Connecticut Light and Power Co. sold $500 million of its 4% series 2018A first and refunding mortgage bonds due April 1, 2048, according to a March 19 free writing prospectus.
Interest on the bonds is payable semiannually on April 1 and Oct. 1 of each year, starting Oct. 1. The bonds have a spread to benchmark Treasury of 93 basis points. The issue was expected to be rated A2 by Moody's, A+ by Fitch Ratings and AA- by S&P Global Ratings.
The Eversource Energy subsidiary intends to use net proceeds to repay all of its outstanding 5.65% first and refunding mortgage bonds 2008 series A due May 1 and repay short-term debt.
Barclays Capital Inc., Merrill Lynch Pierce Fenner & Smith Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc. acted as joint book-running managers. Samuel A. Ramirez & Co. Inc. served as the sole co-manager.
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