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LONG-TERM DEBT
9 Months Ended
Sep. 30, 2011
Notes To Consolidated Financial Statements [Abstract] 
Long-term Debt [Text Block]

6.       LONG-TERM DEBT (PSNH, WMECO)

 

On May 26, 2011, PSNH issued $122 million of Series Q first mortgage bonds with a coupon rate of 4.05 percent and a maturity date of June 1, 2021. The proceeds of these bonds were used to redeem two series of tax-exempt PCRBs. The indenture under which the bonds were issued requires PSNH to comply with certain covenants as are customarily included in such indentures.

 

On September 13, 2011, PSNH issued $160 million of Series R first mortgage bonds with a coupon rate of 3.20 percent and a maturity date of September 1, 2021. The proceeds, net of issuance expenses, were used to repay short-term borrowings previously incurred in the ordinary course of business and for general capital purposes. The indenture under which the bonds were issued requires PSNH to comply with certain covenants as are customarily included in such indentures.

 

On September 16, 2011, WMECO issued $100 million of Series F unsecured senior notes with a coupon rate of 3.50 percent and a maturity date of September 15, 2021. The proceeds, net of issuance expenses, were used to repay short-term borrowings previously incurred in the ordinary course of business. The indenture under which the notes were issued requires WMECO to comply with certain covenants as are customarily included in such indentures.

 

NU, including CL&P, PSNH and WMECO, was in compliance with all its debt covenants as of September 30, 2011.