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Eversource subsidiary issues $635.7M of rate reduction bonds

PSNH Funding LLC 3, with Public Service Co. of New Hampshire as sponsor, on May 8 sold about $635.7 million of rate reduction bonds series 2018-1. Public Service Co. of New Hampshire is a subsidiary of Eversource Energy.

The bonds were issued in three tranches: $235.9 million of 3.094% Tranche A-1 rate reduction bonds due 2026, $111.6 million of 3.506% Tranche A-2 rate reduction bonds due 2028, and $288.2 million of 3.814% Tranche A-3 rate reduction bonds due 2035.

Interest on the bonds is payable Feb. 1 and Aug. 1 each year starting Feb. 1, 2019. Net proceeds from the issuance are expected to be approximately $628.9 million after deducting underwriting discounts and commissions and upfront transaction costs.

The Bank of New York Mellon served as indenture trustee, and Goldman Sachs & Co. LLC served as structuring agent. Goldman Sachs and Citigroup Global Markets Inc. were joint bookrunners for the transaction, while Barclays Capital Inc. and Merrill Lynch Pierce Fenner & Smith Inc. acted as co-managers.