New Issue: Hubbell sells $450 million 3.5% 10-year senior notes at Treasuries plus 83 bps

By Cristal Cody

Tupelo, Miss., Jan. 31 – Hubbell Inc. priced $450 million of 3.5% 10-year senior notes (Baa1/BBB+/A-) on Wednesday at 99.438 to yield 3.567%, or 83 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.

J.P. Morgan Securities LLC, BofA Merrill Lynch and HSBC Securities (USA) Inc. were the bookrunners.

Proceeds will be used to fund part of the company's planned reverse triangular merger with Aclara Technologies LLC.

The electrical and electronic products company is based in Shelton, Conn.

Issuer:	Hubbell Inc.
Amount:	$450 million
Description:	Senior notes
Maturity:	Feb. 15, 2028
Bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch and HSBC Securities (USA) Inc.
Senior co-manager:	HSBC Securities (USA) Inc.
Co-managers:	BNY Mellon Capital Markets, LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC, Citizens Capital Markets, Inc., Williams Capital Group, LP and U.S. Bancorp Investments, Inc.
Coupon:	3.5%
Price:	99.438
Yield:	3.567%
Spread:	Treasuries plus 83 bps
Call features:	Make-whole call at Treasuries plus 15 bps before Nov. 15, 2027; thereafter at par
Change-of-control put:	101%
Trade date:	Jan. 31
Settlement date:	Feb. 2
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: A-
Distribution:	SEC registered

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