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Eversource to offer 15.6 million common shares

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Eversource to offer 15.6 million common shares

Eversource Energy on May 30 announced plans to launch a public offering of 15.6 million common shares.

The company said it will directly offer 3.6 million shares to underwriters. Goldman Sachs & Co. LLC and Barclays Capital Inc. are acting as joint-book running managers and representatives of the underwriters.

In addition, Goldman Sachs & Co. LLC expects to borrow from third parties and sell 12 million shares of the company to the underwriters under a forward sale agreement.

The company plans to grant the underwriters a 30-day option to purchase up to 2.3 million additional common shares on the same terms.

Eversource expects to settle the forward sale agreement and receive proceeds in multiply settlements by May 29, 2020. The company will not initially receive any proceeds from the sale of its shares by Goldman Sachs to the underwriters.

Any net proceeds that Eversource will receive upon settlement of the sales will be used by the company to repay a portion of its outstanding short-term debt, to fund capital spending, clean energy initiatives and for general corporate purposes.