By Cristal Cody
Tupelo, Miss., June 24 – Public Service Co. of New Hampshire, doing business as Eversource Energy, priced $300 million of 3.6% first mortgage bonds due July 1, 2049 on Monday at a spread of 105 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (A1/AA-/A+) priced at 99.763 to yield 3.613%.
BNY Mellon Capital Markets, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets LLC and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used to repay at maturity the company’s outstanding 4.45% series P first mortgage bonds due in 2019, to repay a portion of short-term debt and to fund capital expenditures and working capital.
Public Service Co. of New Hampshire is a Manchester, N.H.-based electric utility and subsidiary of Eversource Energy.
| Issuer: | Public Service Co. of New Hampshire, dba Eversource Energy
|
| Amount: | $300 million
|
| Description: | Series T first mortgage bonds
|
| Maturity: | July 1, 2049
|
| Bookrunners: | BNY Mellon Capital Markets, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets LLC and U.S. Bancorp Investments, Inc.
|
| Co-manager: | Williams Capital Group, LP
|
| Coupon: | 3.6%
|
| Price: | 99.763
|
| Yield: | 3.613%
|
| Spread: | Treasuries plus 105 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before Jan. 1, 2049; thereafter at par
|
| Trade date: | June 24
|
| Settlement date: | June 28
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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