By Cristal Cody
Tupelo, Miss., Aug. 11 – Eversource Energy priced $1.2 billion of senior notes (Baa1/BBB+/BBB+) in three tranches on Tuesday, according to a market source and FWP filings with the Securities and Exchange Commission.
The company sold $300 million of 0.8% five-year notes at 99.814 to yield 0.838%, or a Treasuries plus 55 basis points spread.
Initial price talk was in the Treasuries plus 90 bps area.
A $600 million tranche of 1.65% 10-year notes priced at 99.972 to yield 1.653%, or Treasuries plus 100 bps.
The 10-year notes were talked at the 130 bps spread area.
Eversource Energy priced a $300 million add-on to its 3.45% senior notes due Jan. 15, 2050 at 117.54 to yield 2.585%. The notes priced at a Treasuries plus 125 bps spread.
The add-on was guided to print at the 155 bps over Treasuries area.
The issue was first priced in a $350 million offering on Jan. 7, 2020 at 99.814 to yield 3.46%, or Treasuries plus 115 bps. The total outstanding is now $650 million.
Bookrunners were BNY Mellon Capital Markets LLC, BofA Securities Inc., Goldman Sachs & Co. LLC, MUFG, TD Securities (USA) LLC and Wells Fargo Securities, LLC.
Proceeds will be used for general corporate purposes.
The Boston-based company is engaged in the energy delivery business through utility subsidiaries.
| Issuer: | Eversource Energy
|
| Amount: | $1.2 billion
|
| Description: | Senior notes
|
| Bookrunners: | BNY Mellon Capital Markets LLC, BofA Securities Inc., Goldman Sachs & Co. LLC, MUFG, TD Securities (USA) LLC and Wells Fargo Securities, LLC
|
| Passive lead managers: | J.P. Morgan Securities LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC and U.S. Bancorp Investments Inc.
|
| Co-manager: | Samuel Ramirez & Co. Inc.
|
| Trade date: | Aug. 11
|
| Settlement date: | Aug. 14
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $300 million
|
| Description: | Series Q senior notes
|
| Maturity: | Aug. 15, 2025
|
| Coupon: | 0.8%
|
| Price: | 99.814
|
| Yield: | 0.838%
|
| Spread: | Treasuries plus 55 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps before July 15, 2025; thereafter at par
|
| Price guidance: | Treasuries plus 90 bps area
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Description: | Series R senior notes
|
| Maturity: | Aug. 15, 2030
|
| Coupon: | 1.65%
|
| Price: | 99.972
|
| Yield: | 1.653%
|
| Spread: | Treasuries plus 100 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps before July 15, 2025; thereafter at par
|
| Price guidance: | Treasuries plus 130 bps area
|
|
|
| 30-year notes
|
| Amount: | $300 million reopening
|
| Description: | Series P senior notes
|
| Maturity: | Jan. 15, 2050
|
| Coupon: | 3.45%
|
| Price: | 117.54
|
| Yield: | 2.585%
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before July 15, 2049; thereafter at par
|
| Price guidance: | Treasuries plus 155 bps area
|
| Total outstanding: | $650 million, including $350 million of notes priced Jan. 7, 2020 at 99.814 to yield 3.46%, or Treasuries plus 115 bps
|
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