By Wendy Van Sickle
Columbus, Ohio, Sept. 18 – Public Service Co. of New Hampshire, doing business as Eversource Energy, priced $300 million of 5.35% 10-year first mortgage bonds, series X, (A1/A+/A+) on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.853 to yield 5.369%, or with a spread of 105 basis points over Treasuries.
The company may call the notes early with a make-whole premium at Treasuries plus 20 bps until July 1, 2033 when the notes will become callable at par until the maturity date.
BofA Securities, Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC are the joint bookrunners.
Proceeds will be used to repay at maturity the $325 million of the company’s 3.5% first mortgage bonds, series S, maturing on Nov. 1, 2023 and for general corporate purposes.
Public Service Co. of New Hampshire is a Manchester, N.H.-based wholly owned subsidiary of Eversource Energy. Eversource is based in Boston and Hartford, Conn. The company is an energy delivery business that operates through utility subsidiaries throughout New England.
| Issuer: | Public Service Co. of New Hampshire, d.b.a. Eversource Energy
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| Amount: | $300 million
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| Issue: | First mortgage bonds, series X
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| Maturity: | Oct. 1, 2033
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| Bookrunners: | BofA Securities, Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC and TD Securities (USA) 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: | In-house counsel and Ropes & Gray LLP
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| Counsel to underwriters: | Choate, Hall & Stewart LLP
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| Coupon: | 5.35%
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| Price: | 99.853
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| Yield: | 5.369%
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| Spread: | Treasuries plus 105 bps
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| Call options: | Make-whole call at Treasuries plus 20 bps at any time prior to July 1, 2033; par call after that
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| Trade date: | Sept. 18
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| Settlement date: | Sept. 25
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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: | 744538AF6
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