Published on 1/16/2024 in the Prospect News Investment Grade Daily.
New Issue: Connecticut Light prices $350 million of 4.65% five-year bonds at 75 bps spread
By Wendy Van Sickle
Columbus, Ohio, Jan. 16 – Connecticut Light and Power Co., doing business as Eversource Energy, sold $350 million of 4.65% five-year first and refunding mortgage bonds (A1/A+/A+) on Tuesday at a spread of 75 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes were sold at 99.793 to yield 4.698%.
BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, TD Securities (USA) LLC and Wells Fargo Securities, LL were the bookrunners.
Proceeds will be used to refinance short-term debt, to fund capital expenditures and for working capital. As of Jan. 11, the company had about $383.9 million of short-term debt outstanding, which had an average weighted annual interest rate of 5.54%.
The electric wholly owned subsidiary of Massachusetts-based Eversource Energy is based in Berlin, Conn.
| Issuer: | Connecticut Light and Power Co./Eversource Energy
|
| Amount: | $350 million
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| Description: | Series 2024A first and refunding mortgage bonds
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| Maturity: | Jan. 1, 2029
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| Bookrunners: | BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, TD Securities (USA) LLC and Wells Fargo Securities, LL
|
| Co-managers: | Samuel A Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
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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: | 4.65%
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| Price: | 99.793
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| Yield: | 4.698%
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| Spread: | Treasuries plus 75 bps
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| Call feature: | Make-whole call before Dec. 1, 2028 at Treasuries plus 15 bps; thereafter at par
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| Trade date: | Jan. 16
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| Settlement date: | Jan. 23
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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: | 207597ER2
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