New Issue: Nstar sells $450 million 4.55% 30-year debentures at 157 bps spread

By Wendy Van Sickle

Columbus, Ohio, May 12 – Nstar Electric Co., doing business as Eversource Energy, priced $450 million of 4.55% 30-year debentures (A1/A/A+) with a spread of 157 basis points over Treasuries on Thursday, according to an FWP filed with the Securities and Exchange Commission.

The debentures priced at 99.366 to yield 4.589%.

Barclays, BNY Mellon Capital Markets, LLC, BofA Securities, Inc. and U.S. Bancorp Investments, Inc. are the bookrunners.

The company intends to use proceeds to repay outstanding short-term debt, to fund capital expenditures and for working capital. As of May 10, the company had $466.4 million of short-term debt outstanding with a weighted-average annual interest rate at that date of 0.74%.

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

Issuer:	Nstar Electric Co., doing business as Eversource Energy
Amount:	$450 million
Issue:	Debentures
Maturity:	June 1, 2052
Bookrunners:	Barclays, BNY Mellon Capital Markets, LLC, BofA Securities, Inc. and U.S. Bancorp Investments, Inc.
Co-manager:	Siebert Williams Shank & Co. LLC
Trustee:	Bank of New York Mellon Trust Co., NA
Counsel to issuer:	Ropes & Gray LLP and in-house counsel
Counsel to underwriters:	Choate, Hall & Stewart LLP
Coupon:	4.55%
Price:	99.366
Yield:	4.589%
Spread:	Treasuries plus 157 bps
Call:	Make-whole call at Treasuries plus 25 bps until Dec. 1, 2051, then a par call
Trade date:	May 12
Settlement date:	May 17
Ratings:	Moody’s: A1
	S&P: A
	Fitch: A+
Distribution:	SEC registered
Cusip:	67021CAS6

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