Summary
Eversource Energy (ES) has filed an 8-K to report the issuance of new debt securities on August 13, 2021. The company raised a total of $650 million by issuing two series of Senior Notes: $350 million in Floating Rate Notes due in 2023 and $300 million in 1.40% Fixed Rate Notes due in 2026. These notes are unsecured obligations of Eversource Energy and were issued under an indenture supplemented by a new agreement. This issuance represents a strategic move to manage its capital structure and potentially fund ongoing operations and investments. Investors should note that the Floating Rate Notes will have interest payments adjusted periodically, while the Fixed Rate Notes carry a coupon of 1.40%. The issuance was conducted under an Underwriting Agreement with several prominent financial institutions acting as representatives of the underwriters. The filing includes relevant legal documentation, including the underwriting agreement, supplemental indenture, and a legal opinion on the validity of the notes, which are crucial for understanding the terms and conditions of this new debt.
Key Highlights
- 1Eversource Energy issued $350 million in Senior Notes, Series T, Due 2023 (Floating Rate Notes).
- 2Eversource Energy issued $300 million in 1.40% Senior Notes, Series U, Due 2026 (Fixed Rate Notes).
- 3Total aggregate principal amount of notes issued is $650 million.
- 4The notes are unsecured obligations of Eversource Energy.
- 5Interest on Floating Rate Notes is payable quarterly, while Fixed Rate Notes interest is payable semi-annually.
- 6The issuance was made under an Underwriting Agreement with a syndicate of underwriters.