SHORT-TERM AND LONG-TERM DEBT

3 Months Ended

Mar. 31, 2021

Short-Term Debt - Commercial Paper Programs and Credit Agreements: Eversource parent has a $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. 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. Eversource parent and EGMA have 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
	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
(Millions of Dollars)
Eversource Parent Commercial Paper Program	$	1,475.7	$	1,054.3	$	524.3	$	945.7	0.23	%	0.25	%
NSTAR Electric Commercial Paper Program	443.5		195.0		206.5		455.0		0.13	%	0.16	%

There were no borrowings outstanding on the revolving credit facilities as of March 31, 2021 or December 31, 2020.

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 March 31, 2021.

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. As a result of the Aquarion Water Company of Connecticut long-term debt issuance in April 2021, $40.0 million of the current portion of long-term debt and $46.8 million of commercial paper borrowings under the Eversource parent commercial paper program were classified as Long-Term Debt as of March 31, 2021.

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 March 31, 2021, there were intercompany loans from Eversource parent to CL&P of $32.1 million, to PSNH of $196.8 million, and to a subsidiary of NSTAR Electric of $22.5 million. As of December 31, 2020, there were intercompany loans from Eversource parent to PSNH of $46.3 million, and to a subsidiary of NSTAR Electric of $21.3 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 Authorizations: On February 10, 2021, PURA approved Aquarion Water Company of Connecticut’s request for authorization to issue up to $100 million in long-term debt through December 31, 2021. On March 18, 2021, PSNH filed an application with the NHPUC for authorization to issue up to $350 million in long-term debt through December 31, 2021. On March 22, 2021, CL&P filed an application with PURA for authorization to issue up to $350 million in long-term debt through December 31, 2021. On March 31, 2021, the DPU approved NSTAR Electric's request for authorization to issue up to $1.6 billion in long-term debt through December 31, 2023.

Long-Term Debt Issuances and Repayments: 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

PSNH:

4.05% Series Q First Mortgage Bonds

(122.0)

March 2021

June 2021

Paid on par call date in advance of maturity date

Other:

Eversource Parent 2.50% Series I Senior Notes

(450.0)

February 2021

March 2021

Paid on par call date in advance of maturity date

Eversource Parent 2.55% Series S Senior Notes

350.0

March 2021

March 2031

Repaid short-term debt, including short-term debt used to redeem Series I Senior Notes

Aquarion Water Company of Connecticut 3.31% Senior

Notes

100.0

April 2021

April 2051

Repaid 5.50% Notes, redeemed short-term debt, paid capital expenditures and working capital

Aquarion Water Company of Connecticut 5.50% Notes

(40.0)

April 2021

Paid at maturity

In April 2021, PSNH provided a redemption notice to the holders of the PSNH 3.20% Series R First Mortgage Bonds that PSNH will redeem the $160 million of bonds on June 1, 2021, the par call date, in advance of the September 1, 2021 maturity date. In April 2021, NSTAR Electric provided a redemption notice to the holders to the NSTAR Electric 3.50% Series F Senior Notes that NSTAR Electric will redeem the $250 million of senior notes on June 15, 2021, the par call date, in advance of the September 15, 2021 maturity date.