By Andrea Heisinger
New York, Sept. 13 - Western Massachusetts Electric Co. priced $100 million of 3.5% 10-year senior notes, series F, on Tuesday to yield Treasuries plus 162.5 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB+/BBB+) were sold at 99.092 to yield 3.609%. They have a make-whole call at 25 bps over Treasuries until June 15, 2021 and are callable after that date at par.
Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. were the bookrunners.
Co-manager was Mitsubishi UFJ Securities (USA), Inc.
Proceeds will be used to refinance short-term debt outstanding to affiliates under a money pool arrangement and revolving credit facility. The proceeds also will be used for general working capital purposes, including to finance capital expenditures.
The subsidiary of Northeast Utilities is based in Springfield, Mass.
| Issuer: | Western Massachusetts Electric Co.
|
| Issue: | Senior notes, series F
|
| Amount: | $100 million
|
| Maturity: | Sept. 15, 2021
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
|
| Co-manager: | Mitsubishi UFJ Securities (USA) Inc.
|
| Coupon: | 3.5%
|
| Price: | 99.092
|
| Yield: | 3.609%
|
| Spread: | Treasuries plus 162.5 bps
|
| Call: | Make-whole at Treasuries plus 25 bps before June 15, 2021, after at par
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 16
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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