By Aleesia Forni
Virginia Beach, May 13 – Connecticut Light and Power Co., doing business as Eversource Energy, sold $300 million of 4.15% first and refunding mortgage bonds, 2015 series A, due June 1, 2045 on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds (A2/A+/A) priced at 98.261 to yield 4.253%, or Treasuries plus 120 basis points.
The joint bookrunners are Citigroup Global Markets Inc., Goldman Sachs & Co., Wells Fargo Securities LLC, TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
Proceeds will be used to refinance short-term debt.
The electric subsidiary of Northeast Utilities is based in Berlin, Conn.
| Issuer: | Connecticut Light & Power Co.
|
| Amount: | $300 million
|
| Description: | First mortgage bonds
|
| Maturity: | June 1, 2045
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., Wells Fargo Securities LLC, TD Securities (USA) LLC, U.S. Bancorp Investments Inc.
|
| Co-manager: | Williams Capital Group LP
|
| Coupon: | 4.15%
|
| Price: | 98.261
|
| Yield: | 4.253%
|
| Spread: | 120 bps over Treasuries
|
| Make-whole call: | Prior to Dec. 1, 2044 at Treasuries plus 20 bps; afterward at par
|
| Trade date: | May 13
|
| Settlement date: | May 20
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A+
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | 130 bps area over Treasuries
|
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