By Cristal Cody
Tupelo, Miss., Oct. 2 – Nstar Electric Co., doing business as Eversource Energy, sold a $350 million add-on to its debentures due May 15, 2027 (A2/A/A+) on Monday at 101.173 to yield 3.055% and a spread of Treasuries plus 72 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The debentures were talked to price with a spread in the Treasuries plus 75 bps area.
Barclays, BofA Merrill Lynch and MUFG were the global coordinators. MUFG, BNY Mellon Capital Markets LLC, KeyBanc Capital Markets Inc. and RBC Capital Markets, LLC were the bookrunners.
The company originally sold $350 million of the bonds on May 10 at 99.924 to yield 3.209%, or Treasuries plus 80 bps. The total outstanding now is $700 million.
Proceeds will be used to help repay at maturity the company's $400 million 5.625% debentures due Nov. 15, 2017.
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 reopening
|
| Description: | Debentures
|
| Maturity: | May 15, 2027
|
| Global coordinators: | Barclays, BofA Merrill Lynch and MUFG
|
| Bookrunners: | MUFG, BNY Mellon Capital Markets LLC, KeyBanc Capital Markets Inc. and RBC Capital Markets, LLC
|
| Co-managers: | Samuel A. Ramirez & Co. Inc. and Williams Capital Group LP
|
| Coupon: | 3.2%
|
| Price: | 101.173
|
| Yield: | 3.055%
|
| Spread: | Treasuries plus 72 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before Feb. 15, 2027; thereafter at par
|
| Trade date: | Oct. 2
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 75 bps area
|
| Total outstanding: | $700 million, including $350 million of bonds priced on May 10 at 99.924 to yield 3.209%, or Treasuries plus 80 bps
|
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