LONG-TERM DEBT

Details of long-term debt outstanding are as follows:



CL&P (Millions of Dollars)	As of December 31,
	2017			2016
First Mortgage Bonds:
7.875% 1994 Series D due 2024	$	139.8		$	139.8
5.750% 2004 Series B due 2034	130.0			130.0
5.625% 2005 Series B due 2035	100.0			100.0
6.350% 2006 Series A due 2036	250.0			250.0
5.375% 2007 Series A due 2017	—			150.0
5.750% 2007 Series B due 2037	150.0			150.0
5.750% 2007 Series C due 2017	—			100.0
6.375% 2007 Series D due 2037	100.0			100.0
5.650% 2008 Series A due 2018	300.0			300.0
5.500% 2009 Series A due 2019	250.0			250.0
2.500% 2013 Series A due 2023	400.0			400.0
4.300% 2014 Series A due 2044	475.0			250.0
4.150% 2015 Series A due 2045	350.0			350.0
3.200% 2017 Series A due 2027	300.0			—
Total First Mortgage Bonds	2,944.8			2,669.8
Pollution Control Revenue Bonds:
4.375% Fixed Rate Tax Exempt due 2028	120.5			120.5
Less Amounts due Within One Year	(300.0		)	(250.0		)
Unamortized Premiums and Discounts, Net	11.5			(10.0		)
Unamortized Debt Issuance Costs	(17.7		)	(14.3		)
CL&P Long-Term Debt	$	2,759.1		$	2,516.0



NSTAR Electric (Millions of Dollars)	As of December 31,
	2017			2016
Debentures:
5.750% due 2036	$	200.0		$	200.0
5.625% due 2017	—			400.0
5.500% due 2040	300.0			300.0
2.375% due 2022	400.0			400.0
4.400% due 2044	300.0			300.0
3.250% due 2025	250.0			250.0
2.700% due 2026	250.0			250.0
3.200% due 2027	700.0			—
Total Debentures	2,400.0			2,100.0
Notes:
5.900% Senior Notes Series B due 2034	50.0			50.0
6.700% Senior Notes Series D due 2037	40.0			40.0
5.100% Senior Notes Series E due 2020	95.0			95.0
3.500% Senior Notes Series F due 2021	250.0			250.0
3.880% Senior Notes Series G due 2023	80.0			80.0
2.750% Senior Notes Series H due 2026	50.0			50.0
Total Notes	565.0			565.0
Less Amounts due Within One Year	—			(400.0		)
Unamortized Premiums and Discounts, Net	(1.8		)	(4.9		)
Unamortized Debt Issuance Costs	(19.4		)	(15.5		)
NSTAR Electric Long-Term Debt	$	2,943.8		$	2,244.6



PSNH (Millions of Dollars)	As of December 31,
PSNH (Millions of Dollars)	2017			2016
First Mortgage Bonds:
5.600% Series M due 2035	$	50.0		$	50.0
6.150% Series N due 2017	—			70.0
6.000% Series O due 2018	110.0			110.0
4.500% Series P due 2019	150.0			150.0
4.050% Series Q due 2021	122.0			122.0
3.200% Series R due 2021	160.0			160.0
3.500% Series S due 2023	325.0			325.0
Total First Mortgage Bonds	917.0			987.0
Pollution Control Revenue Bonds:
Adjustable Rate Tax Exempt Series A due 2021 (2.048% and 1.138% as of December 31, 2017 and 2016, respectively)	89.3			89.3
Less Amounts due Within One Year	(110.0		)	(70.0		)
Unamortized Premiums and Discounts, Net	0.2			0.1
Unamortized Debt Issuance Costs	(4.1		)	(4.4		)
PSNH Long-Term Debt	$	892.4		$	1,002.0



OTHER (Millions of Dollars)	As of December 31,
	2017			2016
Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2018 - 2044	$	520.0		$	445.0
NSTAR Gas - First Mortgage Bonds: 4.350% - 9.950% due 2020 - 2045	285.0			310.0
Eversource Parent and Other - Notes and Debentures:
4.500% Debentures due 2019	350.0			350.0
1.450% - 4.000% Senior Notes due 2018 - 2026	3,260.0			1,700.0
Notes Payable Unsecured 3.57% - 6.430% due 2021 - 2037	290.9			—
Notes Payable Secured 4.10% - 9.64% due 2021 - 2035	70.4			—
Pre-1983 Spent Nuclear Fuel Obligation (CYAPC)	181.4			180.0
Fair Value Adjustment⁽¹⁾	172.6			144.6
Less Fair Value Adjustment - Current Portion ⁽¹⁾	(35.4		)	(28.9		)
Less Amounts due in One Year	(104.2		)	(25.0		)
Commercial Paper Classified as Long-Term Debt	201.2			—
Unamortized Premiums and Discounts, Net	1.5			(1.8		)
Unamortized Debt Issuance Costs	(12.8		)	(7.1		)
Total Other Long-Term Debt	5,180.6			$	3,066.8

Total Eversource Long-Term Debt	11,775.9			$	8,829.4


(1)	The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record the NSTAR long-term debt at fair value on the date of the 2012 merger and to record the Aquarion long-term debt at fair value as of December 4, 2017.

Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments:



(Millions of Dollars)	Issue Date	Issuances/(Repayments)			Maturity Date	Use of Proceeds
CL&P:
3.20% 2017 Series A First Mortgage Bonds	March 2017	$	300.0		2027	Repay short-term debt borrowings
4.30% 2014 Series A First Mortgage Bonds ⁽¹⁾	August 2017	225.0			2044	Refinance short-term debt and fund working capital and capital expenditures
5.375% 2007 Series A First Mortgage Bonds	March 2007	(150.0		)	2017	N/A
5.75% 2007 Series C First Mortgage Bonds	September 2007	(100.0		)	2017	N/A
NSTAR Electric:
3.20% Debentures	May 2017	350.0			2027	Repay short-term borrowings and fund capital expenditures and working capital
3.20% Debentures ⁽²⁾	October 2017	350.0			2027	Redeem long-term debt that matured in 2017
5.625% Debentures	November 2007	(400.0		)	2017	N/A
PSNH:
6.15% Series N First Mortgage Bonds	September 2007	(70.0		)	2017	N/A
Other:
Yankee Gas 3.02% Series N First Mortgage Bonds	September 2017	75.0			2027	Repay short-term borrowings
NSTAR Gas 7.04% Series M First Mortgage Bonds	September 1997	(25.0		)	2017	N/A
Eversource Parent 2.75% Series K Senior Notes	March 2017	300.0			2022	Repay short-term borrowings
Eversource Parent 2.75% Series K Senior Notes ⁽³⁾	October 2017	450.0			2022	Repay short-term borrowings
Eversource Parent 2.90% Series L Senior Notes	October 2017	450.0			2024	Repay short-term borrowings
Eversource Parent 2.50% Series I Senior Notes ⁽⁴⁾	January 2018	200.0			2021	Repay long-term debt due to mature in 2018 and repay short-term borrowings
Eversource Parent 3.30% Series M Senior Notes	January 2018	450.0			2028	Repay long-term debt due to mature in 2018
Eversource Parent 1.60% Series G Senior Notes ⁽⁵⁾	January 2015	(150.0		)	2018	N/A


(1)	These bonds are part of the existing series initially issued by CL&P in 2014. The aggregate outstanding principal amount for these bonds is now $475 million.


(2)	These debentures are part of the same series initially issued by NSTAR Electric in May 2017. The aggregate outstanding principal amount for these debentures is now $700 million.


(3)	These notes are part of the same series issued by Eversource parent in March 2017. The aggregate outstanding principal amount for these notes is now $750 million.


(4)	These notes are part of the same series issued by Eversource parent in March 2016. The aggregate outstanding principal amount for these notes is now $450 million.


(5)	Represents a repayment at maturity on January, 15 2018.

As a result of the Eversource parent debt issuances in January 2018, $446.8 million of current portion of long-term debt related to two Eversource parent issuances maturing in 2018 and $201.2 million of commercial paper borrowings were reclassified to Long-Term Debt as of December 31, 2017.

Long-Term Debt Issuance Authorizations: On January 4, 2017, PURA approved CL&P's request for authorization to issue up to $1.325 billion in long-term debt through December 31, 2020. On March 30, 2017, the DPU approved NSTAR Electric's request for authorization to issue up to $700 million in long-term debt through December 31, 2018. On December 20, 2017, PURA approved Yankee Gas' request to extend the authorization period for issuance of up to $50 million in long-term debt from December 31, 2017 to December 31, 2018.

Long-Term Debt Provisions: The utility plant of CL&P, PSNH, Yankee Gas and NSTAR Gas is subject to the lien of each company's respective first mortgage bond indenture. The Eversource parent and NSTAR Electric debt is unsecured. Additionally, the long-term debt agreements provide that Eversource and certain of its subsidiaries must comply with certain covenants as are customarily included in such agreements, including equity requirements for NSTAR Electric and NSTAR Gas. Under the equity requirements, NSTAR Electric's senior notes must maintain a certain consolidated indebtedness to capitalization ratio as of the end of any fiscal quarter and NSTAR Gas' outstanding long-term debt must not exceed equity.

CL&P's obligation to repay the PCRBs is secured by first mortgage bonds. The first mortgage bonds contain similar terms and provisions as the applicable series of PCRBs. If CL&P fails to meet its obligations under the first mortgage bonds, then the holder of the first mortgage bonds (the issuer of the PCRBs) would have rights under the first mortgage bonds. CL&P's tax-exempt PCRBs will be subject to redemption at par on or after September 1, 2021. All other long-term debt securities are subject to make-whole provisions.

PSNH's obligation to repay the PCRBs is secured by first mortgage bonds and bond insurance. The first mortgage bonds contain similar terms and provisions as the PCRBs. If PSNH fails to meet its obligations under the first mortgage bonds, then the holder of the first mortgage bonds (the issuer of the PCRBs) would have rights under the first mortgage bonds. The PSNH Series A tax-exempt PCRBs are currently callable at 100 percent of par. The PCRBs bear interest at a rate that is periodically set pursuant to auctions. PSNH is not obligated to purchase these PCRBs, which mature in 2021, from the remarketing agent.

Certain secured and unsecured notes payable are callable at redemption price and are subject to make-whole provisions.

Eversource, NSTAR Electric and Yankee Gas have certain long-term debt agreements that contain cross-default provisions. No other debt issuances contain cross-default provisions as of December 31, 2017.

Pre-1983 Spent Nuclear Fuel Obligation: Under the Nuclear Waste Policy Act of 1982, the DOE is responsible for the selection and development of repositories for, and the disposal of, spent nuclear fuel and high-level radioactive waste. CYAPC is obligated to pay the DOE for the costs to dispose of spent nuclear fuel and high-level radioactive waste generated prior to April 7, 1983 (pre-1983 Spent Nuclear Fuel) and recorded an accrual for the full liability thereof to the DOE. This liability accrues interest costs at the 3-month Treasury bill yield rate. For nuclear fuel used to generate electricity prior to April 7, 1983, payment may be made any time prior to the first delivery of spent fuel to the DOE. Fees for disposal of nuclear fuel burned on or after April 7, 1983 were billed to member companies and paid to the DOE.

As of December 31, 2017 and 2016, as a result of consolidating CYAPC, Eversource has consolidated $181.4 million and $180.0 million, respectively, in pre-1983 spent nuclear fuel obligations to the DOE. These obligations include accumulated interest costs of $132.6 million and $131.2 million as of December 31, 2017 and 2016, respectively. CYAPC maintains a trust to fund amounts due to the DOE for the disposal of pre-1983 spent nuclear fuel. For further information, see Note 5, "Marketable Securities," to the financial statements.

Long-Term Debt Maturities: Long-term debt maturities on debt outstanding for the years 2018 through 2022 and thereafter are shown below. These amounts exclude the CYAPC pre-1983 spent nuclear fuel obligation, net unamortized premiums, discounts and debt issuance costs, and other fair value adjustments as of December 31, 2017:



(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH
2018	$	961.0	$	300.0	$	—	$	110.0
2019	801.0		250.0		—		150.0
2020	296.1		—		95.0		—
2021	922.8		—		250.0		371.3
2022	1,188.9		—		400.0		—
Thereafter	7,643.1		2,515.3		2,220.0		375.0
Total	$	11,812.9	$	3,065.3	$	2,965.0	$	1,006.3