By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, June 22 – Eversource Energy priced $1.5 billion of fixed-rate notes (Baa1/BBB+/BBB+) in two tranches on Wednesday, according to FWP filings with the Securities and Exchange Commission.
The company priced $900 million of 4.2% two-year senior notes at a spread of 115 basis points over Treasuries. The notes priced at 99.964 to yield 4.219%. Spread pricing was in the 125 bps area.
The company priced $600 million of 4.6% five-year senior notes at a spread of 140 bps over Treasuries. The notes priced at 99.88 to yield 4.627%. The notes had been talked for a spread in the 150 bps area.
Barclays, Citigroup Global Markets Inc., Mizuho Securities USA Inc., MUFG, TD Securities (USA) LLC, Wells Fargo Securities LLC, KeyBanc Capital Markets Inc., PNC Capital Markets LLC and RBC Capital Markets LLC are joint bookrunners.
Proceeds will be used to repay some of the company’s $1.41 billion of short-term debt.
Eversource Energy is a public utility holding company. The executive office is located in Springfield, Mass.
| Issuer: | Eversource Energy
|
| Amount: | $1.5 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Mizuho Securities USA Inc., MUFG, TD Securities (USA) LLC, Wells Fargo Securities LLC, KeyBanc Capital Markets Inc., PNC Capital Markets LLC and RBC Capital Markets LLC
|
| Co-managers: | Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
|
| Trustee: | Bank of New York Mellon Trust Co. NA
|
| Counsel to issuer: | Ropes & Gray LLP
|
| Counsel to underwriters: | Choate, Hall & Stewart LLP
|
| Pricing date: | June 22
|
| Settlement date: | June 27
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
|
|
| 2024 notes
|
| Amount: | $900 million
|
| Maturity: | June 27, 2024
|
| Coupon: | 4.2%
|
| Price: | 99.964
|
| Yield: | 4.219%
|
| Spread: | Treasuries plus 115 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps
|
| Cusip: | 30040WAS7
|
| Price talk: | Treasuries plus 125 bps area
|
|
|
| 2027 notes
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| Amount: | $600 million
|
| Maturity: | July 1, 2027
|
| Coupon: | 4.6%
|
| Price: | 99.88
|
| Yield: | 4.627%
|
| Spread: | Treasuries plus 140 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps until June 1, 2027; thereafter at par
|
| Cusip: | 30040WAR9
|
| Price talk: | Treasuries plus 150 bps area
|
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