By Devika Patel and Cristal Cody
Knoxville, Tenn., May 24 – Nstar Electric Co., doing business as Eversource Energy, priced $300 million of 3.1% 30-year green senior notes (A1/A/A+) with a spread of Treasuries plus 83 basis points on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.091 to yield 3.147%.
The notes were initially talked to yield in the Treasuries plus 105 bps to 110 bps area, a market source said.
Barclays, MUFG, PNC Capital Markets LLC and RBC Capital Markets LLC are the bookrunners.
Proceeds will be used for eligible green expenditures.
The Boston-based company is engaged in the energy delivery business through utility subsidiaries.
Issuer: | Nstar Electric Co., doing business as Eversource Energy
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Description: | Notes
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Amount: | $300 million
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Maturity: | June 1, 2051
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Bookrunners: | Barclays, MUFG, PNC Capital Markets LLC and RBC Capital Markets LLC
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Co-manager: | Samuel A. Ramirez & Co. Inc.
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Coupon: | 3.1%
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Price: | 99.091
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Yield: | 3.147%
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Spread: | Treasuries plus 83 bps
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Call: | Make-whole call at Treasuries plus 15 bps until Dec. 1, 2050, then a par call
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Trade date: | May 24
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Settlement date: | May 27
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Ratings: | Moody’s: A1
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| S&P: A
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| Fitch: A+
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Distribution: | SEC registered
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Guidance: | Treasuries plus 105 bps to 110 bps area
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