By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Aug. 10 – Nstar Electric Co., doing business as Eversource Energy, priced $300 million of 1.95% 10-year debentures (A1/A/A+) with a spread of Treasuries plus 67 basis points on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The debentures priced at 99.424 to yield 2.014%.
The debentures were initially talked to yield in the Treasuries plus 85 bps area, a market source said.
PNC Capital Markets LLC and RBC Capital Markets LLC are the bookrunners.
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 is engaged in the energy delivery business through utility subsidiaries.
Issuer: | Nstar Electric Co., doing business as Eversource Energy
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Description: | Debentures
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Amount: | $300 million
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Maturity: | Aug. 15, 2031
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Bookrunners: | PNC Capital Markets LLC and RBC Capital Markets LLC
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Co-managers: | Ramirez & Co., Inc. and Siebert Williams Shank & Co. LLC
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Coupon: | 1.95%
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Price: | 99.424
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Yield: | 2.014%
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Spread: | Treasuries plus 67 bps
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Call: | Make-whole call at Treasuries plus 15 bps until May 15, 2031, then a par call
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Trade date: | Aug. 10
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Settlement date: | Aug. 23
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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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Talk: | Treasuries plus 85 bps area
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