By Cristal Cody
Tupelo, Miss., March 19 – Connecticut Light and Power Co., doing business as Eversource Energy, sold $500 million of 4% series 2018A first and refunding mortgage bonds due April 1, 2048 on Monday at a spread of 93 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
Connecticut Light and Power priced the bonds (A2/AA-/A+) at 99.757 to yield 4.014%.
Barclays, BofA Merrill Lynch, Mizuho Securities USA LLC and MUFG were the bookrunners.
Proceeds will be used to repay at maturity all of the company’s $300 million outstanding of 5.65% series 2008A first and refunding mortgage bonds due May 1, 2018 and to repay short-term debt. As of March 15, the company had about $135.1 million of outstanding short-term debt.
The Boston-based company is engaged in the energy delivery business through utility subsidiaries.
| Issuer: | Connecticut Light and Power Co./Eversource Energy
|
| Amount: | $500 million
|
| Maturity: | April 1, 2048
|
| Description: | First and refunding mortgage bonds
|
| Bookrunners: | Barclays, BofA Merrill Lynch, Mizuho Securities USA LLC and MUFG
|
| Co-manager: | Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 4%
|
| Price: | 99.757
|
| Yield: | 4.014%
|
| Spread: | Treasuries plus 93 bps
|
| Call feature: | Make-whole call before Oct. 1, 2047 at Treasuries plus 15 bps; thereafter at par
|
| Trade date: | March 19
|
| Settlement date: | March 28
|
| Ratings: | Moody’s: A2
|
| S&P: AA-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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