By Cristal Cody
Tupelo, Miss., Oct. 1 – New England Power Co. (A3/A-) priced $400 million of 2.807% 30-year senior notes in a Rule 144A and Regulation S transaction on Thursday at a spread of Treasuries plus 135 basis points, according to a market source.
Initial price talk was in the Treasuries plus 155 bps area.
BNY Mellon Capital Markets LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc. were 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.
| Issuer: | New England Power Co.
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| Amount: | $400 million
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| Description: | Senior notes
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| Maturity: | Oct. 6, 2050
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| Bookrunners: | BNY Mellon Capital Markets LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc.
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| Coupon: | 2.807%
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| Spread: | Treasuries plus 135 bps
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| Trade date: | Oct. 1
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| Ratings: | Moody’s: A3
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| S&P: A-
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| Distribution: | Rule 144A and Regulation S
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| Marketing: | Fixed income investor calls
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| Price talk: | Treasuries plus 155 bps area
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