Exhibit 99.1
EXECUTION COPY
THE CONNECTICUT LIGHT AND POWER COMPANY
FIRST AND REFUNDING MORTGAGE BONDS
UNDERWRITING AGREEMENT
September 13, 2004
The Connecticut Light and Power Company
000 Xxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxx 00000
1. Purchase and Sale. On the basis of the
representations and warranties, and subject to the
terms and conditions set forth in this agreement (this
"Agreement"), the Underwriters (defined below) shall
purchase from The Connecticut Light and Power Company
(the "Company"), severally and not jointly, and the
Company shall sell to the Underwriters, the principal
amount of the Company's 4.80% First and Refunding
Mortgage Bonds, 2004 Series A, Due 2014 (the "Series A
Bonds") and the Company's 5.75% First and Refunding
Mortgage Bonds, 2004 Series B, Due 2034 (the "Series B
Bonds"), set forth opposite the name of the
Underwriters in Schedule I hereto at the price
specified in Schedule II hereto (the aggregate
principal amount of the bonds described in Schedule II
hereto are hereinafter referred to as the "Bonds").
2. Underwriters. The term "Underwriters", as used
herein, shall be deemed to mean Barclays Capital Inc.
and X.X. Xxxxxx Securities Inc. (together, the
"Representatives") and the other several persons, firms
or corporations named in Schedule I hereto (including
all substituted Underwriters under the provisions of
Section 10 hereof). All obligations of the
Underwriters hereunder are several and not joint.
3. Representations and Warranties. The Company
represents and warrants to and agrees with the
Underwriters that:
(a) The Company meets the requirements for
the use of Form S-3 under the Securities Act of
1933, as amended (the "Securities Act") and has
filed with the Securities and Exchange Commission
(the "Commission") a registration statement
(Registration Statement No. 333-118276), including
a prospectus, relating to $880,000,000 principal
amount of first and refunding mortgage bonds,
including the Bonds, and has filed with, or
transmitted for filing to, or shall promptly
hereafter file with or transmit for filing to, the
Commission a prospectus supplement (the
"Prospectus Supplement") specifically relating to
the Bonds pursuant to Rule 424 under the
Securities Act. The term "Registration Statement"
means the registration statement, including the
exhibits thereto, as amended to the date of this
Agreement. The term "Base Prospectus" means the
prospectus included in the Registration Statement.
The term "Prospectus" means the Base Prospectus
together with the Prospectus Supplement. The term
"preliminary prospectus" means the preliminary
prospectus supplement, dated September 13, 2004,
relating to the Bonds, together with the Base
Prospectus. As used herein, the terms "Base
Prospectus," "Prospectus" and "preliminary
prospectus" shall include in each case the
documents, if any, incorporated by reference
therein. The terms "supplement," "amendment" and
"amend" as used herein shall include all documents
deemed to be incorporated by reference in the
Prospectus that are filed subsequent to the date
of the Prospectus by the Company with the
Commission pursuant to the Securities Exchange Act
of 1934, as amended (the "Exchange Act").
(b) The Registration Statement has become
effective; no stop order suspending the
effectiveness of the Registration Statement is in
effect, no order directed to the adequacy of any
document incorporated by reference in the
Prospectus has been issued by the Commission and
no proceedings for either such purpose are pending
before or threatened by the Commission.
(c) (i) Each document filed or to be filed
pursuant to the Exchange Act and incorporated by
reference in the preliminary prospectus or
Prospectus complied or will comply when so filed
in all material respects with the Exchange Act and
the applicable rules and regulations of the
Commission thereunder, (ii) each part of the
Registration Statement, when such part became
effective, did not contain, and each such part, as
amended or supplemented, if applicable, will not
contain any untrue statement of a material fact or
omit to state a material fact required to be
stated therein or necessary to make the statements
therein not misleading, (iii) the Registration
Statement and the Prospectus comply, and, as
amended or supplemented, if applicable, will
comply, in all material respects with the
Securities Act and the applicable rules and
regulations of the Commission thereunder and (iv)
the preliminary prospectus as of its date did not,
and the Prospectus does not, contain, and, as
amended or supplemented, if applicable, will not
contain, any untrue statement of a material fact
or omit to state a material fact necessary to make
the statements therein, in the light of the
circumstances under which they were made, not
misleading, except that the representations and
warranties set forth in this paragraph do not
apply (A) to that part of the Registration
Statement that constitutes the Statement of
Eligibility and Qualification on Form T-1 (the
"Form T-1") under the Trust Indenture Act of 1939,
as amended (the "Trust Indenture Act"), of
Deutsche Bank Trust Company Americas or (B)
statements or omissions made in reliance upon and
in conformity with information furnished in
writing by or on behalf of any Underwriter
expressly for use in connection with the
preparation of the Registration Statement,
preliminary prospectus or Prospectus.
(d) The Company has been duly formed, is
validly existing as a Connecticut corporation in
good standing under the laws of Connecticut, has
the power and authority to own its property and to
conduct its business as described in the
Prospectus and is duly qualified to transact
business and is in good standing in each
jurisdiction in which the conduct of its business
or its ownership or leasing of property requires
such qualification, except to the extent that the
failure to be so qualified or be in good standing
would not have a material adverse effect on the
Company. The Company possesses such material
certificates, authorizations, franchises or
permits issued by the appropriate state or federal
regulatory authorities or bodies as are necessary
to conduct its business as currently conducted.
(e) The Company has no "significant
subsidiaries" (as such term is defined in
Regulation S-X under the Exchange Act) other than
CL&P Receivables Corp. and CL&P Funding LLC. CL&P
Receivables Corp. and CL&P Funding LLC each
possess such material certificates,
authorizations, franchises or permits issued by
the appropriate state or federal regulatory
authorities or bodies as are necessary to conduct
its business as currently conducted.
(f) This Agreement has been duly authorized,
executed and delivered by the Company.
(g) The Indenture of Mortgage and Deed of
Trust dated as of May 1, 1921, as amended, between
the Company and Deutsche Bank Trust Company
Americas, as successor trustee (the "Trustee"), as
supplemented and previously amended by various
supplemental indentures and as to be supplemented
by the Supplemental Indenture, to be dated as of
September 1, 2004, establishing the terms of the
Series A Bonds, and the Supplemental Indenture, to
be dated as of September 1, 2004, establishing the
terms of the Series B Bonds (the "Indenture") has
been duly qualified under the Trust Indenture Act
and has been duly authorized, executed and
delivered by the Company and is a valid and
binding agreement of the Company, enforceable in
accordance with its terms, subject to applicable
bankruptcy, insolvency or similar laws affecting
creditors' rights generally and general principles
of equity and except as may be limited by the laws
of Connecticut, where the property covered by the
Indenture is located, affecting the lien of the
Indenture on after-acquired real property and
affecting the remedies for the enforcement of the
security provided for therein, which laws do not
make inadequate the remedies necessary for the
realization of the benefits of such security.
(h) The Bonds have been duly authorized and,
when executed and authenticated in accordance with
the provisions of the Indenture and delivered to
and paid for by the Underwriters in accordance
with the terms of this Agreement, will be entitled
to the benefits and security of the Indenture,
equally and ratably with the first and refunding
mortgage bonds of other series presently secured
by the Indenture, and will be valid and binding
obligations of the Company, in each case
enforceable in accordance with their respective
terms, subject to applicable bankruptcy,
insolvency or similar laws affecting creditors'
rights generally and general principles of equity.
(i) The execution and delivery by the
Company of, and the performance by the Company of
its obligations under, this Agreement, the
Indenture and the Bonds will not contravene any
provision of applicable law or the Certificate of
Incorporation or By-laws of the Company or any
agreement or other instrument binding upon the
Company that is material to the Company, or any
judgment, order or decree of any governmental
body, agency or court having jurisdiction over the
Company, and no consent, approval, authorization
or order of, or qualification with, any
governmental body or agency is required for the
performance by the Company of its obligations
under this Agreement, the Indenture or the Bonds,
except for (i) the order of the Department of
Public Utility Control of the State of
Connecticut, dated June 25, 2004, (the "DPUC
Order") and (ii) the post-closing filing on Form U-
6B-2 required to be made with the Commission
pursuant to the Public Utility Holding Company Act
of 1935 (the "1935 Act Filing") such as have been
obtained under the Securities Act and such as may
be required by the securities or Blue Sky laws of
the various states in connection with the offer
and sale of the Bonds. The DPUC Order is in full
force and effect and is sufficient to authorize
the Company to issue the Bonds and to perform its
obligations under the Bonds, the Indenture, and
this Agreement and is final and not subject to
rehearing or appeal. The 1935 Act Filing, when
made, will comply with the applicable rules and
regulations of the Commission.
(j) There has not occurred any material
adverse change, or any development involving a
prospective material adverse change, in the
condition, financial or otherwise, or in the
earnings, business or operations of the Company,
from that set forth in the Prospectus (exclusive
of any amendments or supplements thereto
subsequent to the date of this Agreement).
(k) There are no legal or governmental
proceedings pending or threatened to which the
Company is a party or to which any of the
properties of the Company is subject that are
required to be described in the Registration
Statement or the Prospectus and are not so
described or any statutes, regulations, contracts
or other documents that are required to be
described in the Registration Statement or the
Prospectus or to be filed or incorporated by
reference as exhibits to the Registration
Statement that are not described, filed or
incorporated as required.
(l) Each preliminary prospectus filed as
part of the registration statement as originally
filed or as part of any amendment thereto, or
filed pursuant to Rule 424 under the Securities
Act, complied when so filed in all material
respects with the Securities Act and the
applicable rules and regulations of the Commission
thereunder.
(m) The Company is not and, after giving
effect to the offering and sale of the Bonds and
the application of the proceeds thereof as
described in the Prospectus, will not be an
"investment company" as such term is defined in
the Investment Company Act of 1940, as amended.
(n) Except as disclosed in the Prospectus
(exclusive of any amendments or supplements
thereto subsequent to the date of this Agreement),
there are no costs or liabilities associated with
any and all applicable foreign, federal, state and
local laws and regulations relating to the
protection of human health and safety, the
environment or hazardous or toxic substances or
wastes, pollutants or contaminants ("Environmental
Laws") (including, without limitation, any capital
or operating expenditures required for clean-up,
closure of properties or compliance with
Environmental Laws or any permit, license or
approval, any related constraints on operating
activities and any potential liabilities to third
parties) which would, singly or in the aggregate,
have a material adverse effect on the Company.
(o) The Company maintains systems of
internal accounting controls and processes
sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with
management's general or specific authorizations;
(ii) transactions are recorded as necessary to
permit preparation of financial statements in
conformity with generally accepted accounting
principles; and (iii) assets are safeguarded from
loss or unauthorized use. The Company evaluated
the design and operation of their disclosure
controls and procedures to determine whether they
are effective in ensuring that the disclosure of
required information is timely made in accordance
with the Exchange Act and the rules and forms of
the Commission. These evaluations were made under
the supervision and with the participation of
management, including the principal executive
officer and principal financial officer of the
Company, within the 90-day period prior to the
filing of the most recent Quarterly Report on Form
10-Q. The principal executive officer and
principal financial officer have concluded, based
on their review, that the disclosure controls and
procedures, as defined by Exchange Act Rules 13a-
14(c) and 15(d)-14(c), are effective to ensure
that information required to be disclosed by the
Company in reports that it files under the
Exchange Act is recorded, processed, summarized,
and reported within the time periods specified in
Commission rules and forms. No significant changes
were made to the Company's internal controls or
other factors that could significantly affect
these controls subsequent to the date of their
evaluation.
(p) The financial statements and the related
notes thereto incorporated by reference in the
Registration Statement and the Prospectus comply
in all material respects with the applicable
requirements of the Securities Act and the
Exchange Act, as applicable, and present fairly
the financial position of the Company and its
subsidiaries as of the dates indicated and the
results of their operations and the changes in
their cash flows for the periods specified; such
financial statements have been prepared in
conformity with generally accepted accounting
principles applied on a consistent basis
throughout the periods covered thereby, and the
supporting schedules included or incorporated by
reference in the Registration Statement present
fairly the information required to be stated
therein; and the other financial information
included or incorporated by reference in the
Registration Statement and the Prospectus has been
derived from the accounting records of the Company
and its subsidiaries and presents fairly the
information shown thereby.
(q) Deloitte and Touche LLP, who have
certified certain financial statements of the
Company and its subsidiaries, are independent
public accountants with respect to the Company and
its subsidiaries as required by the Securities
Act.
(r) The Indenture constitutes a direct and
valid first mortgage lien, subject only to liens
permitted by the Indenture, including liens and
encumbrances existing at the time of acquisition
by the Company, upon the interests of the Company
in the properties and franchises now owned by the
Company and located in Connecticut and under
existing law will, subject only to such permitted
liens ("Permitted Exceptions") and subject to the
provisions of the Federal Bankruptcy Code,
constitute a similar lien at the time of
acquisition on all properties and assets of the
Company acquired after the date of this Agreement
located within the State of Connecticut and
required by the Indenture to be subjected to the
lien thereof, other than properties and assets of
the character excluded, excepted or released from
the lien thereof; and the Indenture, and/or an
appropriate certificate or financing statement
with respect thereto, has been or will be duly
recorded or filed for recordation in all places
within the State of Connecticut, in which such
recording is required to protect and preserve the
lien of the Indenture on the properties and assets
located in Connecticut, which are presently
subject thereto, and all Connecticut, taxes and
fees required to be paid with respect to the
execution and recording of the Indenture and the
issuance of the Bonds have been paid.
(s) The major electric transmission lines
and distribution facilities owned by the Company
are in the main on land owned in fee by the
Company or over which the Company has adequate
easements. The Company has title good and
sufficient for the purposes for which such
properties or easements are held by the Company,
subject only to Permitted Exceptions, to minor
defects in title that are curable by the exercise
of the Company's right of eminent domain and to
additional liens of record, in the aggregate not
material to the financial condition of the
Company, which liens are capable of being
satisfied if necessary by the payment of money.
(t) The manner in which the Mortgaged
Property and the Trust Estate (each as defined
below) and the Company's properties and assets are
described in the granting clauses of the Indenture
is adequate for the purpose of creating the lien
of the Indenture.
Any certificate signed by any officer of the
Company and delivered to the Representatives or counsel
for the Underwriters in connection with the offering of
the Bonds shall be deemed a representation and warranty
by the Company, as to matters covered thereby, to each
Underwriter.
4. Terms of Public Offering. The Company is advised
by the Underwriters that they propose to make a public
offering of the Bonds as soon after this Agreement has
been entered into as in the judgment of the
Representatives is advisable. The terms of the public
offering of the Bonds are set forth in the Prospectus.
5. Payment and Delivery. Except as otherwise
provided in this Section 5, payment for the Bonds shall
be made to the Company in Federal or other funds
immediately available at the time (the "Closing Date")
and place set forth in Schedule II hereto, upon
delivery to the Representatives of the Bonds, in fully
registered global form registered in the name of Cede &
Co., for the respective accounts of the several
Underwriters of the Bonds registered in such names and
in such denominations as the Representatives shall
request in writing not less than the business day
immediately preceding the date of delivery, with any
transfer taxes payable in connection with the transfer
of the Bonds to the Underwriters duly paid. Delivery
of the Bonds shall be made through the facilities of
The Depository Trust Company unless the Representatives
shall otherwise instruct.
6. Conditions to the Underwriters' Obligations. The
obligations of the Underwriters are subject to the
following conditions:
(a) Subsequent to the execution and delivery
of this Agreement and prior to the Closing Date:
(i) there shall not have occurred any
downgrading or withdrawal, nor shall any
notice have been given of any intended or
potential downgrading or withdrawal or of any
review for a possible change that does not
indicate the direction of the possible
change, in the rating accorded any of the
Company's securities by any "nationally
recognized statistical rating organization,"
as such term is defined for purposes of Rule
436(g)(2) under the Securities Act;
(ii) no stop order suspending
the effectiveness of the Registration
Statement has been issued and no proceedings
for that purpose have been instituted or, to
the Company's knowledge, threatened; and
(iii) there shall not have occurred any
change, or any development involving a
prospective change, in the condition,
financial or otherwise, or in the earnings,
business or operations of the Company, from
that set forth in the Prospectus (exclusive
of any amendments or supplements thereto
subsequent to the date of this Agreement)
that, in the judgment of the Representatives,
is material and adverse and that makes it, in
the judgment of the Representatives,
impracticable or inadvisable to proceed with
the offer, sale or delivery of the Bonds on
the terms and in the manner contemplated in
the Prospectus.
(b) The Underwriters shall have received on
the Closing Date a certificate, dated the Closing
Date and signed by an executive officer of the
Company, to the effect set forth in Section 6(a)
above and to the effect that the representations
and warranties of the Company contained in this
Agreement are true and correct as of the Closing
Date and that the Company has complied with all of
the agreements and satisfied all of the conditions
on its part to be performed or satisfied hereunder
on or before the Closing Date. The officer
signing and delivering such certificate may rely
upon the best of his or her knowledge as to
proceedings threatened.
(c) At the Closing Date, the Bonds shall
be rated at least A- by S&P, A2 by Xxxxx'x and A-
by Fitch, and the Company shall have delivered to
the Underwriters a letter, dated the Closing Date,
from each such rating agency, or other evidence
reasonably satisfactory to the Underwriters,
confirming that the Bonds have been assigned such
ratings;
(d) The Underwriters shall have received on
the Closing Date a legal opinion or legal opinions
from Xxxxxxx X. Xxxxxx, Esq., Assistant General
Counsel of Northeast Utilities Service Company,
counsel to the Company, or other counsel
reasonably acceptable to the Underwriters, dated
the Closing Date, to the effect that:
(i) the Company has been duly formed, is
validly existing as a Connecticut corporation
in good standing under the laws of
Connecticut, has the power and authority to
own its property and to conduct its business
as described in the Prospectus and is duly
qualified to transact business and is in good
standing in each jurisdiction in which the
conduct of its business or its ownership or
leasing of property requires such
qualification, except to the extent that the
failure to be so qualified or be in good
standing would not have a material adverse
effect on the Company; the Company possesses
such material certificates, authorizations,
franchises or permits issued by the
appropriate state or federal regulatory
authorities or bodies as are necessary to
conduct its business as currently conducted;
(ii) this Agreement has been duly
authorized, executed and delivered by the
Company;
(iii) the Indenture has been duly qualified
under the Trust Indenture Act and has been
duly authorized, executed and delivered by
the Company and is a valid and binding
agreement of the Company, enforceable in
accordance with its terms, subject to
applicable bankruptcy, insolvency or similar
laws affecting creditors' rights generally
and general principles of equity and except
as may be limited by the laws of Connecticut,
where the property covered by the Indenture
is located, affecting the lien of the
Indenture on after-acquired real property and
affecting the remedies for the enforcement of
the security provided for therein, which laws
do not make inadequate the remedies necessary
for the realization of the benefits of such
security;
(iv) the Bonds have been duly authorized
and, when executed and authenticated in
accordance with the provisions of the
Indenture and delivered to and paid for by
the Underwriters in accordance with the terms
of this Agreement, will be entitled to the
benefits and security of the Indenture,
equally and ratably with the first and
refunding mortgage bonds of other series
presently secured by the Indenture, and will
be valid and binding obligations of the
Company, in each case enforceable in
accordance with their respective terms,
subject to applicable bankruptcy, insolvency
or similar laws affecting creditors' rights
generally and general principles of equity;
(v) (A) the execution and delivery by the
Company of, and the performance by the
Company of its obligations under, this
Agreement, the Indenture and the Bonds will
not contravene any provision of applicable
law or the Certificate of Incorporation or By-
laws of the Company or, to the best of such
counsel's knowledge, any agreement or other
instrument binding upon the Company that is
material to the Company, or, to the best of
such counsel's knowledge, any judgment, order
or decree of any governmental body, agency or
court having jurisdiction over the Company,
and (B) no consent, approval, authorization
or order of, or qualification with, any
governmental body or agency is required for
the performance by the Company of its
obligations under this Agreement, the
Indenture and the Bonds, except for the DPUC
Order, such as have been obtained under the
Securities Act and such as may be required by
the securities or Blue Sky laws of the
various states in connection with the offer
and sale of the Bonds. The DPUC Order is in
full force and effect and is sufficient to
authorize the Company to issue the Bonds and
to perform its obligations under the Bonds,
the Indenture, and this Agreement and is
final and not subject to rehearing or appeal;
(vi) the statements (A) in the Prospectus
under the captions "Description of the
Bonds", "Underwriting" and "Description of
the New Bonds," (B) in the Registration
Statement under Item 15, (C) in "Item 3 -
Legal Proceedings" of the Company's most
recent annual report on Form 10-K
incorporated by reference in the Prospectus
and (D) in "Item 1 - Legal Proceedings" of
Part II of the Company's quarterly reports on
Form 10-Q, if any, filed since such annual
report, in each case insofar as such
statements constitute summaries of the legal
matters, documents or proceedings referred to
therein, fairly present the information
called for with respect to such legal
matters, documents and proceedings as of the
dates of such reports and fairly summarize
the matters referred to therein as of the
dates of such reports;
(vii) after due inquiry, such counsel does
not know of any legal or governmental
proceedings pending or threatened to which
the Company is a party or to which any of the
properties of the Company is subject that are
required to be described in the Registration
Statement or the Prospectus and are not so
described or of any statutes, regulations,
contracts or other documents that are
required to be described in the Registration
Statement or the Prospectus or to be filed or
incorporated by reference as exhibits to the
Registration Statement that are not
described, filed or incorporated as required;
(viii) the Company is not and, after giving
effect to the offering and sale of the Bonds
and the application of the proceeds thereof
as described in the Prospectus, will not be
an "investment company" as such term is
defined in the Investment Company Act of
1940, as amended;
(ix) except as disclosed in the
Prospectus, the Company (A) is in compliance
with any and all applicable Environmental
Laws, (B) has received all permits, licenses
or other approvals required of it under
applicable Environmental Laws to conduct its
business and (C) is in compliance with all
terms and conditions of any such permit,
license or approval, except where such
noncompliance with Environmental Laws,
failure to receive required permits, licenses
or other approvals or failure to comply with
the terms and conditions of such permits,
licenses or approvals would not, singly or in
the aggregate, have a material adverse effect
on the Company;
(x) the Registration Statement has become
effective; no stop order suspending the
effectiveness of the Registration Statement
is in effect, no order directed to the
adequacy of any document incorporated by
reference in the Prospectus has been issued
by the Commission and no proceedings for
either such purpose are pending before or
threatened by the Commission;
(xi) such counsel (A) is of the opinion
that each document, if any, filed pursuant to
the Exchange Act and incorporated by
reference in the Prospectus and any amendment
to the Prospectus (except for financial
statements, schedules and other financial or
statistical data contained or incorporated by
reference in the Registration Statement or
Prospectus or any amendment to the
Prospectus, as to which such counsel need not
express any opinion) complied when so filed
as to form in all material respects with the
Exchange Act and the applicable rules and
regulations of the Commission thereunder, (B)
has no reason to believe that (except for
financial statements, schedules and other
financial or statistical data contained or
incorporated by reference in the Registration
Statement or Prospectus or any amendment or
supplement to the Prospectus, as to which
such counsel need not express any belief and
except for that part of the Registration
Statement that constitutes the Form T-1
heretofore referred to) each part of the
Registration Statement, when such part became
effective, contained and, as of the date such
opinion is delivered, contains any untrue
statement of a material fact or omitted or
omits to state a material fact required to be
stated therein or necessary to make the
statements therein not misleading, (C) is of
the opinion that the Registration Statement
and Prospectus as they may be amended or
supplemented (except for financial
statements, schedules and other financial or
statistical data contained or incorporated by
reference in the Registration Statement or
Prospectus or any amendment or supplement to
the Prospectus, as to which such counsel need
not express any opinion) comply as to form in
all material respects with the Securities Act
and the applicable rules and regulations of
the Commission thereunder and (D) has no
reason to believe that (except for financial
statements, schedules and other financial or
statistical data contained or incorporated by
reference in the Registration Statement or
Prospectus or any amendment or supplement to
the Prospectus, as to which such counsel need
not express any belief) the Prospectus as it
may be amended or supplemented, as of its
date and as of the date such opinion is
delivered contain any untrue statement of a
material fact or omit to state a material
fact necessary in order to make the
statements therein, in the light of the
circumstances under which they were made, not
misleading;
(xii) the property specifically described
as the mortgaged property (the "Mortgaged
Property") and as the trust estate (the
"Trust Estate") in the Indenture located in
Connecticut constitutes all of the utility
franchises held by the Company and all of the
Company's principal properties and
substantially all of the property used by the
Company in its business other than the
exceptions explicitly stated in the
Indenture;
(xiii) The Indenture constitutes a
direct and valid first mortgage lien,
subject only to liens permitted by the
Indenture, including liens and encumbrances
existing at the time of acquisition by the
Company upon the interests of the Company in
the properties and franchises now owned by
the Company and located in Connecticut and
under existing law will, subject only to such
Permitted Exceptions and subject to the
provisions of the Federal Bankruptcy Code,
constitute a similar lien at the time of
acquisition on all properties and assets of
the Company acquired after the date of such
opinion located within the State of
Connecticut and required by the Indenture to
be subjected to the lien thereof, other than
properties and assets of the character
excluded, excepted or released from the lien
thereof; and the Indenture, and/or an
appropriate certificate or financing
statement with respect thereto, has been or
will be duly recorded or filed for
recordation in all places within the State of
Connecticut, in which such recording is
required to protect and preserve the lien of
the Indenture on the properties and assets
located in Connecticut, which are presently
subject thereto, and all Connecticut, taxes
and fees required to be paid with respect to
the execution and recording of the Indenture
and the issuance of the Bonds have been paid;
(xiv) The major electric transmission lines
and distribution facilities owned by the
Company are in the main on land owned in fee
by the Company or over which the Company has
adequate easements. The Company has title
good and sufficient for the purposes for
which such properties or easements are held
by the Company, subject only to Permitted
Exceptions, to minor defects in title that
are curable by the exercise of the Company's
right of eminent domain and to additional
liens of record, in the aggregate not
material to the financial condition of the
Company, which liens are capable of being
satisfied if necessary by the payment of
money. and
(xv) The manner in which the
Mortgaged Property and the Trust Estate and
the Company's properties and assets are
described in the granting clauses of the
Indenture is adequate for the purpose of
creating the lien of the Indenture.
In rendering the opinion set forth in
Section 6(d)(xiv) above, counsel may note that the
lien of the Indenture could be subject or
subordinated to Connecticut General Statutes
Section 22a-452a, as amended, providing for a lien
on behalf of the State of Connecticut for expenses
incurred in containing, removing or mitigating
hazardous waste.
Insofar as Xx. Xxxxxx'x opinion relates to
matters governed by the law of the State of
Connecticut, he may rely on the opinion of even
date therewith of Day, Xxxxx & Xxxxxx LLP, counsel
for the Company as addressed to him. The
foregoing opinion shall be addressed to or shall
allow the Underwriters to rely on such opinion as
if they were an addressee thereto.
(e) The Underwriters shall have received from
Pillsbury Winthrop LLP, special counsel for the
Underwriters, an opinion dated the Closing Date
and addressed to the Underwriters, with respect to
the issuance and sale of the Bonds, the Indenture,
the Registration Statement, the Prospectus
(together with any supplement thereto) and other
related matters as the Representatives may
reasonably require, and the Company shall have
furnished to such counsel such documents as they
request for the purpose of enabling them to pass
upon such matters.
Such counsel shall also state that it has no
reason to believe that (except for financial
statements, schedules and other financial or
statistical data contained or incorporated by
reference in the Registration Statement or
Prospectus, as to which such counsel need not
express any belief) the Prospectus as of the date
such opinion is delivered contains any untrue
statement of a material fact or omits to state a
material fact necessary in order to make the
statements therein, in the light of the
circumstances under which they were made, not
misleading. Such counsel (and counsel to the
Company with respect to Section 6(d)(xi)(D) above)
may state that its belief is based upon their
participation in the preparation of the
Registration Statement and Prospectus and any
amendments or supplements thereto and documents
incorporated therein by reference and review and
discussion of the contents thereof, but are
without independent check or verification, except
as specified.
The opinion(s) of Counsel described in
Section 6(d) above shall be rendered to the
Underwriters at the request of the Company and
shall so state therein.
(f) The Underwriters shall have received on
the date hereof and on the Closing Date, letters,
the first dated the date hereof and the second
dated the Closing Date, each in form and substance
satisfactory to the Underwriters, from Deloitte &
Touche LLP, containing statements and information
of the type ordinarily included in accountants'
"comfort letters" to underwriters with respect to
the financial statements and certain financial
information contained in or incorporated by
reference into the Prospectus.
If any of the conditions specified in this
Section 6 shall not have been fulfilled when and as
provided in this Agreement, or if any of the opinions
and certificates mentioned above or elsewhere in this
Agreement shall not be reasonably satisfactory in form
and substance to the Representatives and counsel for
the Underwriters, this Agreement and all obligations of
the Underwriters hereunder may be canceled at, or at
any time prior to, the Closing Date by the
Representatives. Notice of such cancellation shall be
given to the Company in writing or by telephone or
facsimile confirmed in writing.
7. Covenants of the Company. In further
consideration of the agreements of the Underwriters
herein contained, the Company covenants with each
Underwriter as follows:
(a) To furnish the Representatives, without
charge, one (1) signed copy of the Registration
Statement (including exhibits thereto) and, for
delivery to each other Underwriter, a conformed
copy of the Registration Statement (without
exhibits thereto) and to furnish the
Representatives in New York City, without charge,
prior to 10:00 a.m. New York City time on the
business day next succeeding the date of this
Agreement and during the period mentioned in
Section 7(c) below, as many copies of the
preliminary prospectus, Prospectus, any documents
incorporated by reference therein and any
supplements and amendments thereto or to the
Registration Statement as the Representatives may
reasonably request.
(b) Before amending or supplementing the
Registration Statement, preliminary prospectus or
the Prospectus with respect to the Bonds, to
furnish to the Representatives a copy of each such
proposed amendment or supplement and not to file
any such proposed amendment or supplement to which
the Representatives reasonably objects.
(c) If, during such period after the first
date of the public offering of the Bonds as in the
opinion of counsel for the Underwriters the
Prospectus is required by law to be delivered in
connection with sales by an Underwriter or dealer,
any event shall occur or condition exist as a
result of which it is necessary to amend or
supplement the Prospectus in order to make the
statements therein, in the light of the
circumstances when the Prospectus is delivered to
a purchaser, not misleading, or if, in the opinion
of counsel for the Underwriters, it is necessary
to amend or supplement the Prospectus to comply
with applicable law, forthwith to prepare, file
with the Commission and furnish, at its own
expense, to the Underwriters and to the dealers
(whose names and addresses the Representatives
will furnish to the Company) to which Bonds may
have been sold by the Representatives on behalf of
the Underwriters and to any other dealers upon
request, either amendments or supplements to the
Prospectus so that the statements in the
Prospectus as so amended or supplemented will not,
in the light of the circumstances when the
Prospectus is delivered to a purchaser, be
misleading or so that the Prospectus, as amended
or supplemented, will comply with law.
(d) To endeavor to qualify the Bonds for offer
and sale under the securities or Blue Sky laws of
such jurisdictions as the Representatives shall
reasonably request; provided, however, that the
Company shall not be required to qualify as a
foreign corporation or to file a consent to
service of process or to file annual reports or to
comply with any other requirements deemed by the
Company in its reasonable judgment to be unduly
burdensome.
(e) To make generally available to the
Company's security holders and to each of the
Underwriters as soon as practicable an earning
statement covering a twelve month period beginning
on the first day of the first full fiscal quarter
after the date of this Agreement, which earning
statement shall satisfy the provisions of Section
11(a) of the Securities Act and the rules and
regulations of the Commission thereunder
(including, but not limited to, Rule 158 under the
Securities Act). If such fiscal quarter is the
last fiscal quarter of the Company's fiscal year,
such earning statement shall be made available not
later than 90 days after the close of the period
covered thereby and in all other cases shall be
made available not later than 45 days after the
close of the period covered thereby.
(f) During the period beginning on the date of
this Agreement and continuing to and including the
Closing Date, not to offer, sell, contract to sell
or otherwise dispose of, directly or indirectly,
any debt securities of the Company or warrants to
purchase debt securities of the Company
substantially similar to the Bonds (other than (i)
the Bonds and (ii) commercial paper issued in the
ordinary course of business), without the prior
written consent of the Representatives.
(g) Whether or not the transactions
contemplated in this Agreement are consummated or
this Agreement is terminated, to pay or cause to
be paid all expenses incident to the performance
of its obligations under this Agreement,
including: (i) the fees, disbursements and
expenses of the Company's counsel and the
Company's accountants in connection with the
registration and delivery of the Bonds under the
Securities Act and all other fees or expenses in
connection with the preparation and filing of the
Registration Statement, any preliminary
prospectus, the Prospectus and amendments and
supplements to any of the foregoing, including all
printing costs associated therewith, and the
mailing and delivering of copies thereof to the
Underwriters and dealers, in the quantities
hereinabove specified, (ii) all costs and expenses
related to the transfer and delivery of the Bonds
to the Underwriters, including any transfer or
other taxes payable thereon, (iii) the cost of
printing or producing any Blue Sky or legal
investment memorandum in connection with the offer
and sale of the Bonds under state law and all
expenses in connection with the qualification of
the Bonds for offer and sale under state law as
provided in Section 7(d) hereof, including filing
fees and the reasonable fees and disbursements of
counsel for the Underwriters not to exceed $10,000
in connection with such qualification and in
connection with the Blue Sky or legal investment
memorandum, (iv) the fees and disbursements of the
Company's accountants and the Trustee and its
counsel, (v) all filing fees and the reasonable
fees and disbursements of counsel to the
Underwriters incurred in connection with any
review and qualification of the offering of the
Bonds by the National Association of Securities
Dealers, Inc., (vi) any fees charged by the rating
agencies for the rating of the Bonds and (vii) all
other costs and expenses incident to the
performance of the obligations of the Company
hereunder for which provision is not otherwise
made in this Section. It is understood, however,
that except as provided in this Section, Section 8
entitled "Indemnity and Contribution", and the
clause (b) of Section 10 entitled "Defaulting
Underwriters" below, the Underwriters will pay all
of their costs and expenses, including fees and
disbursements of their counsel, and any
advertising expenses connected with any offers
they may make.
(h) The Company will comply with all
applicable securities and other applicable laws,
rules and regulations, including, without
limitation, the Sarbanes Oxley Act, and will use
its best efforts to cause the Company's directors
and officers, in their capacities as such, to
comply with such laws, rules and regulations,
including, without limitation, the provisions of
the Sarbanes Oxley Act.
(i) The Company will not take, directly or
indirectly, any action designed to or that would
constitute or that might reasonably be expected to
cause or result in, under the Exchange Act or
otherwise, stabilization or manipulation of the
price of any security of the Company to facilitate
the sale or resale of the Bonds.
(j) If the supplemental indenture
establishing the terms of the Series A Bonds and
the supplemental indenture establishing the terms
of the Series B Bonds (together, the "Supplemental
Indentures") are not recorded prior to the Closing
Date, then (1) within 10 days after the Closing
Date, the Company shall deliver each Supplemental
Indenture in recordable form to the appropriate
real estate recording office in all jurisdictions
specified in each such Supplemental Indenture for
recording and deliver to the office of the
Secretary of State of the State of Connecticut a
UCC-1 financing statement relating to each such
Supplemental Indenture for filing in such office
and (2) within 25 days after the Closing Date, the
Company shall deliver to counsel to the
Underwriters a certificate signed by an officer of
the Company certifying that the actions required
by the foregoing clause (1) have been taken. The
Company shall further provide counsel to the
Underwriters, as soon as it is available, a copy
of each of the related opinions of counsel
contemplated by Section 6.10(b) of the Indenture.
To the extent not covered in the opinions
described in the previous sentence, the Company
shall also provide counsel to the Underwriters,
concurrently with the furnishing of such opinions,
a list of the recording information for all such
filings
8. Indemnity and Contribution. (a) The Company agrees
to indemnify and hold harmless each Underwriter and
each person, if any, who controls any Underwriter
within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act from
and against any and all losses, claims, damages and
liabilities when and as incurred by them (including,
without limitation, any legal or other expenses
reasonably incurred in connection with defending or
investigating any such action or claim) caused by any
untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement
or any amendment thereof, any preliminary prospectus or
the Prospectus (as amended or supplemented if the
Company shall have furnished any amendments or
supplements thereto), or caused by any omission or
alleged omission to state therein a material fact
required to be stated therein or necessary to make the
statements therein not misleading, except insofar as
such losses, claims, damages or liabilities are caused
by any such untrue statement or omission or alleged
untrue statement or omission based upon information
relating to any Underwriter furnished to the Company in
writing by such Underwriter through the Representatives
expressly for use therein.
(b) Each Underwriter agrees, severally and not
jointly, to indemnify and hold harmless the Company,
its directors, its officers who sign the Registration
Statement and each person, if any, who controls the
Company within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act to the
same extent as the foregoing indemnity from the Company
to such Underwriter, but only with reference to
information relating to such Underwriter furnished to
the Company in writing by such Underwriter through the
Representatives expressly for use in the Registration
Statement, any preliminary prospectus, the Prospectus
or any amendments or supplements thereto.
(c) In case any proceeding (including any
governmental investigation) shall be instituted
involving any person in respect of which indemnity may
be sought pursuant to either Section 8(a) or 8(b), such
person (the "indemnified party") shall promptly notify
the person against whom such indemnity may be sought
(the "indemnifying party") in writing (but the omission
so to notify the indemnifying party under this
subsection shall not relieve it from any liability
which it otherwise might have to an indemnified party
otherwise than under this subsection) and the
indemnifying party, upon request of the indemnified
party, shall retain counsel reasonably satisfactory to
the indemnified party to represent the indemnified
party and any others the indemnifying party may
designate in such proceeding and shall pay the fees and
disbursements of such counsel related to such
proceeding. In any such proceeding, any indemnified
party shall have the right to retain its own counsel,
but the fees and expenses of such counsel shall be at
the expense of such indemnified party unless (i) the
indemnifying party and the indemnified party shall have
mutually agreed to the retention of such counsel or
(ii) the named parties to any such proceeding
(including any impleaded parties) include both the
indemnifying party and the indemnified party and
representation of both parties by the same counsel
would be inappropriate due to actual or potential
differing interests between them or (iii) the
indemnifying party has not retained counsel within a
reasonable period of time after the request by the
indemnified party to do so. It is understood that the
indemnifying party shall not, in respect of the legal
expenses of any indemnified party in connection with
any proceeding or related proceedings in the same
jurisdiction, be liable for the fees and expenses of
more than one separate firm (in addition to any local
counsel) for all such indemnified parties and that all
such fees and expenses shall be reimbursed as they are
incurred. Such firm shall be designated in writing by
the Representatives, in the case of parties indemnified
pursuant to Section 8(a) above, and by the Company, in
the case of parties indemnified pursuant to Section
8(b) above. The indemnifying party shall not be liable
for any settlement of any proceeding effected without
its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, the
indemnifying party agrees to indemnify the indemnified
party from and against any loss or liability by reason
of such settlement or judgment. No indemnifying party
shall, without the prior written consent of the
indemnified party, effect any settlement of any pending
or threatened proceeding in respect of which any
indemnified party is or could have been a party and
indemnity could have been sought hereunder by such
indemnified party, unless such settlement includes an
unconditional release of such indemnified party from
all liability on claims that are the subject matter of
such proceeding.
(d) To the extent the indemnification provided for
in Section 8(a) or 8(b) is unavailable to an
indemnified party or insufficient in respect of any
losses, claims, damages or liabilities referred to
therein, then each indemnifying party under such
paragraph, in lieu of indemnifying such indemnified
party thereunder, shall contribute to the amount paid
or payable by such indemnified party as a result of
such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and
the Underwriters on the other hand from the offering of
the Bonds or (ii) if the allocation provided by clause
8(d)(i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only
the relative benefits referred to in clause 8(d)(i)
above but also the relative fault of each indemnifying
party on the one hand and each indemnified party on the
other hand in connection with the statements or
omissions that resulted in such losses, claims, damages
or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the
Company on the one hand and the Underwriters on the
other hand in connection with the offering of the Bonds
shall be deemed to be in the same respective
proportions as the net proceeds from the offering of
such Bonds (before deducting expenses) received by the
Company and the total underwriting discounts and
commissions received by the Underwriters, in each case
as set forth in the table on the cover of the
Prospectus Supplement, bear to the aggregate public
offering price of the Bonds. The relative fault of
each indemnifying party on the one hand and each
indemnified party on the other hand shall be determined
by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact
relates to information supplied by such indemnifying
party or by such indemnified party and the parties'
relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or
omission. The Underwriters' respective obligations to
contribute pursuant to this Section 8 are several in
proportion to the respective principal amounts of Bonds
they have purchased hereunder, and not joint.
(e) The Company and the Underwriters agree that it
would not be just or equitable if contribution pursuant
to this Section 8 were determined by pro rata
allocation (even if the Underwriters were treated as
one entity for such purpose) or by any other method of
allocation that does not take account of the equitable
considerations referred to in Section 8(d). The amount
paid or payable by an indemnified party as a result of
the losses, claims, damages and liabilities referred to
in the immediately preceding paragraph shall be deemed
to include, subject to the limitations set forth above,
any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the
provisions of this Section 8, no Underwriter shall be
required to contribute any amount in excess of the
amount by which the total price at which the Bonds
underwritten by it and distributed to the public were
offered to the public exceeds the amount of any damages
that such Underwriter has otherwise been required to
pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The
remedies provided for in this Section 8 are not
exclusive and shall not limit any rights or remedies
which may otherwise be available to any indemnified
party at law or in equity.
(f) The indemnity and contribution provisions
contained in this Section 8 and the representations,
warranties and other statements of the Company
contained in this Agreement shall remain operative and
in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation
made by or on behalf of any Underwriter or any person
controlling any Underwriter or the Company, its
officers or directors or any person controlling the
Company and (iii) acceptance of and payment for any of
the Bonds.
9. Termination. This Agreement shall be subject to
termination by notice given by the Representatives to
the Company, if (a) after the execution and delivery of
this Agreement and on or prior to the Closing Date (i)
trading generally shall have been suspended or
materially limited on or by, as the case may be, any of
the New York Stock Exchange, the American Stock
Exchange, the National Association of Securities
Dealers, Inc., the Chicago Board of Options Exchange,
the Chicago Mercantile Exchange or the Chicago Board of
Trade or there shall have been established by any of
such exchanges or by the Commission or by any federal
or state agency or by the decision of any court, any
general limitation on prices for such trading or any
general restrictions on the distribution of securities,
(ii) trading of any securities of the Company or
Northeast Utilities shall have been suspended on any
exchange or in any over-the-counter market, (iii) a
general moratorium on commercial banking activities in
New York shall have been declared by either Federal or
New York State authorities, (iv) there shall have
occurred any (A) outbreak of hostilities affecting the
United States, or (B) other national or international
calamity or crisis, or any material adverse change in
financial, political or economic conditions affecting
the United States, including, but not limited to, an
escalation of hostilities that existed prior to the
date of this Agreement, or (v) there shall have
occurred any material disruption in commercial banking
securities settlement or clearance services and (b) in
the case of any of the events specified in clauses
9(a)(i) through 9(a)(v), such event, singly or together
with any other such event, makes it impracticable or
inadvisable, in the judgment of the Representatives, to
proceed with the offer, sale or delivery of the Bonds
on the terms and in the manner contemplated in the
Prospectus.
10. Defaulting Underwriters.(a) If, on the Closing
Date, any one or more of the Underwriters shall fail or
refuse to purchase the Bonds set forth opposite the
name of such Underwriter or Underwriters in Schedule I
hereto that it has or they have agreed to purchase
hereunder on such date, and the aggregate amount of
such Bonds which such defaulting Underwriter or
Underwriters agreed but failed or refused to purchase
is not more than one-tenth of the aggregate amount of
the Bonds of such Underwriter or Underwriters to be
purchased on such date, the other Underwriters shall be
obligated severally in the proportions that the amount
of such Bonds set forth opposite their respective names
in Schedule I hereto bears to the aggregate amount of
such Bonds set forth opposite the names of all such non-
defaulting Underwriters, or in such other proportions
as the Representatives may specify, to purchase the
Bonds which such defaulting Underwriter or Underwriters
agreed but failed or refused to purchase on such date;
provided that in no event shall the amount of the Bonds
that any Underwriter has agreed to purchase pursuant to
this Agreement be increased pursuant to this Section 10
by an amount in excess of one-ninth of such amount of
such Bonds without the written consent of such
Underwriter. If, on the Closing Date, any Underwriter
or Underwriters shall fail or refuse to purchase such
Bonds and the aggregate amount of such Bonds with
respect to which such default occurs is more than one-
tenth of the aggregate amount of such Bonds to be
purchased on such date, and arrangements satisfactory
to the Representatives and the Company for the purchase
of such Bonds are not made within 36 hours after such
default, this Agreement shall terminate without
liability on the part of any non-defaulting Underwriter
or the Company. In any such case either the
Representatives or the Company shall have the right to
postpone the Closing Date, but in no event for longer
than seven days, in order that the required changes, if
any, in the Registration Statement and in the
Prospectus or in any other documents or arrangements
may be effected. Any action taken under this paragraph
shall not relieve any defaulting Underwriter from
liability in respect of any default of such Underwriter
under this Agreement.
(b) If this Agreement shall be terminated by the
Underwriters because any condition to the obligation of
the Underwriters set forth in Section 6 hereof is not
satisfied, because of any termination pursuant to
Section 9 hereof or because of any failure or refusal
on the part of the Company to comply with the terms or
to fulfill any of the conditions of this Agreement, or
if for any reason the Company shall be unable to
perform its obligations under this Agreement, the
Company will reimburse the Underwriters for all out of
pocket expenses (including the fees and disbursements
of their counsel) reasonably incurred by the
Underwriters in connection with this Agreement or the
offering contemplated hereunder.
11. Representations and Indemnities to Survive. The
respective agreements, representations, warranties,
indemnities and other statements of the Company or its
officers and of the Underwriters set forth in or made
pursuant to this Agreement will remain in full force
and effect, regardless of any investigation made by or
on behalf of any Underwriter or the Company or any of
the officers, directors, employees, agents or
controlling persons referred to in Section 8 hereof,
and will survive delivery of and payment for the Bonds.
The provisions of Sections 8 and 10(b) hereof shall
survive the termination or cancellation of this
Agreement
12. Notices. All communications hereunder will be in
writing and effective only on receipt, and, if sent to
the Representatives, will be mailed, delivered or
telefaxed to Barclays Capital Inc., Attention: Fixed
Income Syndicate (212-412-7305) and confirmed to
Barclays Capital Inc., at 000 Xxxx Xxxxxx, Xxx Xxxx, XX
00000, Attention: Fixed Income Syndicate and to X.X.
Xxxxxx Securities Inc., Attention: High Grade Syndicate
Desk, 8th Floor (212-834-6081) and confirmed to X.X.
Xxxxxx Securities Inc., 000 Xxxx Xxxxxx, Xxx Xxxx, XX,
00000, Attention: Xxxx Xxxxx Xxxxxxxxx Xxxx, 0xx Xxxxx;
or, if sent to the Company, will be mailed, delivered
or telefaxed to The Connecticut Light and Power
Company, Attention: Treasurer (860-665-3258) and
confirmed to it at The Connecticut Light and Power
Company, 000 Xxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxx
00000, Attention: Treasurer.
13. Counterparts. This Agreement may be signed in two
or more counterparts, each of which shall be an
original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.
14. Applicable Law. This Agreement shall be governed
by and construed in accordance with the internal laws
of the State of New York.
15. Headings. The headings of the sections of this
Agreement have been inserted for convenience of
reference only and shall not be deemed a part of this
Agreement.
Please confirm your agreement by having an authorized
officer sign a copy of this Agreement in the space set
forth below.
Very truly yours,
BARCLAYS CAPITAL INC.
X.X. XXXXXX SECURITIES INC.
BANC OF AMERICA SECURITIES LLC
BNY CAPITAL MARKETS, INC.
WACHOVIA CAPITAL MARKETS, LLC
WEDBUSH XXXXXX SECURITIES INC.
BARCLAYS CAPITAL INC.
By: /s/ Xxxxxx Xxxxxxx
Name: Xxxxxx Xxxxxxx
Title: Director
X.X. XXXXXX SECURITIES INC.
By: /s/ Xxxxxx Xxxxxxxxx
Name: Xxxxxx Xxxxxxxxx
Title: Vice President
As representatives of the Several
Underwriters
Accepted and agreed:
THE CONNECTICUT LIGHT
AND POWER COMPANY
By: /s/ Xxxxx X. Xxxxx
Name: Xxxxx X. Xxxxx
Title: Treasurer
SCHEDULE I
Principal Amount of Principal Amount of
Underwriters Series A Bonds Series B Bonds
Barclays Capital $ 60,000,000 $ 52,000,000
Inc.
X.X. Xxxxxx 60,000,000 52,000,000
Securities Inc.
Banc of America 7,500,000 6,500,000
Securities LLC
BNY Capital 7,500,000 6,500,000
Markets, Inc.
Wachovia Capital 7,500,000 6,500,000
Markets, LLC
Wedbush Xxxxxx 7,500,000 6,500,000
Securities Inc.
TOTAL $ 150,000,000 $ 130,000,000
SCHEDULE II
Underwriting Agreement dated September 13, 2004
Registration Statement No. 333-118276
Lead Underwriters and Address:
Barclays Capital Inc. X.X. Xxxxxx Securities Inc.
000 Xxxx Xxxxxx 000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000 Xxx Xxxx, XX 00000
Closing Date and
Location:
September 17, 2004
Pillsbury Winthrop LLP
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
SERIES A BONDS
Designation: 4.80% First and Refunding
Mortgage Bonds, 2004 Series
A, Due 2014
Principal Amount: $150,000,000
Date of Maturity: September 15, 2014
Interest Rate: 4.80%
Interest Payment March 15 and September 15 of
Dates: each year, commencing March
15, 2005
Record Dates: March 1 and September 1 of
each year
Purchase Price: 99.154% of the principal
amount thereof
Public Offering 99.804% of the principal
Price: amount thereof, plus accrued
interest, if any, from the
date of original issuance
thereof
SERIES B BONDS
Designation: 5.75% First and Refunding
Mortgage Bonds, 2004 Series
B, Due 2034
Principal Amount: $130,000,000
Date of Maturity: September 15, 2034
Interest Rate: 5.75%
Interest Payment March 15 and September 15 of
Dates: each year, commencing March
15, 2005
Record Dates: March 1 and September 1 of
each year
Purchase Price: 98.404% of the principal
amount thereof
Public Offering 99.279% of the principal
Price: amount thereof, plus accrued
interest, if any, from the
date of original issuance
thereof
