Nstar Electric plans to sell $350 million tap of 10-year debentures

By Devika Patel

Knoxville, Tenn., Oct. 2 – Nstar Electric Co., doing business as Eversource Energy, is selling a $350 million add-on to its debentures due May 15, 2027, according to a 424B3 filing with the Securities and Exchange Commission.

The company sold $350 million of the 3.2% debentures (A2/A/A+) at 99.924 to yield 3.209%, or Treasuries plus 80 basis points, on May 10 in a sale that settled on May 15.

The debentures have a make-whole call until at Treasuries plus 15 bps until Feb. 15, 2027 and then a par call.

Barclays, BofA Merrill Lynch and MUFG are the global coordinators.

BNY Mellon Capital Markets LLC, KeyBanc Capital Markets Inc. and RBC Capital Markets Corp. are the bookrunners.

Samuel A. Ramirez & Co. Inc. and Williams Capital Group LP are the co-managers.

Proceeds will be used to repay at maturity the company's $400 million 5.625% debentures due Nov. 15, 2017.

The Boston-based company is engaged in the energy delivery business through utility subsidiaries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.