LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

Details of long-term debt outstanding are as follows:



CL&P (Millions of Dollars)	As of December 31,
	2019			2018
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
5.750% 2007 Series B due 2037	150.0			150.0
6.375% 2007 Series D due 2037	100.0			100.0
5.500% 2009 Series A due 2019	—			250.0
2.500% 2013 Series A due 2023	400.0			400.0
4.300% 2014 Series A due 2044	475.0			475.0
4.150% 2015 Series A due 2045	350.0			350.0
3.200% 2017 Series A due 2027	500.0			300.0
4.000% 2018 Series A due 2048	800.0			500.0
Total First Mortgage Bonds	3,394.8			3,144.8
Pollution Control Revenue Bonds:
4.375% Fixed Rate Tax Exempt due 2028	120.5			120.5
Less Amounts due Within One Year	—			(250.0		)
Unamortized Premiums and Discounts, Net	27.8			10.2
Unamortized Debt Issuance Costs	(25.0		)	(21.5		)
CL&P Long-Term Debt	$	3,518.1		$	3,004.0



NSTAR Electric (Millions of Dollars)	As of December 31,
	2019			2018
Debentures:
5.750% due 2036	$	200.0		$	200.0
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			700.0
3.250% due 2029	400.0			—
Total Debentures	2,800.0			2,400.0
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	(95.0		)	—
Unamortized Premiums and Discounts, Net	(4.1		)	(2.5		)
Unamortized Debt Issuance Costs	(18.8		)	(17.7		)
NSTAR Electric Long-Term Debt	$	3,247.1		$	2,944.8



PSNH (Millions of Dollars)	As of December 31,
PSNH (Millions of Dollars)	2019			2018
First Mortgage Bonds:
5.600% Series M due 2035	$	50.0		$	50.0
4.500% Series P due 2019	—			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
3.600% Series T due 2049	300.0			—
Total First Mortgage Bonds	957.0			807.0
Less Amounts due Within One Year	—			(150.0		)
Unamortized Premiums and Discounts, Net	(0.7		)	—
Unamortized Debt Issuance Costs	(4.7		)	(1.8		)
PSNH Long-Term Debt	$	951.6		$	655.2



OTHER (Millions of Dollars)	As of December 31,
OTHER (Millions of Dollars)	2019			2018
Yankee Gas - First Mortgage Bonds: 2.230% - 8.480% due 2020 - 2049	$	620.0		$	470.0
NSTAR Gas - First Mortgage Bonds: 3.740% - 9.950% due 2020 - 2049	460.0			385.0
Aquarion - Senior Note 4.000% due 2024	360.0			360.0
Aquarion - Unsecured Notes 0% - 6.430% due 2021 - 2049	335.3			289.5
Aquarion - Secured Debt 4.100% - 9.640% due 2021 - 2035	68.8			70.7
Eversource Parent - Debentures 4.500% due 2019	—			350.0
Eversource Parent - Senior Notes 2.500% - 4.250% due 2021 - 2029	4,000.0			4,000.0
Pre-1983 Spent Nuclear Fuel Obligation (CYAPC)	11.6			39.5
Fair Value Adjustment⁽¹⁾	109.1			144.7
Less Fair Value Adjustment - Current Portion ⁽¹⁾	(31.3		)	(36.2		)
Less Amounts due in One Year	(201.1		)	(401.1		)
Commercial Paper Classified as Long-Term Debt (See Note 8, Short-Term Debt)	346.3			—
Unamortized Premiums and Discounts, Net	(4.1		)	(4.2		)
Unamortized Debt Issuance Costs	(20.6		)	(23.2		)
Total Other Long-Term Debt	$	6,054.0		$	5,644.7

Total Eversource Long-Term Debt	$	13,770.8		$	12,248.7


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

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



(Millions of Dollars)	Issue Date	Issuance/(Repayment)			Maturity Date	Use of Proceeds for Issuance/ Repayment Information
CL&P:
4.00% 2018 Series A First Mortgage Bonds ⁽¹⁾	April 2019	$	300.0		April 2048	Paid short-term borrowings that were used to pay long-term debt that matured on February 1, 2019 and fund capital expenditures and working capital
3.20% 2017 Series A First Mortgage Bonds ⁽²⁾	September 2019	200.0			March 2027	Paid short-term borrowings and fund capital expenditures and working capital
5.50% 2009 Series A First Mortgage Bonds	February 2009	(250.0		)	February 2019	Paid at maturity on February 1, 2019
NSTAR Electric:
3.25% 2019 Debentures	May 2019	400.0			May 2029	Paid short-term borrowings that were used to fund investments in eligible green expenditures
PSNH:
3.60% 2019 Series T First Mortgage Bonds	June 2019	300.0			July 2049	Paid long-term debt that matured in December 2019, paid short-term borrowings and fund capital expenditures and working capital
4.50% 2009 Series P First Mortgage Bonds	December 2009	(150.0		)	December 2019	Paid at maturity on December 1, 2019
Other:
Eversource Parent 4.50% Debentures	November 2009	(350.0		)	November 2019	Paid at maturity on November 15, 2019
Eversource Parent 3.45% Series P Senior Notes	January 2020	350.0			January 2050	Paid short-term borrowings
NSTAR Gas 3.74% Series Q First Mortgage Bonds	July 2019	75.0			August 2049	Paid short-term borrowings and fund capital expenditures and working capital
Yankee Gas 2.23% Series P First Mortgage Bonds	September 2019	100.0			October 2024	Paid short-term borrowings and for general corporate purposes
Yankee Gas 3.30% Series Q First Mortgage Bonds	September 2019	100.0			October 2049	Paid short-term borrowings and for general corporate purposes
Yankee Gas 5.26% Series H First Mortgage Bonds	November 2004	(50.0		)	November 2019	Paid at maturity on November 1, 2019
Aquarion 3.54% Senior Notes	December 2019	45.0			December 2049	Paid short-term borrowings

⁽¹⁾ These bonds are part of the same series issued by CL&P in March 2018. The aggregate outstanding principal amount of these bonds is now $800 million.

⁽²⁾ These bonds are part of the same series issued by CL&P in March 2017. The aggregate outstanding principal amount of these bonds is now $500 million.

Long-Term Debt Issuance Authorizations: On February 27, 2019, the DPU approved NSTAR Electric's request for authorization to issue up to $800 million in long-term debt through December 31, 2020. On April 26, 2019, the NHPUC approved PSNH's request for authorization to issue up to $300 million in long-term debt through December 31, 2019. On August 14, 2019, PURA approved CL&P's request for authorization to issue up to $675 million in long-term debt through December 31, 2022. On December 11, 2019, PURA approved Aquarion Water Company of Connecticut's request for authorization to issue up to $45 million of long-term debt. On January 27, 2020, the DPU approved NSTAR Gas' request for authorization to issue up to $270 million in long-term debt through December 31, 2021.

Long-Term Debt Provisions: The utility plant of CL&P, PSNH, Yankee Gas, NSTAR Gas and a portion of Aquarion is subject to the lien of each company's respective first mortgage bond indenture. The Eversource parent, NSTAR Electric and a portion of Aquarion 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, NSTAR Gas and Aquarion. Under the equity requirements, NSTAR Electric's and Aquarion'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 Pollution Control Revenue Bonds (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.

Certain secured and unsecured long-term debt securities are callable at redemption price or are subject to make-whole provisions.

Eversource, NSTAR Electric, Yankee Gas and Aquarion have certain long-term debt agreements that contain cross-default provisions. No other debt issuances contain cross-default provisions as of December 31, 2019.

CYAPC's 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, 2019 and 2018, as a result of consolidating CYAPC, Eversource has consolidated $11.6 million and $39.5 million, respectively, in pre-1983 spent nuclear fuel obligations to the DOE. In December 2019 and 2018, CYAPC paid $29 million and $145 million, respectively, to the DOE to partially settle this obligation. The obligation includes accumulated interest costs of $8.6 million and $29.0 million as of December 31, 2019 and 2018, 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 2020 through 2024 and thereafter are shown below. These amounts exclude PSNH rate reduction bonds, CYAPC pre-1983 spent nuclear fuel obligation, net unamortized premiums, discounts and debt issuance costs, and other fair value adjustments as of December 31, 2019:



(Millions of Dollars)	Eversource		CL&P		NSTAR Electric		PSNH
2020	$	296.1	$	—	$	95.0	$	—
2021	1,033.6		—		250.0		282.0
2022	1,188.9		—		400.0		—
2023	1,665.2		400.0		80.0		325.0
2024	1,049.8		139.8		—		—
Thereafter	8,447.8		2,975.5		2,540.0		350.0
Total	$	13,681.4	$	3,515.3	$	3,365.0	$	957.0