Connecticut Light plans $300 million tap of mortgage bonds due 2048

By Devika Patel

Knoxville, Tenn., March 25 – Connecticut Light and Power Co., doing business as Eversource Energy, is eyeing an additional $300 million offering of its 4% first and refunding mortgage bonds, 2018 series A, due April 1, 2048, according to a 424B3 filed with the Securities and Exchange Commission.

The issuer originally issued $500 million of the bonds on March 28, 2018. The original bonds priced at 99.757 to yield 4.014%, or 94 basis points over Treasuries.

The notes have a make-whole call at Treasuries plus 15 bps until six months prior to maturity and then are callable at par.

J.P. Morgan Securities LLC, Mizuho Securities USA Inc. MUFG and Wells Fargo Securities LLC are the bookrunners. Samuel A. Ramirez & Co. Inc. is the co-manager.

Proceeds will be used to refinance short-term debt, for capital expenditures and for working capital.

The electric subsidiary of Northeast Utilities is based in Berlin, Conn.

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