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Published on 2/5/2010 in the Prospect News Investment Grade Daily.

Nstar plans to refinance upcoming maturities, some bonds already sold

By Lisa Kerner

Charlotte, N.C., Feb. 5 - Nstar said it expects to refinance its current maturities of long-term debt obligations, according to a form 10-K filed with the Securities and Exchange Commission.

The company has a $500 million note due this month, and Nstar Electric Co. has a $125 million note due in May 2010. Both companies filed a joint form S-3 on Oct. 9 in preparation for possible public debt offerings.

On Nov. 17, Nstar issued $350 million in 4.5% debentures due 2019 that was used to partially reduce short-term borrowings with the remainder invested on a short-term basis. The short-term borrowing capacity and short-term investments that resulted from the issue are expected to be used to help pay the $500 million note due February.

In addition, the company said in the 10-K that it believes "it has adequate access to short-term credit markets to facilitate its working capital needs at favorable terms."

Nstar is Boston-based energy-delivery holding company.


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