By Andrea Heisinger
New York, Oct. 1 - Western Massachusetts Electric Co. reopened its issue of 3.5% senior notes, series F, on Monday to add $150 million, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/A-/A-) were priced at 106.381 to yield 2.673% with a spread of Treasuries plus 105 basis points. There is a make-whole call at Treasuries plus 25 bps until June 15, 2021, with a par call after that date.
Total issuance is $250 million, including $100 million sold on Sept. 13, 2011 at Treasuries plus 162.5 bps.
Bookrunners were Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Proceeds will be used to refinance short-term debt incurred in the ordinary course of business.
The utility is based in Springfield, Mass.
| Issuer: | Western Massachusetts Electric Co.
|
| Issue: | Senior notes, series F, reopened
|
| Amount: | $150 million
|
| Maturity: | Sept. 15, 2011
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Coupon: | 3.5%
|
| Price: | 106.381
|
| Yield: | 2.673%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 25 bps until June 15, 2021, after at par
|
| Trade date: | Oct. 1
|
| Settlement date: | Oct. 4
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Total issuance: | $250 million, including $100 million sold Sept. 13, 2011
|
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