Here are the 424B prospectus supplements from Xcel Energy Inc. 6.25% Junior Subordinated Notes, Series due 2085 (XELLL) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow XELLL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full XELLL filings page.
Xcel Energy Inc. may offer and sell common stock with an aggregate gross sales price of up to $6,000,000,000 from time to time through sales agents, directly to agents acting as principals, and through forward transactions. Sales may be at-the-market or negotiated; sales-agent commissions are capped at 1.00% of sales price. Xcel expects to use net proceeds for general corporate purposes, including repaying or refinancing short-term borrowings and contributing to operating subsidiaries for capital expenditures or short-term debt. Consolidated short-term borrowings were approximately $3.1 billion as of September 30, 2026.
Sales of borrowed shares by forward sellers initially generate no proceeds for Xcel; Xcel expects proceeds from initially priced forwards at physical settlement, while cash or net-share settlement can reduce or eliminate them. Collared forwards include prepayment and physical-settlement terms with floor and cap prices. Separately, NSP-Wisconsin announced agreements in October 2026 to sell approximately $150.0 million of Michigan electric and gas assets to Upper Peninsula Power Company and SEMCO ENERGY Gas Company, subject to regulatory approvals; closing is anticipated in 2027.
Xcel Energy Inc. proposes to offer and sell up to $4,300,000,000 of common stock from time to time pursuant to an equity distribution agreement, including through "at-the-market" sales and structured forward transactions.
The prospectus supplement describes two forward structures: initially priced forward transactions and collared forward transactions, each of which may involve borrowed shares, prepayments, price collars, and settlement mechanics that can result in cash proceeds, share issuance, or cash/share obligations depending on election and market outcomes. The company noted $1.480 billion of consolidated short-term borrowings as of March 31, 2026 and disclosed a commission cap of 1.00% per share; the last reported sale price was $82.95 on April 30, 2026.
Xcel Energy filed a preliminary prospectus supplement subject to completion to offer a series of fixed-to-fixed reset rate junior subordinated notes due December 3, 2056. The notes bear an initial fixed rate until the First Reset Date (December 3, 2031), then reset every five years by reference to the Five-Year U.S. Treasury Rate plus a spread, with a floor equal to the initial rate.
The notes pay interest semiannually on June 3 and December 3, beginning June 3, 2026, may be deferred by the issuer for up to 20 consecutive semi-annual Interest Payment Periods per election, and are subordinated to Xcel Energy’s Senior Indebtedness. The offering is a new issue with no listing planned and proceeds are intended to repay short-term borrowings, including commercial paper.