By Cristal Cody
Tupelo, Miss., March 25 – Connecticut Light and Power Co., doing business as Eversource Energy, priced an additional $300 million of its 4% first and refunding mortgage bonds due April 1, 2048 on Monday at a spread of Treasuries plus 100 basis points, according to an FWP filed with the Securities and Exchange Commission.
The bonds (A1/AA-/A+) priced at 102.652 to yield 3.846%.
The company originally issued $500 million of the bonds on March 28, 2018 at 99.757 to yield 4.014%, or a 94 bps spread over Treasuries. The total outstanding is now $800 million.
J.P. Morgan Securities LLC, Mizuho Securities USA Inc. MUFG and Wells Fargo Securities LLC were the bookrunners.
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.
| Issuer: | Connecticut Light and Power Co., doing business as Eversource Energy
|
| Amount: | $300 million reopening
|
| Maturity: | April 1, 2048
|
| Description: | 2018 series A first and refunding mortgage bonds
|
| Bookrunners: | J.P. Morgan Securities LLC, Mizuho Securities USA Inc. MUFG and Wells Fargo Securities LLC
|
| Co-manager: | Samuel A. Ramirez & Co. Inc.
|
| Coupon: | 4.25%
|
| Price: | 102.652
|
| Yield: | 3.846%
|
| Spread: | Treasuries plus 100 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before Oct. 1, 2047; thereafter at par
|
| Trade date: | March 25
|
| Settlement date: | April 1
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Total outstanding: | $800 million, including $500 million of bonds issued March 28, 2018 at 99.757 to yield 4.014%, or 94 bps over Treasuries
|
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