By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Aug. 10 – Eversource Energy priced $650 million of fixed- and floating rate notes (Baa1/BBB+/BBB+) on Tuesday, according to FWP filings with the Securities and Exchange Commission.
The company priced $300 million of 1.4% five-year senior notes at a spread of 60 basis points over Treasuries. The notes priced at 99.889 to yield 1.423%.
Price talk was in the Treasuries plus 70 bps area, according to a market source.
The company priced $350 million of two-year floaters at par with a coupon of SOFR plus 25 bps, compared to talk in the SOFR plus 45 bps area.
Barclays and BofA Securities, Inc. were the bookrunners and global coordinators.
MUFG, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. were also bookrunners.
Proceeds will be used to refinance short-term debt.
Eversource Energy is a public utility holding company. The executive office is located in Springfield, Mass.
| Issuer: | Eversource Energy
|
| Amount: | $650 million
|
| Securities: | Fixed- and floating rate notes
|
| Global coordinators: | Barclays and BofA Securities, Inc.
|
| Bookrunners: | MUFG, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
|
| Co-managers: | Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co. LLC
|
| Pricing date: | Aug. 10
|
| Settlement date: | Aug. 13
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
|
|
| Fixed-rate notes
|
| Amount: | $300 million
|
| Maturity: | Aug. 15, 2026
|
| Coupon: | 1.4%
|
| Price: | 99.889
|
| Yield: | 1.423%
|
| Spread: | Treasuries plus 60 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps until July 15, 2026; thereafter at par
|
| Price talk: | Treasuries plus 70 bps area
|
|
|
| Floating-rate notes
|
| Amount: | $350 million
|
| Maturity: | Aug. 15, 2023
|
| Coupon: | SOFR plus 25 bps
|
| Price: | Par
|
| Yield: | SOFR plus 25 bps
|
| Price talk: | SOFR plus 45 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
