Western Massachusetts Electric places $50 million; Northeast Bancorp sells $15.05 million

By Lisa Kerner

Charlotte, N.C., June 29 – Western Massachusetts Electric Co., doing business as Eversource Energy, issued $50 million of 2.75% senior notes, series H, due 2026, according to an 8-K filed with the Securities and Exchange Commission.

The utility is based in Springfield, Mass.

Northeast Bancorp agreed to sell $15.05 million of 6.75% fixed-to-floating subordinated notes due 2026 to institutional accredited investors on Wednesday, according to an 8-K filing with the SEC.

The notes were priced at par and mature on July 1, 2026.

From and including July 1, 2021 to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an interest rate per year equal to Libor plus 557 basis points.

Proceeds will be used for general corporate purposes, including loan growth, additional liquidity and working capital.

Sandler O’Neill & Partners, LP was the placement agent.

The bank holding company is based in Lewiston, Maine.

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