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88
OTHER
As of December 31,
(Millions of Dollars)
2013
2012
Yankee Gas - First Mortgage Bonds:
8.48% Series B due 2022
$
20.0
$
20.0
4.80% Series G due 2014 (6)
75.0
75.0
5.26% Series H due 2019
50.0
50.0
5.35% Series I due 2035
50.0
50.0
6.90% Series J due 2018
100.0
100.0
4.87% Series K due 2020
50.0
50.0
Total First Mortgage Bonds
345.0
345.0
Unamortized Premium
0.7
0.8
Yankee Gas Long-Term Debt
345.7
345.8
NSTAR Gas - First Mortgage Bonds:
9.95% Series J due 2020
25.0
25.0
7.11% Series K due 2033
35.0
35.0
7.04% Series M due 2017
25.0
25.0
4.46% Series N due 2020
125.0
125.0
NSTAR Gas Long-Term Debt
210.0
210.0
Other - Notes and Debentures:
5.65% Senior Notes Series C due 2013 (NU Parent) (7)
-
250.0
Variable Rate Senior Notes Series D due 2013 (NU Parent) (7)
-
300.0
1.45% Senior Notes Series E due 2018 (NU Parent)(7)
300.0
-
2.80% Senior Notes Series F due 2023 (NU Parent)(7)
450.0
-
4.50% Debentures due 2019 (NU Parent)
350.0
350.0
NU Commercial Paper Borrowings (6)
25.0
-
Spent Nuclear Fuel Obligation (CYAPC)
179.4
179.3
Total Other Long-Term Debt
1,304.4
1,079.3
Fair Value Adjustment(8)
230.7
259.9
Less Amounts due Within One Year
-
(550.0)
Less Fair Value Adjustment - Current Portion(8)
(31.7)
(31.7)
Unamortized Premiums and Discounts, Net
(1.3)
-
Total NU Long-Term Debt
$
7,776.8
$
7,200.2
(1) On January 15, 2013, CL&P issued $400 million of 2.50 percent Series A First and Refunding Mortgage Bonds with a maturity
date of January 15, 2023. The proceeds, net of issuance costs, were used to pay short-term borrowings outstanding under
the CL&P credit agreement of $89 million and the NU commercial paper program of $305.8 million. As a result and in
accordance with applicable accounting guidance, these amounts were classified as Long-Term Debt on the balance sheet as
of December 31, 2012.
(2) In April 2012, CL&P remarketed $62 million of tax-exempt PCRBs for a three-year period. The PCRBs, which mature on
May 1, 2031, carry a coupon rate of 1.55 percent during the current three-year fixed rate period and are subject to mandatory
tender for purchase on April 1, 2015. On September 3, 2013, CL&P redeemed at par $125 million of 1.25 percent Series B
2011 PCRBs, which were subject to mandatory tender for purchase, using short-term debt.
(3) On May 17, 2013, NSTAR Electric issued $200 million of three-year floating rate debentures due in May 2016. The proceeds,
net of issuance costs, were used to repay commercial paper borrowings and for general corporate purposes. The debentures
have a coupon rate reset quarterly based on 3-month LIBOR plus a credit spread of 0.24 percent. The interest rate as of
December 31, 2013 was 0.478 percent.
(4) On May 1, 2013, PSNH redeemed at par approximately $109 million of the 2001 Series C PCRBs that were due to mature in
2021 using short-term debt. On November 14, 2013, PSNH issued $250 million of 3.50 percent Series S First Mortgage
Bonds due in 2023. On December 23, 2013, PSNH redeemed approximately $89 million of the Series B PCRBs that were due
to mature in 2021. The proceeds of the Series S issuance were used to repay the short term debt used to redeem the $109
million 2001 Series C PCRBs and to redeem the $89 million Series B PCRBs and pay the associated call premium. The
remaining proceeds of the offering were used to refinance short-term debt.
(5) On September 1, 2013, WMECO repaid at maturity the $55 million Series A Senior Notes using short-term debt. On
November 15, 2013, WMECO issued $80 million of 3.88 percent Series G Senior Notes due in 2023. The proceeds, net of
issuance costs, were used to pay short-term borrowings and for other working capital purposes.
(6) On January 2, 2014, Yankee Gas issued $100 million of 4.82 percent Series L First Mortgage Bonds due to mature in 2044.
The proceeds, net of issuance costs, were used to repay the Series G $75 million First Mortgage Bonds that matured on
January 1, 2014 and to pay $25 million in short-term borrowings. As a result and in accordance with applicable accounting
guidance, these amounts were classified as Long-Term Debt on NU’s balance sheet as of December 31, 2013.
(7) On May 13, 2013, NU parent issued $750 million of Senior Notes, consisting of $300 million of 1.45 percent Series E Senior
Notes due to mature in 2018 and $450 million of 2.80 percent Series F Senior Notes due to mature in 2023. The proceeds,
net of issuance costs, were used to repay the NU parent $250 million Series C Senior Notes at a coupon rate of 5.65 percent
that matured on June 1, 2013 and the NU parent $300 million floating rate Series D Senior Notes that matured on