Public Service Company of New Hampshire, 073120 NHPUC, 26, 390
|Docket Nº:||Order 26, 390|
|Opinion Judge:||Dianne Martin, Chairwoman|
|Judge Panel:||Kathryn M. Bailey, Michael S. Giaimo Commissioners.|
|Case Date:||July 31, 2020|
Petition for Approval of Financing Transaction
Order Nisi Approving Financing Transaction
Dianne Martin, Chairwoman
In this order, the Commission authorizes Public Service Company of New Hampshire d/b/a Eversource Energy to borrow up to $200 million through bond issuances through December 31, 2020. This order is issued on a nisi basis to ensure that interested persons receive notice and have the opportunity to comment or request a hearing before the order becomes effective.
The petition and subsequent docket filings, other than information for which confidential treatment is requested of or granted by the Commission, are posted to the Commission's website at https://www.puc.nh.gov/Regulatory/Docketbk/2020/20-072.html.
On May 18, 2020, Public Service Company of New Hampshire d/b/a Eversource Energy (Eversource) filed a petition pursuant to RSA 369:1 for authorization to issue long-term debt securities, through December 31, 2020, in an amount up to $200 million in aggregate principal, and to mortgage property in connection with the issuance of long-term debt securities and first mortgage bonds.
With its petition, Eversource provided testimony and, as required by N.H. Admin. R., Puc 308.12, also submitted Form F-4 information showing the impact of the proposed financing, with a description of its authorized and outstanding long-term debt, capital stock, and short-term debt.
Eversource stated that it would use the proposed financing to: (1) refinance its short-term debt; (2) finance capital expenditures for its distribution and transmission businesses; and (3) fund working capital needs. Eversource attached to the petition its proposed 2020 construction budget, representing approximately $345 million associated with capital improvements to its distribution and transmission systems. According to Eversource, the purpose of the financing is in the public good and, therefore, the financing transaction should be authorized under RSA 369:1.
To implement the financing, Eversource proposed to issue and sell up to $200 million in aggregate principal amount of long-term debt in the form of first mortgage bonds during the period from the date of the Commission's order approving the financing through December 31, 2020, with a fixed interest rate and a maturity ranging from one to thirty years...
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