Public Service of New Hampshire redeems $119.8 million revenue bonds

By Toni Weeks

San Diego, June 2 - The Public Service Co. of New Hampshire said that on June 1 it redeemed $119.8 million of its pollution control refunding revenue bonds originally issued by the Business Finance Authority of the State of New Hampshire, according to an 8-K filing with the Securities and Exchange Commission.

The redemption of these bonds resulted in the redemption of a $119.8 million of some of the company's first mortgage bonds. Subsequently, the holders of a majority principal amount of the bonds were deemed to have consented to an amended and restated indenture.

The amendments include the expansion of the types of property excepted from the lien of the amended and restated indenture and the types of senior liens permitted, the replacement of detailed issuance requirements with a new, streamlined issuance test, the elimination of the renewal and replacement fund requirement, the simplification of procedures for the release of minor properties, the easing of limitations for the application or withdrawal of cash deposited with the trustee, the expansion of the grace periods for events of default to 90 days from 30 days and changes to the procedures for amending the amended and restated indenture with and without the consent of the bondholders.

Other changes to the indenture will require the unanimous consent from the noteholders. The company expects this to occur no earlier than the date on which the last series of bonds that has not already consented to the amended and restated indenture matures in 2035.

The power company is based in Manchester, N.H.

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