By Lisa Kerner
Charlotte, N.C., Feb. 5 - Nstar Gas Co. entered into a $125 million bond purchase agreement with private investors on Jan. 14 for a 10-year first mortgage bond series at a coupon rate of 4.46%.
Funding took place on Jan. 28, according to a form 10-K filed with the Securities and Exchange Commission.
In the filing, parent company Nstar said it expects to refinance its current maturities of long-term debt obligations.
The company has a $500 million note due this month, and Nstar Electric Co. has a $125 million note due in May 2010. Both companies filed a form S-3 in preparation for possible public debt offerings.
According to the 10-K, Nstar believes it has "adequate access to short-term credit markets to facilitate its working capital needs at favorable terms."
Nstar is an energy-delivery holding company, and Nstar Gas and Nstar Electric are regulated public utilities. Each is based in Boston.
| Issuer: | Nstar Gas Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $125 million
|
| Maturity: | 2020
|
| Coupon: | 4.46%
|
| Price: | Par
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 28
|
| Distribution: | Private placement
|
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