the Depository. As a condition to the payment, on the Maturity Date or upon redemption or acceleration, of any part of the principal and applicable premium of this Global Security, the Depository shall surrender, or cause to be surrendered, this Global Security to the Trustee, whereupon a new Global Security shall be issued to the Depository.

  

-A-1-

  

 

This Global Security is a global security in respect of a duly authorized issue of Senior Notes, Series due May 9, 2016 (the “Notes of this Series,” which term includes any Global Securities representing such Notes) of the Company issued and to be issued under an Indenture dated as of December 1, 2000 between the Company and Wells Fargo Bank, National Association, as trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “Indenture”). Under the Indenture, one or more series of Securities may be issued and, as used herein, the term “Securities” refers to the Notes of this Series and any other outstanding series of Securities. Reference is hereby made to the Indenture for a more complete statement of the respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Securityholders and of the terms upon which the Securities are and are to be authenticated and delivered. This Global Security has been issued in respect of the series designated on the first page hereof.

 

Each Note of this Series shall be dated and issued as of the date of its authentication by the Trustee and shall bear an Original Issue Date or Dates. Each Security or Global Security issued upon transfer, exchange or substitution of such Security or Global Security shall bear the Original Issue Date or Dates of such transferred, exchanged or substituted Security or Global Security, as the case may be.

 

  

-A-2-

  

 

At any time, the Company may redeem the Notes of this Series, in whole or in part, at a redemption price equal to the greater of (i) 100% of the principal amount of such Notes of this Series being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield (as defined below) plus 10 basis points, plus, in each case, accrued and unpaid interest thereon to but excluding the date fixed for redemption.

 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of this Series that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes.

 

“Comparable Treasury Price” means (i) the average of the Reference Treasury Dealer Quotations for such date fixed for redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

“Independent Investment Banker” means each of Barclays Capital Inc., Citigroup Global Markets Inc. or Merrill Lynch, Pierce, Fenner & Smith Incorporated or their respective successors or, if such firms or their successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.

 

“Reference Treasury Dealer” means (i) each of Barclays Capital Inc., Citigroup Global Markets Inc. or Merrill Lynch, Pierce, Fenner & Smith Incorporated and any other primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), designated by, and not affiliated with, Barclays Capital Inc., Citigroup Global Markets Inc. or Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors, provided, however, that if any of the foregoing or any of their respective designees ceases to be a Primary Treasury Dealer, the Company shall appoint another Primary Treasury Dealer as a substitute and (ii) any other Primary Treasury Dealer selected by the Company after consultation with an Independent Investment Banker.

 

“Reference Treasury Dealer Quotations” means, for each Reference Treasury Dealer and any date fixed for redemption, the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to an Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., Eastern time, on the third business day preceding the date fixed for redemption.

 

  

-A-3-

  

 

“Treasury Yield” means, with respect to any date fixed for redemption, (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Yield will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such date fixed for redemption.  The Treasury Yield will be calculated on the third business day preceding the date fixed for redemption.

 

Notice of redemption will be given by mail to Holders of Notes of this Series not less than 30 or more than 60 days prior to the date fixed for redemption, all as provided in the Indenture. In the event of redemption of this Global Security in part only, a new Global Security or Securities of like tenor and series for the unredeemed portion hereof will be issued in the name of the Securityholder hereof upon the surrender hereof.

 

Interest payments for this Global Security shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In any case where any Interest Payment Date or date on which the principal of this Global Security is required to be paid is not a Business Day, then payment of principal, premium or interest need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or date on which the principal of this Global Security is required to be paid and, in the case of timely payment thereof, no interest shall accrue for the period from and after such Interest Payment Date or the date on which the principal of this Global Security is required to be paid.

 

The Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all obligations in respect of the Securities (except for certain obligations including obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold monies for payment in trust, all as set forth in the Indenture) if the Company deposits with the Trustee money, U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, or a combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Securities on the dates such payments are due in accordance with the terms of the Securities.

 

If an Event of Default shall occur and be continuing, the principal of the Securities may be declared due and payable in the manner and with the effect provided in the Indenture.

 

  

-A-4-

  

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Securityholders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the outstanding Securities. Any such consent or waiver by the Holder of this Global Security shall be conclusive and binding upon such Holder and upon all future Holders of this Global Security and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon the Note.

 

As set forth in and subject to the provisions of the Indenture, no Holder of any Securities will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Securities, the Holders of not less than a majority in principal amount of the outstanding Securities affected by such Event of Default shall have made written request and offered reasonable indemnity to the Trustee to institute such proceeding as Trustee and the Trustee shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and any premium or interest on this Note on or after the respective due dates expressed herein.

 

No reference herein to the Indenture and to provisions of this Global Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Global Security at the times, places and rates and the coin or currency prescribed in the Indenture.

 

As provided in the Indenture and subject to certain limitations therein set forth, this Global Security may be transferred only as permitted by the legend hereto.

 

If at any time the Depository for this Global Security notifies the Company that it is unwilling or unable to continue as Depository for this Global Security or if at any time the Depository for this Global Security shall no longer be eligible or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depository with respect to this Global Security. If a successor Depository for this Global Security is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company's election to issue this Note in global form shall no longer be effective with respect to this Global Security and the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for this Global Security, will authenticate and deliver individual Notes of this Series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of this Global Security.

 

The Company may at any time and in its sole discretion determine that all Notes of this Series (but not less than all) issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event, the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for such Global Security, shall authenticate and deliver, individual Notes of this Series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities in exchange for such Global Security or Securities.

 

  

-A-5-

  

 

Under certain circumstances specified in the Indenture, the Depository may be required to surrender any two or more Global Securities which have identical terms (but which may have differing Original Issue Dates) to the Trustee, and the Company shall execute and the Trustee shall authenticate and deliver to, or at the direction of, the Depository a Global Security in principal amount equal to the aggregate principal amount of, and with all terms identical to, the Global Securities surrendered thereto and that shall indicate all Original Issue Dates and the principal amount applicable to each such Original Issue Date.

 

The Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of Minnesota.

 

Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent by manual signature of an authorized officer, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

All terms used in this Global Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise indicated herein.

 

  

-A-6-

  

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

	  	
XCEL ENERGY INC.

	  
	  	  	  	  
	  	
By:

	  	  
	  	
Name:

	  	  
	  	

Title:

	 	  
	  	  	  	  
	  	

ATTEST

	 	  
	  	  	  	  
	  	
By:

	  	  
	  	
Name:

	  	  
	  	

Title:

	 	  

TRUSTEE'S CERTIFICATE

OF AUTHENTICATION

This Note is one of the Securities of the series herein designated, described or provided for in the within-mentioned Indenture.

 

Dated:  May ___, 2013

 

	  	
WELLS FARGO BANK,

	 
	  	
NATIONAL ASSOCIATION, as Trustee

	 
	  	  	  	 
	  	
By:

	  	 
	  	 	

Authorized Officer

	 

 

  

-A-7-

  

 

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations.

 

	TEN COM--as tenants in common	UNIF GIFT	 
	 	MIN ACT--  ________ 	Custodian _______________
	 	(Cust)	(Minor)
	 	 	 
	TEN ENT--as tenants by the entireties 	Under Uniform Gifts to Minors	 
	 	 	 
	JT TEN--as joint tenants with right of 	________________________________________ 	 
	survivorship and not as tenants in common	State	 

 

Additional abbreviations may also be

used though not in the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

______________________________________________________________________________

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 

______________________________________________________________________________ the within security and all rights thereunder, hereby irrevocably constituting and appointing ____ _________________  attorney to transfer said security on the books of the Company, with full power of substitution in the premises.

Dated:

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.

 

 

-A-8-

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