New England Power talks $400 million of 30-year senior notes at Treasuries plus 155 bps area

By Cristal Cody

Tupelo, Miss., Oct. 1 – New England Power Co. (A3/A-) plans to price a $400 million offering of 30-year senior notes in a Rule 144A and Regulation S transaction on Thursday, according to a market source.

Initial price talk is in the Treasuries plus 155 basis points area.

BNY Mellon Capital Markets LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc. are the bookrunners.

The company held fixed income investor calls on Wednesday.

New England Power is a Waltham, Mass.-based electric utility and a subsidiary of National Grid plc.

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