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Connecticut Light plans add-on to 4.3% first mortgage bonds due 2044
By Devika Patel
Knoxville, Tenn., Aug. 8 – Connecticut Light and Power Co., doing business as Eversource Energy, is eyeing an additional sale of its 4.3% first and refunding mortgage bonds (A2/A/A), 2014 series A, due April 15, 2044, according to a 424B3 filed with the Securities and Exchange Commission.
The company sold $250 million of the notes on April 14, 2014 in a deal that settled on April 24, 2014 at par with a spread of 82 basis points over Treasuries.
The notes have a make-whole call at Treasuries plus 12.5 bps until Oct. 15, 2043, and then are callable at par.
Mizuho Securities USA Inc. and Wells Fargo Securities LLC are the bookrunners. Samuel A. Ramirez & Co. Inc. is the co-manager.
Proceeds will be used to refinance short-term debt, for capital expenditures and for working capital needs.
The electric subsidiary of Northeast Utilities is based in Berlin, Conn.
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