Eversource plans to conduct two-tranche notes sale, including add-on

By Devika Patel

Knoxville, Tenn., Jan. 3 – Eversource Energy will price a 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, one an add-on to the company’s 2.5% series I notes due March 15, 2021, the other a new series M note due Jan. 15, 2028.

The company originally sold $250 million of 2.5% five-year series I notes at 99.789 to yield 2.545%, or Treasuries plus 112 basis points, in a sale that priced on March 7, 2016.

The series I notes have a make-whole call until Feb. 15, 2021 at Treasuries plus 20 bps and then a par call. The series M notes will have a make-whole call until Oct. 15, 2027 and then a par call.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets Corp., TD Securities (USA) LLC, Wells Fargo Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are the bookrunners.

Williams Capital Group LP is the co-manager.

Proceeds will be used to repay at maturity the company’s $150 million of series G senior notes due Jan. 15, 2018, repay at maturity all $300 million of the series E senior notes due May 1, 2018 and repay a portion of Eversource’s short-term debt.

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

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