Eversource 2002 Annual Report Download - page 41

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At December 31,
(Thousands of Dollars) 2002 2001
Common Shareholders’ Equity $2,210,521 $2,117,640
Preferred Stock:
CL&P Preferred Stock Not Subject
to Mandatory Redemption –
$50 par value – authorized 9,000,000
shares in 2002 and 2001; 2,324,000
shares outstanding in 2002 and 2001;
Dividend rates of $1.90 to $3.28; Current
redemption prices of $50.50 to $54.00 116,200 116,200
Long-Term Debt: (a)
First Mortgage Bonds –
Final Maturity Interest Rates
2005 5.00% to 6.75% 116,000 140,000
2009-2012 6.20% to 7.19% 80,000 80,000
2019-2024 7.88% to 10.07% 254,995 255,945
2026 8.81% 320,000 320,000
Total First Mortgage Bonds 770,995 795,945
Other Long-Term Debt –
Pollution Control Notes
and Other Notes – (b)
2003-2012 6.24% to 8.58%
and Adjustable Rate 358,400 381,500
2016-2018 5.90% 25,400 25,400
2021-2022 Adjustable Rate and
1.55% to 6.00% 428,285 428,285
2028 5.85% to 5.95% 369,300 369,300
2031 Adjustable Rate 62,000 62,000
Total Pollution Control
Notes and Other Notes 1,243,385 1,266,485
Fees and interest due for spent nuclear
fuel disposal costs (c) 253,638 249,314
Other 80,181 36,257
Total Other Long-Term Debt 1,577,204 1,552,056
Unamortized premium and discount, net (4,149) (4,983)
Total Long-Term Debt 2,344,050 2,343,018
Less: Amounts due within one year 56,906 50,462
Long-Term Debt, Net 2,287,144 2,292,556
Total Capitalization $4,613,865 $4,526,396
The accompanying notes are an integral part of these consolidated
financial statements.
(a) Long-term debt maturities and cash sinking fund requirements
on debt outstanding at December 31, 2002, for the years 2003
through 2007 and thereafter, excluding fees and interest due for
spent nuclear fuel disposal costs of $253.6 million and unamortized
premiums and discounts of $4.1 million are $56.9 million,
$61.7 million, $88.7 million, $26.6 million, $8.3 million, and
$1,852.4 million, respectively.
Essentially all utility plant of CL&P, PSNH, NGC, and Yankee is
subject to the liens of each company’s respective first mortgage
bond indenture.
CL&P has $315.5 million of pollution control notes secured by
second mortgage liens on transmission assets, junior to the liens
of their first mortgage bond indentures.
CL&P has $62 million of tax-exempt Pollution Control Revenue
Bonds (PCRBs) with bond insurance secured by the first mortgage
bonds and a liquidity facility. For financial reporting purposes,
these first mortgage bonds would not be considered outstanding
unless CL&P failed to meet its obligations under the PCRBs.
PSNH entered into financing arrangements with the Business
Finance Authority (BFA) of the state of New Hampshire, pursuant
to which, the BFA issued five series of PCRBs and loaned the
proceeds to PSNH. At December 31, 2002 and 2001, $407.3 million
of the PCRBs were outstanding. PSNH’s obligation to repay each
series of PCRBs is secured by bond insurance and the first mortgage
bonds. Each such series of first mortgage bonds contains similar
terms and provisions as the applicable series of PCRBs. For financial
reporting purposes, these first mortgage bonds would not be
considered outstanding unless PSNH failed to meet its obligations
under the PCRBs.
(b) The average effective interest rate on the variable-rate pollution
control notes ranged from 1.2 percent to 1.7 percent for 2002 and
1.2 percent to 3.8 percent for 2001. NU’s variable rate long-term
debt maturities and cash sinking fund requirements are $178.5
million in 2021 and $62 million in 2031.
(c) For information regarding fees and interest due for spent
nuclear fuel disposal costs, see Note 8C, “Commitments and
Contingencies – Spent Nuclear Fuel Disposal Costs,” to the
consolidated financial statements.
Consolidated Statements
of Capitalization
Notes to Consolidated Statements
of Capitalization