Connecticut Light and Power Co. sold $225 million of its 4.30% 2014 series A first and refunding mortgage bonds due April 15, 2044, according to an Aug. 8 free writing prospectus.
The Eversource Energy subsidiary plans to use net proceeds to refinance its short-term debt and fund its CapEx and working capital needs. As of Aug. 3, the company had approximately $70 million of outstanding short-term debt.
Interest on the notes is payable semiannually on April 15 and Oct. 15 of each year, starting Oct. 15. The bonds have a spread to benchmark Treasury of 85 basis points and were expected to be rated A2 by Moody's and A+ by both, S&P Global Ratings and Fitch Ratings.
Mizuho Securities USA LLC and Wells Fargo Securities LLC served as joint book-running managers. Samuel A. Ramirez & Co. Inc. acted as the sole co-manager.
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