By Cristal Cody
Tupelo, Miss., Aug. 12 – Public Service Co. of New Hampshire, doing business as Eversource Energy, priced $150 million of 2.4% 30-year first mortgage bonds (A1/A+/A+) on Wednesday at a spread Treasuries plus 110 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial guidance was at the Treasuries plus 130 bps area.
The notes priced at 99.152 to yield 2.44%.
Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., Roberts & Ryan Investments Inc. and Siebert Williams Shank & Co., LLC were the bookrunners.
Proceeds will be used to refinance short-term debt, to fund capital expenditures and for working capital. As of Aug. 10, Eversource had $156.3 million of short-term debt outstanding.
Public Service Co. of New Hampshire is a Manchester, N.H.-based electric utility and subsidiary of Eversource Energy.
| Issuer: | Public Service Co. of New Hampshire, dba Eversource Energy
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| Amount: | $150 million
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| Description: | Series U first mortgage bonds
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| Maturity: | Sept. 1, 2050
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| Bookrunners: | Wells Fargo Securities, LLC, KeyBanc Capital Markets Inc., Roberts & Ryan Investments Inc. and Siebert Williams Shank & Co., LLC
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| Coupon: | 2.4%
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| Price: | 99.152
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| Yield: | 2.44%
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| Spread: | Treasuries plus 110 bps
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| Call features: | Make-whole call at Treasuries plus 20 bps before March 1, 2050; thereafter at par
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| Trade date: | Aug. 12
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| Settlement date: | Aug. 26
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| Ratings: | Moody’s: A1
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| S&P: A+
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| Fitch: A+
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 130 bps area
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