Nstar Electric offers $150 million fixed-rate debentures due 2028

By Mary-Katherine Stinson

Lexington, Ky., Sept. 18 – Nstar Electric Co., doing business as Eversource Energy, plans to price $150 million of debentures due Oct. 1, 2028, according to a 424B3 filing with the Securities and Exchange Commission.

The debentures will feature a make-whole call until Sept. 1, 2028, one month prior to maturity, and then a par call.

BofA Securities, Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC are acting as joint bookrunning managers. Siebert Williams Shank & Co., LLC is a co-manager.

Bank of New York Mellon Trust Co., NA is the trustee.

The company will use in-house counsel and Ropes & Gray LLP for legal advice. Choate, Hall & Stewart LLP will be counsel to the underwriters.

The company intends to use proceeds to repay at maturity all its $80 million outstanding 3.88% senior notes, series G, due 2023 maturing on Nov. 15, to repay a portion of outstanding short-term debt and for general corporate purposes. As of Sept. 14, the company had approximately $265 million of short-term debt outstanding with a weighted-average annual interest rate of 5.36%.

Eversource Energy is a Boston-based public utility holding company.

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