By William Gullotti
Buffalo, N.Y., Jan. 3 – Connecticut Light and Power Co., doing business as Eversource Energy, priced $500 million of 5.25% 30-year first and refunding mortgage bonds (A1/A+/A+) at a spread of 135 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The bonds feature a make whole call, discounted at Treasuries plus 25 bps, at any time until July 15, 2052, followed by a par call until maturity.
Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, MUFG Securities Americas Inc. and TD Securities (USA) LLC are acting as joint bookrunning managers.
Proceeds will be used to repay at maturity all outstanding 2.5% first and refunding mortgage bonds, 2013 series A with $400 million aggregate principal amount maturing on Jan. 15, 2023, to repay short-term debt if any is outstanding at closing and to fund capital expenditures and working capital. As of Dec. 29, the company had no short-term debt outstanding.
The electric subsidiary of Northeast Utilities is based in Berlin, Conn.
| Issuer: | Connecticut Light and Power Co., doing business as Eversource Energy
|
| Amount: | $500 million
|
| Issue: | First and refunding mortgage bonds, series A
|
| Maturity: | Jan. 15, 2053
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, MUFG Securities Americas Inc. and TD Securities (USA) LLC
|
| Co-manager: | Samuel A. Ramirez & Co., Inc.
|
| Trustee: | Deutsche Bank Trust Co. Americas
|
| Counsel to issuer: | Ropes & Gray LLP and in-house counsel
|
| Counsel to underwriters: | Choate, Hall & Stewart LLP
|
| Coupon: | 5.25%
|
| Price: | 99.789
|
| Yield: | 5.264%
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| Spread: | Treasuries plus 135 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps until July 15, 2052; thereafter at par
|
| Trade date: | Jan. 3
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| Settlement date: | Jan. 10
|
| Ratings: | Moody’s: A1
|
| S&P: A+
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| Fitch: A+
|
| Cusip: | 207597EP6
|
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