By Marisa Wong
Los Angeles, Jan. 4 – Public Service Co. of New Hampshire, doing business as Eversource Energy, priced $300 million of 5.15% 10-year first mortgage bonds (A1/A+/A+) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The series W bonds priced at 99.319 to yield 5.195%, or a spread of 133 basis points over Treasuries.
The bonds will feature a make-whole call option and then a par call option.
Barclays, Goldman Sachs & Co. LLC, PNC Capital Markets LLC and RBC Capital Markets, LLC are the joint bookrunners.
Proceeds will be used to refinance short-term debt, to fund capital expenditures and for working capital, according to a previously filed 424B3 filing with the SEC. The company had $142.7 million of short-term debt outstanding on Dec. 29 with a weighted average annual interest rate of 4.63%.
Based in Manchester, N.H., the issuer is an electricity distributor and a wholly owned subsidiary of Eversource.
| Issuer: | Public Service Co. of New Hampshire (Eversource Energy)
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| Amount: | $300 million
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| Issue: | First mortgage bonds
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| Maturity: | Jan. 15, 2053
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| Bookrunners: | Barclays, Goldman Sachs & Co. LLC, PNC Capital Markets LLC and RBC Capital Markets, LLC
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| Co-manager: | Siebert Williams Shank & Co., LLC
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| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Ropes & Gray LLP and in-house counsel
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| Counsel to underwriters: | Choate, Hall & Stewart LLP
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| Coupon: | 5.15%
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| Price: | 99.319
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| Yield: | 5.195%
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| Spread: | Treasuries plus 133 bps
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| Call features: | Make-whole call at Treasuries plus 20 bps at any time prior to July 15, 2052; par call after that
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| Trade date: | Jan. 4
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| Settlement date: | Jan. 11
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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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| Cusip: | 744482BP4
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