PSNH Funding LLC III’s $635.7 million offering of rate reduction bonds

Hunton Andrews Kurth LLP acted as counsel to the structuring agent and underwriters on an SEC-registered offering of $635,663,200 aggregate principal amount of Rate Reduction Bonds, Series 2018-1 (the “Bonds”) by the PSNH Funding LLC III, as “Issuing Entity”, a special purpose entity, wholly-owned by Public Service Company of New Hampshire (“PSNH”), as sponsor and depositor.

Goldman Sachs & Co. and Citigroup acted as Joint Bookrunners and Barclays and BofA Merrill Lynch acted as Co Managers on the offering

The Bonds were sold pursuant to a finance order issued by the New Hampshire Public Utilities Commission. The Bond proceeds will be used to purchase RRB property from PSNH. PSNH will use the proceeds to redeem outstanding PSNH debt relating to certain of its stranded costs resulting from the divestiture of its generating assets. The Bonds are a category of utility rate reduction bonds issued on behalf of public utilities and are the second securities to be registered with the SEC on Form SF-1.

The Hunton Andrews Kurth team included Michael Fitzpatrick (Picture) and Adam O’Brian. Jason Harbour assisted with certain bankruptcy advice, Eric Nedell assisted with certain UCC/security interest matters, Samuel Danon and Dain De Souza assisted with US Constitutional matters, Brent Lewis assisted with certain Regulation AB advice and Cary Tolley and Anna Page provided tax advice.

Involved fees earner: Michael Fitzpatrick Jr. – Hunton Andrew Kurth; Adam O’Brian – Hunton Andrew Kurth; Jason Harbour – Hunton Andrew Kurth; Eric Nedell – Hunton Andrew Kurth; Brent Lewis – Hunton Andrew Kurth; Samuel Danon – Hunton Andrew Kurth; Dain De Souza – Hunton Andrew Kurth; Cary Tolley – Hunton Andrew Kurth; Anna Knecht Page – Hunton Andrew Kurth;

Law Firms: Hunton Andrew Kurth;

Clients: Barclays Bank; Bank of America Merrill Lynch; Citigroup Inc.; Goldman, Sachs & Co.;


Author: Ambrogio Visconti