By William Gullotti and Cristal Cody
Buffalo, N.Y., Sept. 12 – Nstar Electric Co., doing business as Eversource Energy, priced $400 million of 4.95% 30-year debentures (A1/A/A+) with a spread of 147 basis points over Treasuries on Monday, according to an FWP filed with the Securities and Exchange Commission.
Price talk was in the Treasuries plus 175 bps area, a market source told Prospect News.
The debentures priced at 99.613 to yield 4.975%.
The securities will feature a make-whole call at a discount rate of Treasuries plus 25 bps until March 15, 2052, followed by a par call until maturity.
BofA Securities, Inc., J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and U.S. Bancorp Investments, Inc. are the joint bookrunning managers for the offering.
As previously reported, proceeds will be used to refinance eligible green expenditures previously financed between Oct. 1, 2020 through June 30.
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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| Amount: | $400 million
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| Issue: | Debentures
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| Maturity: | Sept. 15, 2052
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| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and U.S. Bancorp Investments, Inc.
|
| Co-manager: | Samuel A. Ramirez & Co., Inc.
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| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | Ropes & Gray LLP and in-house counsel
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| Counsel to underwriters: | Choate, Hall & Stewart LLP
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| Coupon: | 4.95%
|
| Price: | 99.613
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| Yield: | 4.975%
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| Spread: | Treasuries plus 147 bps
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| Call: | Make-whole call at Treasuries plus 25 bps until March 15, 2052, then a par call
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| Trade date: | Sept. 12
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| Settlement date: | Sept. 15
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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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| Price talk: | Treasuries plus 175 bps area
|
| Cusip: | 67021CAT4
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