By Cristal Cody
Tupelo, Miss., May 10 – Nstar Electric Co., doing business as Eversource Energy, sold $350 million of 3.2% 10-year debentures on Wednesday at a spread of 80 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The debentures (A2/A/A+) priced at 99.924 to yield 3.209%.
BofA Merrill Lynch, MUFG and RBC Capital Markets, LLC were the bookrunners.
Proceeds will be used to repay short-term debt, for capital expenditures and for working capital.
The Boston-based company is engaged in the energy delivery business through utility subsidiaries.
| Issuer: | Nstar Electric Co., doing business as Eversource Energy
|
| Amount: | $350 million
|
| Description: | Debentures
|
| Maturity: | May 15, 2027
|
| Bookrunners: | BofA Merrill Lynch, MUFG and RBC Capital Markets, LLC
|
| Senior co-manager: | KeyBanc Capital Markets Inc.
|
| Co-manager: | Williams Capital Group LP
|
| Coupon: | 3.2%
|
| Price: | 99.924
|
| Yield: | 3.209%
|
| Spread: | Treasuries plus 80 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before Feb. 15, 2027; thereafter at par
|
| Trade date: | May 10
|
| Settlement date: | May 15
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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