By Devika Patel and Cristal Cody
Knoxville, Tenn., June 21 – Connecticut Light and Power Co., doing business as Eversource Energy, priced $425 million of 2.05% 10-year first and refunding mortgage bonds (A1/A+/A+) at a spread of 60 basis points over Treasuries on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.73 to yield 2.08%.
Price talk was in the Treasuries plus 80 bps to 85 bps area, according to a market source.
BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to refinance short-term debt, to fund capital expenditures and for working capital.
The electric subsidiary of Northeast Utilities is based in Berlin, Conn.
| Issuer: | Connecticut Light and Power Co., doing business as Eversource Energy
|
| Amount: | $425 million
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| Securities: | First and refunding mortgage bonds
|
| Bookrunners: | BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities LLC
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| Co-manager: | Siebert Williams Shank & Co. LLC
|
| Maturity: | July 1, 2031
|
| Coupon: | 2.05%
|
| Price: | 99.73
|
| Yield: | 2.08%
|
| Spread: | Treasuries plus 60 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps until April 1, 2031; thereafter at par
|
| Trade date: | June 21
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| Settlement date: | June 30
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Fitch: A+
|
| Price talk: | Treasuries plus 80 bps to 85 bps area
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