By Cristal Cody
Tupelo, Miss., March 23 – Nstar Electric Co., doing business as Eversource Energy, priced $400 million of 3.95% 10-year green debentures (A1/A/A+) at a spread of Treasuries plus 325 basis points on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds were talked to price at the Treasuries plus 337.5 bps area.
The debentures were sold at 99.452 to yield 4.017%.
BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc., MUFG and RBC Capital Markets, LLC were the bookrunners.
Proceeds will be used for eligible green expenditures.
The Boston-based company operates in the energy delivery business through utility subsidiaries.
| Issuer: | Nstar Electric Co., doing business as Eversource Energy
|
| Amount: | $400 million
|
| Description: | Green debentures
|
| Maturity: | April 1, 2030
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc., MUFG and RBC Capital Markets, LLC
|
| Co-manager: | Samuel A. Ramirez & Co. Inc.
|
| Coupon: | 3.95%
|
| Price: | 99.452
|
| Yield: | 4.017%
|
| Spread: | Treasuries plus 325 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps before Jan. 1, 2030; thereafter at par
|
| Trade date: | March 23
|
| Settlement date: | March 26
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 337.5 bps area
|
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