Chicago, March 19 – Public Service Co. of New Hampshire, doing business as Eversource Energy, priced an additional $300 million of 5.35% series X first mortgage bonds due Oct. 1, 2033 (A1/A+/A+) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The qualified reopening priced at 100.731 for a yield to worst of 5.25%. The spread was 95 basis points to Treasuries.
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 bps until July 1, 2033 when the bonds will become callable at par until the maturity date.
The joint bookrunners for the additional bonds are Barclays, MUFG Securities Americas Inc., PNC Capital Markets LLC and RBC Capital Markets, LLC.
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.
| Issuer: | Public Service Co. of New Hampshire (d/b/a Eversource Energy)
|
| Amount: | $300 million
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| Issue: | First mortgage bonds
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| Maturity: | Oct. 1, 2033
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| Bookrunners: | Barclays, MUFG Securities Americas Inc., PNC Capital Markets LLC and RBC Capital Markets, LLC
|
| Co-managers: | Samuel A. Ramirez & Co., Inc. and 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%
|
| Price: | 100.731
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| Yield: | 5.25%
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| Spread: | Treasuries plus 95 bps
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| Call features: | Make-whole call at Treasuries plus 20 bps until July 1, 2033; thereafter at par
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| Trade date: | March 19
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| Settlement date: | April 1
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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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| Distribution: | SEC registered
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| Cusip: | 744538AF6
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| Total issue size: | $600 million with $300 million issued Sept. 25, 2023
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