By Taylor Fox and Cristal Cody
New York, March 8 – Eversource Energy priced $350 million of 2.55% senior notes due March 15, 2031 (Baa1/BBB+/BBB+) at 99.614 to yield 2.594%, according to an FWP filing with the Securities and Exchange Commission.
Initial spread talk for the notes was in the Treasuries plus 115 basis points area. The notes priced with a Treasuries plus 100 bps spread based on the 1.125% Treasury note due Feb. 15, 2031.
The notes can be redeemed early at par plus a make-whole premium of Treasuries plus 15 bps until Dec. 15, 2030. After that date, the notes can be redeemed at par.
BofA Securities Inc., Citigroup Global Markets Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used to refinance short-term debt.
The Boston-based company is engaged in the energy delivery business through utility subsidiaries.
| Issuer: | Eversource Energy
|
| Amount: | $350 million
|
| Description: | Series S senior notes
|
| Maturity: | March 15, 2031
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Co-Manager: | Siebert Williams Shank & Co., LLC
|
| Coupon: | 2.55%
|
| Price: | 99.614
|
| Yield: | 2.594%
|
| Spread: | Treasuries plus 100 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before Dec. 15, 2030; thereafter at par
|
| Trade date: | March 8
|
| Settlement date: | March 11
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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