Eversource eyes $900 million two-tranche notes sale, including add-on

By Devika Patel

Knoxville, Tenn., Oct. 2 – Eversource Energy will conduct a $900 million two-part offering of fixed-rate senior notes, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will be sold in two tranches, including a $450 million add-on to its 2.75% series K notes due March 15, 2023 and a new $450 million tranche of series L notes due Oct. 1, 2024. The company sold $300 million of 2.75% series K senior notes (Baa1/A-/BBB+) at 99.86 to yield 2.78%, or Treasuries plus 75 basis points, on March 2.

The series K notes have a make-whole call until Feb. 15, 2022 at Treasuries plus 15 bps and then a par call; the series L notes have a make-whole call until Aug. 1, 2024 and then a par call.

Barclays, BofA Merrill Lynch and MUFG are the global coordinators.

Goldman Sachs & Co., J.P. Morgan Securities LLC, PNC Capital Markets LLC, U.S. Bancorp Investments Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC are the bookrunners.

Samuel A. Ramirez & Co. Inc. and Williams Capital Group LP are the co-managers.

Proceeds will be used to repay the company’s $978 million of short-term debt.

The Boston-based company is engaged in the energy delivery business through utility subsidiaries.

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