Company: CNLHP
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001628280-25-037369
Chunk: 88

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-08-04
Form: 10-Q
Item: Item 8
Chunk 88
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 at maturity, repaid short-term debt, paid capital expenditures and working capitalYankee Gas Series Z First Mortgage Bonds5.55 %37.0 July 2025July 2035Repay Series M bonds at maturity, repaid short-term debt, paid capital expenditures and working capitalAs a result of the Yankee Gas long-term debt issuances in July 2025, $75.0 million of current portion of long-term debt was reclassified to Long-Term Debt on Eversource parent’s balance sheet as of June 30, 2025.

7.    RATE REDUCTION BONDS AND VARIABLE INTEREST ENTITIES

Rate Reduction Bonds:  In May 2018, PSNH Funding, a wholly-owned subsidiary of PSNH, issued $635.7 million of securitized RRBs in multiple tranches with a weighted average interest rate of 3.66 percent, and final maturity dates ranging from 2026 to 2035.  The RRBs are expected to be repaid by February 1, 2033.  RRB payments consist of principal and interest and are paid semi-annually, beginning on February 1, 2019.  The RRBs were issued pursuant to a finance order issued by the NHPUC in January 2018 to recover remaining costs resulting from the divestiture of PSNH’s generation assets. PSNH Funding was formed solely to issue RRBs to finance PSNH's unrecovered remaining costs associated with the divestiture of its generation assets.  PSNH Funding is considered a VIE primarily because the equity capitalization is insufficient to support its operations.  PSNH has the power to direct the significant activities of the VIE and is most closely associated with the VIE as compared to other interest holders.  Therefore, PSNH is considered the primary beneficiary and consolidates PSNH Funding in its consolidated financial statements.  The following tables summarize the impact of PSNH Funding on PSNH's balance sheets and income statements:(Millions of Dollars)PSNH Balance Sheets:As of June 30, 2025As of December 31, 2024Restricted Cash - Current Portion (included in Special Deposits)$30.7 $31.0 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)3.2 3.1 Securitized Stranded Cost (included in Regulatory Assets)327.7 349.3 Other