By Marisa Wong
Los Angeles, Nov. 8 – Public Service Co. of New Hampshire, doing business as Eversource Energy, priced $800 million of 5.95% senior notes, series CC, due Feb. 1, 2029 (expected: Baa2/BBB+/BBB+) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.887 to yield 5.978%, or with a spread of 147 basis points over Treasuries.
The company may call the notes early with a make-whole premium until Jan. 1, 2029, followed by a par call until maturity.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc. and U.S. Bancorp Investments, Inc. are the joint bookrunning managers.
According to a 424B3 filing with the SEC, proceeds will be used to repay all $400 million outstanding 3.8% series N senior notes due Dec. 1, 2023 at their maturity and to repay a portion of outstanding short-term debt. As of Nov. 6, the outstanding short-term debt totaled about $1.53 billion with a weighted average interest rate of 5.53%.
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
|
| Amount: | $800 million
|
| Issue: | Senior notes, series CC
|
| Maturity: | Feb. 1, 2029
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| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | In-house counsel and Ropes & Gray LLP
|
| Counsel to underwriters: | Choate, Hall & Stewart LLP
|
| Coupon: | 5.95%
|
| Price: | 99.887
|
| Yield: | 5.978%
|
| Spread: | Treasuries plus 147 bps
|
| Call options: | Make-whole call at Treasuries plus 25 bps at any time prior to Jan. 1, 2029; after that, par call
|
| Trade date: | Nov. 8
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| Settlement date: | Nov. 10
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| Expected ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Cusip: | 30040WAW8
|
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