By Cristal Cody
Tupelo, Miss., Jan. 7 – Eversource Energy priced an upsized $350 million of 3.45% 30-year senior notes (Baa1/BBB+/BBB+) on Tuesday at a spread of Treasuries plus 115 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 130 bps to 135 bps area.
The deal was upsized from $300 million.
The issue was sold at 99.814 to yield 3.46%.
Bookrunners were Barclays, J.P. Morgan Securities LLC, PNC Capital Markets LLC, TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
Proceeds from the offering will be used to refinance short-term debt.
The Boston-based company is engaged in the energy delivery business through utility subsidiaries.
| Issuer: | Eversource Energy
|
| Amount: | $350 million
|
| Description: | Series P senior notes
|
| Maturity: | Jan. 15, 2050
|
| Bookrunners: | Barclays, J.P. Morgan Securities LLC, PNC Capital Markets LLC, TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
|
| Co-manager: | Siebert Williams Shank & Co. LLC
|
| Coupon: | 3.45%
|
| Price: | 99.814
|
| Yield: | 3.46%
|
| Spread: | Treasuries plus 115 bps
|
| Call features: | Make-whole call before July 15, 2049 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 10
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 130 bps-135 bps area
|
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