By Wendy Van Sickle
Columbus, Ohio, June 26 – Connecticut Light and Power Co., doing business as Eversource Energy, sold $300 million of 4.9% 10-year first and refunding mortgage bonds (A1/A+/A+) on Monday at a spread of 120 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes were sold at 99.805 to yield 4.925%.
J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used to refinance short-term debt, to fund capital expenditures and for working capital. As of June 22, 2023, the company had about $303.3 million of short-term debt outstanding, which had an average weighted annual interest rate of 5.25%.
The electric subsidiary of Eversource Energy is based in Berlin, Conn.
| Issuer: | Connecticut Light and Power Co./Eversource Energy
|
| Amount: | $300 million
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| Description: | Series 2023B first and refunding mortgage bonds
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| Maturity: | Dec. 1, 2033
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| Bookrunners: | J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Wells Fargo Securities, LLC
|
| Co-manager: | Samuel A. Ramirez & Co., Inc.
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| Trustee: | Bank of New York Mellon Trust Co., NA
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| Counsel to issuer: | Ropes & Gray LLP and in-house
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| Counsel to underwriters: | Choate, Hall & Stewart LLP
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| Coupon: | 4.9%
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| Price: | 99.805
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| Yield: | 4.925%
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| Spread: | Treasuries plus 120 bps
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| Call feature: | Make-whole call before April 1, 2033 at Treasuries plus 20 bps; thereafter at par
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| Trade date: | June 26
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| Settlement date: | July 6
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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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| Cusip: | 207597EQ4
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