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Eversource Energy to tap 5.35% first mortgage bonds due 2033 for another $300 million
By William Gullotti
Buffalo, N.Y., March 19 – Public Service Co. of New Hampshire, doing business as Eversource Energy, intends to price additional $300 million of its 5.35% series X first mortgage bonds due Oct. 1, 2033 (Cusip: 744538AF6), according to a 424B3 filing with the Securities and Exchange Commission.
The additional bonds will be combined with the initial $300 million issued Sept. 25, 2023 to form a single series under the same indenture.
As with the initial offering, the company may call the bonds early with a make-whole premium at Treasuries plus 20 basis points until July 1, 2033 when the bonds will become callable at par until the maturity date.
The joint bookrunning managers for the additional bonds are Barclays, MUFG Securities Americas Inc., PNC Capital Markets LLC and RBC Capital Markets, LLC.
Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC are listed as co-managers.
U.S. Bank Trust Co., NA is the trustee.
Eversource will use in-house counsel and Ropes & Gray LLP. The underwriters are relying on Choate, Hall & Stewart LLP for legal matters on the issue.
Proceeds will be used for working capital, to fund capital expenditures and to refinance a portion of the company’s outstanding short-term debt, which, as of March 14, totaled $221.4 million with a weighted average interest rate of 5.67%.
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.
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