By Aleesia Forni
New York, March 7 – Eversource Energy sold a $500 million issue of senior notes (Baa1/A-/BBB+) in two parts, according to two separate FWP filings with the Securities and Exchange Commission.
Included in the sale was $250 million of 2.5% five-year series I notes sold at 99.789 to yield 2.545%, or Treasuries plus 112 basis points.
Also, $250 million of 3.35% 10-year series J note sold at 147 bps over Treasuries. Pricing was at 99.696 to yield 3.386%.
Both tranches sold at the tight side of guidance.
The joint bookrunners are Barclays, BofA Merrill Lynch, TD Securities (USA) LLC, RBC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
Proceeds will be used to repay short-term debt.
The Boston-based company is engaged in the energy deliver business through utility subsidiaries.
| Issuer: | Eversource Energy
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Bookrunners: | Barclays, BofA Merrill Lynch, TD Securities (USA) LLC, RBC Capital Markets LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Co-manager: | Ramirez & Co. Inc.
|
| Trade date: | March 7
|
| Settlement date: | March 10
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: A-
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $250 million
|
| Maturity: | March 15, 2021
|
| Coupon: | 2.5%
|
| Price: | 99.789
|
| Yield: | 2.545%
|
| Spread: | Treasuries plus 112 bps
|
| Price guidance: | Treasuries plus 115 bps area (+/- 3 bps)
|
| Make-whole call: | Treasuries plus 20 bps prior to Feb. 15, 2021, then callable at par
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | March 15, 2026
|
| Coupon: | 3.35%
|
| Price: | 99.696
|
| Yield: | 3.386%
|
| Spread: | Treasuries plus 147 bps
|
| Price guidance: | Treasuries plus 150 bps area (+/- 3 bps)
|
| Make-whole call: | Treasuries plus 25 bps prior to Dec. 15, 2025, then callable at par
|
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