[Back to Update List]
Yankee Gas Services Company
P.O. Box 270
Hartford, CT 06141-0270
Yankee Gas Services Co. completes $100 million bond sale
Jeffrey R. Kotkin
BERLIN, Connecticut, October 8, 2008 –
Yankee Gas Services Company, part of the Northeast Utilities (NU) system, today announced it had completed the sale of $100 million of first mortgage bonds through a private placement.
The bonds carry a coupon of 6.90 percent and will mature on October 1, 2018. Yankee Gas will use the proceeds to repay short-term debt.
Yankee Gas serves approximately 205,000 customers in 71 Connecticut communities. David R. McHale, NU senior vice president and chief financial officer, said the Yankee Gas bond sale represents a successful conclusion to NU’s $760 million of debt financing in 2008. Earlier in the year, NU and two of its other operating companies issued a total of $660 million of debt.
Banc of America Securities LLC was book runner and lead agent on the transaction and Wells Fargo Bank NA was co-agent.
Yankee Gas Services Company (Yankee Gas) is Connecticut’s largest natural gas distribution company, delivering safe, reliable natural gas service to approximately 205,000 customers in 71 cities and towns. Yankee Gas is expanding Connecticut's energy options and increasing customer choice by extending the availability of clean, efficient natural gas throughout the state. Yankee Gas is part of the Northeast Utilities System (NYSE: NU). For more information, please visit
# # # #
[Back to Top]