By Andrea Heisinger
New York, Sept. 6 - Public Service Co. of New Hampshire sold $160 million of 3.2% 10-year first mortgage bonds, series R, on Tuesday to yield Treasuries plus 128 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3/A-/A-) were sold at 99.578 to yield 3.25%. They have a make-whole call at Treasuries plus 20 bps until June 1, 2021 and are callable after that date at par.
Bank of America Merrill Lynch and J.P. Morgan Securities LLC were the bookrunners. The co-manager was Wells Fargo Securities LLC.
Proceeds will be used to refinance short-term debt and for general working capital purposes, including financing capital expenditures.
The subsidiary of Northeast Utilities is based in Manchester, N.H.
| Issuer: | Public Service Co. of New Hampshire
|
| Issue: | First mortgage bonds, series R
|
| Amount: | $160 million
|
| Maturity: | Sept. 1, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC
|
| Co-manager: | Wells Fargo Securities LLC
|
| Coupon: | 3.2%
|
| Price: | 99.578
|
| Yield: | 3.25%
|
| Spread: | Treasuries plus 128 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until June 1, 2021, after at par
|
| Trade date: | Sept. 6
|
| Settlement date: | Sept. 13
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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