By Devika Patel
Knoxville, Tenn., June 1 – Public Service Co. of New Hampshire, doing business as Eversource Energy, priced $350 million of 2.2% 10-year first mortgage bonds (A1/A+/A+) at a spread of 62 basis points over Treasuries on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.706 to yield 2.233%.
J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used to repay some short-term debt, for capital expenditures and for working capital.
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, doing business as Eversource Energy
|
| Amount: | $350 million
|
| Maturity: | June 15, 2031
|
| Securities: | First mortgage bonds
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| Bookrunners: | J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.
|
| Co-manager: | Roberts & Ryan Investments Inc.
|
| Coupon: | 2.2%
|
| Price: | 99.706
|
| Yield: | 2.233%
|
| Spread: | Treasuries plus 62 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps until March 15, 2031; thereafter at par
|
| Trade date: | June 1
|
| Settlement date: | June 15
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Fitch: A+
|
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