By Cristal Cody
Tupelo, Miss., Oct. 2 – Eversource Energy priced a $900 million two-part offering of senior notes (Baa1/A-/BBB+) on Monday, including a reopening, according to a market source and an FWP filing with the Securities and Exchange Commission.
The sold $450 million of new 2.9% series L notes due Oct. 1, 2024 at 99.774 to yield 2.936% and a spread of Treasuries plus 77 basis points.
Eversource Energy also priced a $450 million add-on to its 2.75% series K notes due March 15, 2022 at 101.023 to yield 2.501%, or Treasuries plus 57 bps.
The company originally sold $300 million of the notes at 99.86 to yield 2.78%, or Treasuries plus 75 bps, on March 2. The total outstanding now is $750 million.
Both tranches priced on the tight side of guidance.
Barclays, BofA Merrill Lynch and MUFG were the global coordinators for both issues.
Citigroup Global Markets Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC were the bookrunners for the new issue.
Goldman Sachs & Co., J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc. were the bookrunners for the reopening.
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.
| Issuer: | Eversource Energy
|
| Amount: | $900 million
|
| Description: | Senior notes
|
| Trade date: | Oct. 2
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
|
|
| Seven-year notes
|
| Amount: | $450 million
|
| Maturity: | Oct. 1, 2024
|
| Global coordinators: | Barclays, BofA Merrill Lynch and MUFG
|
| Bookrunners: | Citigroup Global Markets Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Co-managers: | Samuel A. Ramirez & Co., Inc. and Williams Capital Group, LP
|
| Coupon: | 2.9%
|
| Price: | 99.774
|
| Yield: | 2.936%
|
| Spread: | Treasuries plus 77 bps
|
| Call features: | Make-whole call at Treasuries plus 12.5 bps before Aug. 1, 2024; thereafter at par
|
| Price guidance: | Treasuries plus 80 bps area
|
|
|
| Five-year notes
|
| Amount: | $450 million reopening
|
| Maturity: | March 15, 2022
|
| Global coordinators: | Barclays, BofA Merrill Lynch and MUFG
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc.
|
| Co-managers: | Samuel A. Ramirez & Co., Inc. and Williams Capital Group, LP
|
| Coupon: | 2.75%
|
| Price: | 101.023
|
| Yield: | 2.501%
|
| Spread: | Treasuries plus 57 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before Feb. 15, 2022; thereafter at par
|
| Price guidance: | Treasuries plus 60 bps area
|
| Total outstanding: | $750 million, including $300 million of notes priced on March 2 99.86 to yield 2.78%, or Treasuries plus 75 bps
|
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