Nstar Electric preps $300 million offering of 10-year debentures; spread talk in 85 bps area

By Cristal Cody

Chicago, Aug. 10 – Nstar Electric Co., doing business as Eversource Energy, is offering $300 million of fixed-rate debentures due 2031, according to a 424B3 filing with the Securities and Exchange Commission and details from a market source.

Talk has the debentures coming with a spread in the Treasuries plus 85 basis points area.

The notes have a make-whole call and a par call.

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

PNC Capital Markets LLC and RBC Capital Markets LLC are joint bookrunners.

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

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

Ropes & Gray LLP is working as counsel to the issuer. Choate, Hall & Stewart LLP is advising the underwriters.

Proceeds will be used to repay outstanding short-term debt, to fund capital expenditures and for working capital. As of Aug. 6, the company had $513 million of short-term debt outstanding.

The Boston-based company operates in the energy delivery business through utility subsidiaries.

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