By Cristal Cody
Eureka Springs, Ark., May 23 – Nstar Electric Co., doing business as Eversource Energy, sold $250 million of 2.7% 10-year debentures at 99.652 to yield 2.74% on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The debentures (A2/A/A+) priced with a spread of 90 basis points over Treasuries, compared to guidance of 95 bps, plus or minus 5 bps, over Treasuries.
The joint bookrunners were BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., MUFG and Mizuho Securities USA Inc.
Proceeds will be used to repay short-term debt, to fund capital expenditures and for working capital.
The Boston-based company is engaged in the energy delivery business through utility subsidiaries.
| Issuer: | Nstar Electric Co./Eversource Energy
|
| Amount: | $250 million
|
| Maturity: | June 1, 2026
|
| Securities: | Debentures
|
| Bookrunners: | BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., MUFG, Mizuho Securities USA Inc.
|
| Co-manager: | Williams Capital Group LP
|
| Coupon: | 2.7%
|
| Price: | 99.652
|
| Yield: | 2.74%
|
| Spread: | Treasuries plus 90 bps
|
| Call feature: | Make-whole call before March 1, 2026 at Treasuries plus 15 bps; on or after March 1, 2026 at par
|
| Pricing date: | May 23
|
| Settlement date: | May 26
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 95 bps, plus or minus 5 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
