By Andrea Heisinger
New York, March 3 - Western Massachusetts Electric Co. sold $95 million of 5.1% 10-year senior unsecured notes on Wednesday to yield 150 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB/BBB+) were sold at 99.646 to yield 5.146%. They have a make-whole call at Treasuries plus 25 bps.
Bank of New York Mellon Securities and Citigroup Global Markets Inc. were the bookrunners.
Co-managers were Mitsubishi UFJ Securities and TD Securities.
Proceeds are going to refinance short-term debt and for general working capital purposes.
The utility subsidiary of Northeast Utilities Service Co. is based in Springfield, Mass.
| Issuer: | Western Massachusetts Electric Co.
|
| Issue: | Senior unsecured notes
|
| Amount: | $95 million
|
| Maturity: | March 1, 2020
|
| Bookrunners: | Bank of New York Mellon Securities, Citigroup Global Markets Inc.
|
| Co-managers: | Mitsubishi UFJ Securities, TD Securities
|
| Coupon: | 5.1%
|
| Price: | 99.646
|
| Yield: | 5.146%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | March 3
|
| Settlement date: | March 8
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
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