By Cristal Cody
Tupelo, Miss., March 2 – Eversource Energy and the Connecticut Light and Power Co., doing business as Eversource Energy, sold $600 million of bonds in two parts on Thursday, according to a market source and FWP filings with the Securities and Exchange Commission.
Eversource Energy sold $300 million of 2.75% series K senior notes due March 15, 2022 (Baa1/A-/BBB+) at 99.86 to yield 2.78%, or Treasuries plus 75 basis points.
Connecticut Light and Power, doing business as Eversource Energy, priced $300 million of 3.2% 10-year 2017 series A first and refunding mortgage bonds (A2/A+/A+) at 99.66 to yield 3.24%, or Treasuries plus 75 bps.
Both tranches priced on the tight side of guidance.
Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC, TD Securities (USA) LLC and U.S. Bank Investments, Inc. were the bookrunners.
Proceeds will be used to repay portions of Eversource Energy's $1.14 billion of short-term debt and Connecticut Light’s $152.1 million of short-term debt, to fund capital expenditures and for working capital.
The Boston-based company is engaged in the energy delivery business through utility subsidiaries.
| Issuers: | Eversource Energy/Connecticut Light and Power Co.
|
| Amount: | $600 million
|
| Description: | Senior notes and first and refunding mortgage bonds
|
| Bookrunners: | Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC, TD Securities (USA) LLC and U.S. Bank Investments, Inc.
|
| Senior co-manager: | PNC Capital Markets LLC
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| Co-manager: | Samuel A. Ramirez & Co., Inc.
|
| Trade date: | March 2
|
| Settlement date: | March 10
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
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| Issuer: | Eversource Energy
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2022
|
| Coupon: | 2.75%
|
| Price: | 99.86
|
| Yield: | 2.78%
|
| Spread: | Treasuries plus 75 bps
|
| Call feature: | Make-whole call before Feb. 15, 2022 at Treasuries plus 15 bps; thereafter at par
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: BBB+
|
| Price guidance: | Treasuries plus 80 bps area, plus or minus 5 bps
|
|
|
| 10-year bonds
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| Issuer: | Connecticut Light and Power Co., doing business as Eversource Energy
|
| Amount: | $300 million
|
| Description: | First and refunding mortgage bonds
|
| Maturity: | March 15, 2027
|
| Coupon: | 3.2%
|
| Price: | 99.66
|
| Yield: | 3.24%
|
| Spread: | Treasuries plus 75 bps
|
| Call feature: | Make-whole call before Dec. 15, 2026 at Treasuries plus 15 bps; thereafter at par
|
| Ratings: | Moody’s: A2
|
| S&P: A+
|
| Fitch: A+
|
| Price guidance: | Treasuries plus 80 bps area, plus or minus 5 bps
|
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