By Andrea Heisinger
New York, May 19 - Public Service Co. of New Hampshire sold $122 million of 4.05% 10-year first mortgage bonds, series Q, on Thursday to yield 88 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The bonds (A3/A-/A-) were sold at 99.739 to yield 4.082%.
The bonds are callable at a make-whole of Treasuries plus 15 bps prior to March 1, 2021 and afterward at par.
Bookrunners were Morgan Stanley & Co. Inc. and UBS Securities LLC.
Co-managers were TD Securities (USA) LLC and Williams Capital Group LP.
Proceeds are being used to redeem $75 million of Pollution Control Refunding Revenue bonds, series D, and $44.8 million of the bonds, series E, and to pay call premiums and issuance costs or to retire debt.
The electric subsidiary of Northeast Utilities is based in Manchester, N.H.
| Issuer: | Public Service Co. of New Hampshire
|
| Issue: | First mortgage bonds, series Q
|
| Amount: | $122 million
|
| Maturity: | June 1, 2021
|
| Bookrunners: | Morgan Stanley & Co. Inc., UBS Securities LLC
|
| Coupon: | 4.05%
|
| Price: | 99.739
|
| Yield: | 4.082%
|
| Spread: | Treasuries plus 88 bps
|
| Call: | Make-whole at Treasuries plus 15 bps before March 1, 2021; afterward at par
|
| Trade date: | May 19
|
| Settlement date: | May 26
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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