By Stephanie N. Rotondo
Portland, Ore., Oct. 8 - Yankee Gas Services Co., part of the Northeast Utility System, announced Wednesday that it completed a private placement of $100 million first mortgage bonds.
The bonds have a 6.90% coupon and mature Oct. 1, 2018.
The financing also completes Northeast Utility's $760 million fund raising. Earlier in the year, the utility association, along with two of its other members, raised $660 million.
Proceeds from the latest transaction will be used to repay short-term debt, according to a press release.
Banc of America Securities LLC acted as bookrunner and lead agent on the deal, with Wells Fargo Bank NA acted a co-agent.
Yankee Gas is a Berlin, Conn.-based provider of natural gas and is the largest natural gas distributor in Connecticut.
| Issuer: | Yankee Gas Services Co.
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| Security description: | First mortgage bonds
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| Amount: | $100 million
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| Coupon: | 6.90%
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| Maturity: | Oct. 1, 2018
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| Distribution: | Private placement
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| Placement agents: | Banc of America Securities LLC (books); Wells Fargo Bank NA (co-agent)
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