SHORT-TERM AND LONG-TERM DEBT

9 Months Ended

Sep. 30, 2020

Short-Term Debt - Commercial Paper Programs and Credit Agreements: As of September 30, 2020, Eversource parent had a $1.45 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. On November 2, 2020, Eversource parent’s commercial paper program was increased to $2.00 billion. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas and Aquarion Water Company of Connecticut are parties to a five-year $1.45 billion revolving credit facility, which terminates on December 6, 2024. On October 21, 2020, Eversource parent and Eversource Gas Company of Massachusetts entered into a short-term $550 million revolving credit facility, which terminates on October 20, 2021. These revolving credit facilities serve to backstop Eversource parent's $2.00 billion commercial paper program.

NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. NSTAR Electric is also a party to a five-year $650 million revolving credit facility, which terminates on December 6, 2024. The revolving credit facility serves to backstop NSTAR Electric's $650 million commercial paper program.

The amount of borrowings outstanding and available under the commercial paper programs were as follows:



	Borrowings Outstanding as of				Available Borrowing Capacity as of				Weighted-Average Interest Rate as of
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
(Millions of Dollars)	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Eversource Parent Commercial Paper Program	$	—	$	1,224.9	$	1,450.0	$	225.1	—	%	1.98	%
NSTAR Electric Commercial Paper Program	60.5		10.5		589.5		639.5		0.10	%	1.63	%

There were no borrowings outstanding on the revolving credit facilities as of September 30, 2020 or December 31, 2019.

On May 15, 2020, CL&P and PSNH entered into uncommitted line of credit agreements, which will expire by May 14, 2021. The CL&P agreements total $450 million and the PSNH agreements total $300 million. There are no borrowings outstanding on either the CL&P or PSNH uncommitted line of credit agreements as of September 30, 2020.

Amounts outstanding under the commercial paper programs are included in Notes Payable and classified in current liabilities on the Eversource and NSTAR Electric balance sheets, as all borrowings are outstanding for no more than 364 days at one time.

The Company expects the future operating cash flows of Eversource, CL&P, NSTAR Electric and PSNH, along with existing borrowing availability and access to both debt and equity markets, will be sufficient to meet any working capital and future operating requirements, and capital investment forecasted opportunities.

Intercompany Borrowings: Eversource parent uses its available capital resources to provide loans to its subsidiaries to assist in meeting their short-term borrowing needs. Eversource parent records intercompany interest income from its loans to subsidiaries, which is eliminated in consolidation. Intercompany loans from Eversource parent to its subsidiaries are eliminated in consolidation on Eversource's balance sheets. As of September 30, 2020, there were intercompany loans from Eversource parent to CL&P of $235.9 million, to PSNH of $29.1 million, and to a subsidiary of NSTAR Electric of $36.6 million. As of December 31, 2019, there were intercompany loans from Eversource parent to CL&P of $63.8 million, to PSNH of $27.0 million, and to a subsidiary of NSTAR Electric of $30.3 million. Intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and classified in current liabilities on the respective subsidiary's balance sheets.

Long-Term Debt Issuance Authorization: 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. On July 31, 2020, the NHPUC approved PSNH's request for authorization to issue up to $200 million in long-term debt through December 31, 2020.

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



(Millions of Dollars)	Issuance/(Repayment)			Issue Date or Repayment Date	Maturity Date	Use of Proceeds for Issuance/ Repayment Information
NSTAR Electric:
3.95% 2020 Debentures	$	400.0		March 2020	April 2030	Refinanced investments in eligible green expenditures, which were previously financed in 2018 and 2019
5.10% Series E Senior Notes	(95.0		)	March 2020	March 2020	Paid at maturity
PSNH:
2.40% Series U First Mortgage Bonds	150.0			August 2020	September 2050	Refinanced short-term borrowings, funded capital expenditures and working capital
Other:
Eversource Parent 3.45% Series P Senior Notes	350.0			January 2020	January 2050	Paid short-term borrowings
Eversource Parent 3.45% Series P Senior Notes ⁽¹⁾	300.0			August 2020	January 2050	⁽²⁾
Eversource Parent 0.80% Series Q Senior Notes	300.0			August 2020	August 2025	⁽²⁾
Eversource Parent 1.65% Series R Senior Notes	600.0			August 2020	August 2030	⁽²⁾
NSTAR Gas 4.46% Series N First Mortgage Bonds	(125.0		)	January 2020	January 2020	Paid at maturity
NSTAR Gas 2.33% Series R First Mortgage Bonds	75.0			May 2020	May 2025	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes
NSTAR Gas 3.15% Series S First Mortgage Bonds	115.0			May 2020	May 2050	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes
Yankee Gas 4.87% Series K First Mortgage Bonds	(50.0		)	April 2020	April 2020	Paid at maturity
Yankee Gas 2.90% Series R First Mortgage Bonds	70.0			September 2020	September 2050	Refinanced existing indebtedness, funded capital expenditures and for general corporate purposes
Aquarion Water Company of Massachusetts, Inc. and Aquarion Water Capital of Massachusetts, Inc. various term loans and general mortgage bonds	(32.2		)	July 2020	Various	Redeemed long-term debt in conjunction with the sale of assets to the Town of Hingham, Massachusetts


⁽¹⁾	These senior notes are part of the same series issued by Eversource parent in January 2020. The aggregate outstanding principal amount of these senior notes is now $650 million.

⁽²⁾

The proceeds from these Eversource parent issuances funded a portion of the purchase price for the CMA asset acquisition and refinanced short-term borrowings.