Hunton Andrews Kurth Advises Underwriters on $635.7 Million Offering of Rate Reduction Bonds

Hunton Andrews Kurth LLP acted as counsel to the structuring agent and underwriters on an SEC-registered offering of $635,663,200 aggregate principal amount of Rate Reduction Bonds, Series 2018-1 (the “Bonds”) by the PSNH Funding LLC III, as “Issuing Entity”, a special purpose entity, wholly-owned by Public Service Company of New Hampshire (“PSNH”), as sponsor and depositor. The Bonds were sold pursuant to a finance order issued by the New Hampshire Public Utilities Commission. The Bond proceeds will be used to purchase RRB property from PSNH. PSNH will use the proceeds to redeem outstanding PSNH debt relating to certain of its stranded costs resulting from the divestiture of its generating assets. The Bonds are a category of utility rate reduction bonds issued on behalf of public utilities and are the second securities to be registered with the SEC on Form SF-1.

The Hunton Andrews Kurth team included Michael Fitzpatrick and Adam O’Brian. Jason Harbour assisted with certain bankruptcy advice, Eric Nedell assisted with certain UCC/security interest matters, Samuel Danon and Dain De Souza assisted with US Constitutional matters, Brent Lewis assisted with certain Regulation AB advice and Cary Tolley and Anna Page provided tax advice.