Company: CNLHP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000072741-25-000011
Chunk: 74

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 74
---
.25% Debentures at maturity, repaid short-term debt, paid capital expenditures and working capitalEversource Parent Series H Senior Notes3.15 %(300.0)January 2025January 2025Paid at maturityNSTAR Gas Series R First Mortgage Bonds2.33 %(75.0)May 2025May 2025Paid at maturity

In April 2025, NSTAR Gas closed on two First Mortgage Bonds, Series Y and Z for $205.0 million and $20.0 million, respectively, and these bonds will be issued in June 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 March 31, 2025As of December 31, 2024Restricted Cash - Current Portion (included in Special Deposits)$17.9 $31.0 Restricted Cash - Long-Term Portion (included in Other Long-Term Assets)3.2 3.1 Securitized Stranded Cost (included in Regulatory Assets)