Eversource Energy offers $650 million fixed-, floating-rate notes; price talk emerges

By Cristal Cody

Chicago, Aug. 10 – Eversource Energy is in the market with a two-part offering of floating-rate notes and fixed-rate notes, according to a 424B3 filing with the Securities and Exchange Commission.

The utility company is planning to sell $350 million of series T floating-rate senior notes due Aug. 15, 2023. The tranche has talk in the SOFR plus 45 basis points area, according to a market source.

The fixed-rate tranche due Aug. 15, 2026 is being talked with a $300 million size and a spread in the Treasuries plus 70 bps area.

The floaters may not be redeemed before maturity.

The fixed-rate notes will have a make-whole call and then a par call starting in 2026.

Barclays and BofA Securities, Inc. are the global coordinators.

MUFG, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. are joint bookrunners.

Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC are co-managers.

Bank of New York Mellon Trust Co., NA is the trustee.

Ropes & Gray LLP is working as counsel for Eversource Energy. Choate, Hall & Stewart LLP is advising the underwriters.

Proceeds will be used to repay a portion of the company’s short-term debt.

Eversource Energy is a public utility holding company. The executive office is located in Springfield, Mass.

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