UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the semi-annual distribution period from
February 2, 2021 to August 1, 2021
PSNH FUNDING LLC 3
(Exact name of issuing entity as specified
in |
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE (Exact name of depositor and sponsor as specified in its charter) |
Delaware (State or other jurisdiction of incorporation or organization of the issuing entity) |
New Hampshire (State or other jurisdiction of incorporation or organization of depositor and sponsor) |
333-223108-01 (Commission File Number of the issuing entity) |
1-6392 (Commission File Number of depositor and sponsor) |
0001730300 (Central Index Key Number of the issuing entity) |
0000315256 (Central Index Key Number of depositor and sponsor) |
82-4087442 (I.R.S. Employer Identification Number) |
02-0181050 (I.R.S. Employer Identification Number) |
C/O Public Service Company of New Hampshire
Energy Park
780 North Commercial Street
Manchester, New Hampshire 03101-1134
(800) 286-5000
(Address, including zip code, and telephone number, including
area code, of principal executive offices of the issuing entity)
Emilie O’Neil
Assistant Treasurer – Corporate
Finance and Cash Management
Public Service Company of New Hampshire
(781) 441-8127
(Name and telephone number, including area code, of the person to contact in connection with this filing)
Registered/reporting pursuant to (check one) |
Section 12(b) | Section 12(g) | Section 15(d) |
Name of | |||
Rate Reduction Bonds, Series 2018-1, Tranche A-1 | ¨ | ¨ | þ |
| |||
Rate Reduction Bonds, Series 2018-1, Tranche A-2 | ¨ | ¨ | þ |
| |||
Rate Reduction Bonds, Series 2018-1, Tranche A-3 | ¨ | ¨ | þ |
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Part I - DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
The response to Item 1 is set forth in part herein and in part in Exhibit 99.1.
The determination date for distributions described in Exhibit 99.1 is July 19, 2021.
Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus, dated May 1, 2018, of PSNH Funding LLC 3, the Issuing Entity, CIK 0001730300, File Number 333-223108-01, relating to the Rate Reduction Bonds, Series 2018-1 (the “Bonds”), filed with the Securities and Exchange Commission pursuant to Rule 424(b)(1) of the Securities Act of 1933, as amended, on May 2, 2018 (the “Prospectus”).
As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the Bonds have been made with respect to the August 1, 2021, distribution date.
Item 1A. Asset-Level Information.
Asset-level information related to the Bonds is included in the Prospectus.
The following Item has been omitted pursuant to General Instruction C of Form 10-D:
· | Item 1B. Asset Representations Reviewer and Investor Communication. |
Part II - OTHER INFORMATION
The following Items have been omitted pursuant to General Instruction C of Form 10-D:
· | Item 2. Legal Proceedings. |
· | Item 3. Sale of Securities and Use of Proceeds. |
· | Item 4. Defaults Upon Senior Securities. |
· | Item 5. [Reserved.] |
· | Item 6. Significant Obligors of Pool Assets. |
· | Item 7. Change in Sponsor Interest in the Securities. |
· | Item 8. Significant Enhancement Provider Information. |
· | Item 9. Other Information. |
Item 10. Exhibits.
(a) and (b)
Exhibits filed herewith are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: | August 3, 2021 |
PSNH FUNDING LLC 3, as Issuing Entity |
BY: PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE, as Servicer |
/s/ Emilie G. O’Neil | |
Emilie G. O’Neil | |
Assistant Treasurer – Corporate Finance and Cash Management |
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Exhibit 99.1
SEMI-ANNUAL SERVICER CERTIFICATE
July 19, 2021
Pursuant to Section 4.01(d)(3) of the Servicing Agreement, dated as of May 8, 2018 (the “Agreement”), between Public Service Company of New Hampshire (the “Servicer”,) and PSNH Funding LLC 3, the Servicer does hereby certify, for the current Payment Date (February 1, 2021) (the “Current Payment Date”), as follows:
Capitalized terms used herein have their respective meanings as set forth in the Agreement. References herein to certain sections and subsections are references to the respective sections of the Agreement.
1. RRB Charge Collections and Aggregate Amounts Available for the Current Payment Date:
i. | Amount Remitted Jan 21: | $ | 6,141,319 | |||||
ii. | Amount Remitted Feb 21: | $ | 6,867,235 | |||||
iii. | Amount Remitted Mar 21: | $ | 5,125,732 | |||||
iv. | Amount Remitted Apr 21: | $ | 4,657,632 | |||||
v. | Amount Remitted May 21: | $ | 4,286,897 | |||||
vi. | Amount Remitted Jun 21: | $ | 4,042,635 | |||||
vii. | Total Amount Remitted for this Period (sum of i. through vi. above): | $ | 31,121,450 | |||||
viii. | Net Earnings on General Subaccount: | $ | 1,867 | |||||
ix. | Excess Funds Subaccount Balance: | $ | 3,968,700 | |||||
x. | Capital Subaccount Balance: | $ | 3,178,316 | |||||
xi. | Expenses Paid to Date: | ($ | 238,205 | ) | ||||
xii. | Collection Account Balance (sum of vii. through xi. above): | $ | 38,032,128 |
2. Outstanding Principal Balance as of Prior Payment Date by Tranche:
i. | Tranche A-1 Bond Principal Balance Outstanding: | $ | 118,753,609.68 | |||||
ii. | Tranche A-2 Bond Principal Balance Outstanding: | $ | 111,600,000.00 | |||||
iii. | Tranche A-3 Bond Principal Balance Outstanding: | $ | 288,163,200.00 | |||||
iv. | Total Bond Principal Balance: | $ | 518,516,809.68 |
3. Required Funding/Payments as of Current Payment Date:
a) Projected Principal Balances and Payments
Projected Principal Balance | Semi-Annual Principal Due | |||||||||||
i. | Tranche A-1 Bond | $ | 97,148,742.61 | $ | 21,604,867.07 | |||||||
ii. | Tranche A-2 Bond | $ | 111,600,000.00 | $ | 0.00 | |||||||
iii. | Tranche A-3 Bond | $ | 288,163,200.00 | $ | 0.00 | |||||||
iv. | Total Projected Principal Amount: | $ | 496,911,942.61 | $ | 21,604,867.07 |
b) Required Interest Payments
Bond
Interest Rate | Days
in Applicable Period | Interest Due | ||||||||||||||
i. | Tranche A-1 Bond | 3.094 | % | 180 | $ | 1,837,118.34 | ||||||||||
ii. | Tranche A-2 Bond | 3.506 | % | 180 | $ | 1,956,348.00 | ||||||||||
iii. | Tranche A-3 Bond | 3.814 | % | 180 | $ | 5,495,272.22 | ||||||||||
iv. | Total Required Interest Amount: | $ | 9,288,738.56 |
c) Projected Subaccount Payments and Levels
Subaccount | Projected Level | Funding Required | ||||||||||
i. | Capital Subaccount: | $ | 3,178,316.00 | $ | 0.00 | |||||||
ii. | Total Subaccount Payments and Levels: | $ | 3,178,316.00 | $ | 0.00 |
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4. Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(e) of Indenture:
a) Semi-Annual Expenses
Net Expense Amount (Payable on Current Payment Date) | ||||||
i. | Trustee Fees and Expenses: | $ | 0.00 | |||
ii. | Semi-Annual Servicing Fee: | $ | 158,915.80 | |||
iii. | Semi-Annual Administration Fee: | $ | 37,500.00 | |||
iv. | Operation Expenses: | $ | 0.00 | |||
v. | Total Expenses: | $ | 196,415.80 |
b) Semi-Annual Interest
Per $1000 of Original | Aggregate | |||||||||||
i. | Tranche A-1 Bond | $ | 7.79 | $ | 1,837,118.34 | |||||||
ii. | Tranche A-2 Bond | $ | 17.53 | $ | 1,956,348.00 | |||||||
iii. | Tranche A-3 Bond | $ | 19.07 | $ | 5,495,272.22 | |||||||
iv. | Total Semi-Annual Interest: | $ | 14.61 | $ | 9,288,738.56 |
c) Semi-Annual Principal
Per $1000 of Original | Aggregate | |||||||||||
i. | Tranche A-1 Bond | $ | 91.58 | $ | 21,604,867.07 | |||||||
ii. | Tranche A-2 Bond | $ | 0.00 | $ | 0.00 | |||||||
iii. | Tranche A-3 Bond | $ | 0.00 | $ | 0.00 | |||||||
iv. | Total Semi-Annual Principal: | $ | 33.99 | $ | 21,604,867.07 |
d) Other Payments
i. | Funding of Capital Subaccount (to required amount): | $ | 0.00 | |||||
ii. | Deposits to Excess Funds Subaccount: | $ | 0.00 | |||||
iii. | Interest earnings on Capital Account Released to Note Issuer1: | $ | 266.03 |
e) Aggregate Payments Pursuant to Section 8.02(e)(i) of Indenture
i. | To Trustee: | $ | 0.00 | |||||
ii. | To other Persons indemnified under Indenture: | $ | 0.00 |
1 Interest earnings on capital account have previously been released to the Note Issuer.
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5. Outstanding Principal Balance and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such distribution date):
a) Principal Balance Outstanding: | $ | 118,753,609.68 | ||||
i. | Tranche A-1 Bond Principal Balance Outstanding: | $ | 97,148,742.61 | |||
ii. | Tranche A-2 Bond Principal Balance Outstanding: | $ | 111,600,000.00 | |||
iii. | Tranche A-3 Bond Principal Balance Outstanding: | $ | 288,163,200.00 | |||
iv. | Total Bond Principal Balance: | $ | 496,911,942.61 |
b) Collection Account Balances Outstanding: | ||||||
i. | Capital Subaccount: | $ | 3,178,316.00 | |||
ii. | Excess Funds Subaccount: | $ | 3,763,790.74 | |||
iii. | Total Subaccount Amount: | $ | 6,942,106.74 |
6. Sub-Account Draws as of Current Payment Date (if applicable, pursuant to Section 8.02(f) of Indenture):
i. | Capital Subaccount: | $ | 0.00 | |||
ii. | Excess Funds Subaccount: | $ | (204,908.99 | ) | ||
iii. | Total Subaccount Draws: | $ | (204,908.99 | ) |
7. Shortfalls in Interest and Principal Payments as of Current Payment Date (if applicable):
a) Semi-Annual Interest Shortfall | ||||||
i. | Tranche A-1 Bond | $ | 0.00 | |||
ii. | Tranche A-2 Bond | $ | 0.00 | |||
iii. | Tranche A-3 Bond | $ | 0.00 | |||
iv. | Total Semi-Annual Interest Shortfall: | $ | 0.00 | |||
b) Semi-Annual Principal Shortfall
| ||||||
i. | Tranche A-1 Bond | $ | 0.00 | |||
ii. | Tranche A-2 Bond | $ | 0.00 | |||
iii. | Tranche A-3 Bond | $ | 0.00 | |||
iv | Total Semi-Annual Principal Shortfall: | $ | 0.00 |
8. Shortfalls in Required Subaccount Levels as of Current Distribution Date:
i. | Capital Subaccount | $ | 0.00 | |||
ii. | Total Subaccount Shortfalls: | $ | 0.00 |
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IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer Certificate as of the date first written above.
PUBLIC SERVICE COMPANY OF NEW | ||
HAMPSHIRE, as Servicer | ||
By: | /s/ Emilie O’Neil | |
Name: Emilie G. O’Neil | ||
Title: Assistant Treasurer - Corporate Finance and Cash Management |