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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): November 10, 2023
EVERSOURCE ENERGY
(Exact name of registrant as specified
in its charter)
| Massachusetts |
|
001-05324 |
|
04-2147929 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
| 300
Cadwell Drive, |
|
| Springfield,
Massachusetts |
01104 |
| (Address of principal executive offices) |
(Zip Code) |
(800) 286-5000
Registrant’s telephone number,
including area code
Not Applicable
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of
the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
| Common Shares, $5.00 par value per share |
ES |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On November 10, 2023, Eversource Energy issued
$800,000,000 aggregate principal amount of its 5.95% Senior Notes, Series CC, Due 2029 (the “Notes”), pursuant to an
Underwriting Agreement, dated November 8, 2023, among Eversource Energy and Barclays Capital Inc., Citigroup Global Markets Inc.,
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., and U.S. Bancorp Investments, Inc.,
as representatives of the underwriters named therein (the “Underwriting Agreement”).
The Notes are Eversource Energy’s unsecured
obligations and were issued under the Twentieth Supplemental Indenture, dated November 1, 2023, between Eversource Energy and The
Bank of New York Mellon Trust Company, N.A. (the “Twentieth Supplemental Indenture”), supplementing the Indenture between
Eversource Energy and The Bank of New York Mellon Trust Company, N.A. (as successor trustee), dated as of April 1, 2002 (the “Indenture”).
Interest on the Notes is payable semi-annually
in arrears on February 1 and August 1 of each year, beginning on February 1, 2024 and ending on the maturity date of the
Notes.
The foregoing summaries of the Underwriting Agreement,
the Indenture and the Twentieth Supplemental Indenture do not purport to be complete and are qualified in their entirety by references
to such documents. The Underwriting Agreement and the Twentieth Supplemental Indenture are filed hereto as Exhibits 1.1 and 4.1, respectively.
The Indenture is filed as Exhibit A-3 to Eversource Energy’s 35-CERT, filed April 16, 2002 (File No. 070-09535).
A copy of the opinion of Ropes & Gray
LLP relating to the validity of the Notes is filed as Exhibit 5.1 hereto.
| Item 9.01 |
Financial Statements and Exhibits. |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
EVERSOURCE ENERGY |
| |
(Registrant) |
| |
|
|
| November 10, 2023 |
By: |
/s/ Emilie G. O’Neil |
| |
|
Emilie G. O’Neil |
| |
|
Assistant Treasurer |
Exhibit 1.1
EVERSOURCE ENERGY
SENIOR NOTES
UNDERWRITING
AGREEMENT
November 8, 2023
Barclays Capital Inc.
745 Seventh Avenue
New York, New York 10019
Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013
J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
Morgan Stanley & Co. LLC
1585 Broadway, 29th Floor
New York, New York 10036
MUFG Securities Americas Inc.
1221 Avenue of the Americas, 6th Floor
New York, New York 10020
U.S. Bancorp Investments, Inc.
214 N. Tryon Street, 26th Floor
Charlotte, North Carolina 28202
As Representatives of the several Underwriters
named in Schedule I hereto
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 Eversource Energy, a Massachusetts voluntary
association (the “Company”), severally and not jointly, and the Company shall sell to the Underwriters, the principal
amount of the Company’s 5.95% Senior Notes, Series CC, Due 2029 set forth opposite each name of the Underwriters in Schedule
I hereto at the price specified in Schedule III hereto (the aggregate principal amount of the notes described in Schedule I hereto are
hereinafter referred to as the “Securities”).
2. Underwriters.
The term “Underwriters”, as used herein, shall be deemed to mean Barclays Capital Inc.; Citigroup Global Markets
Inc.; J.P. Morgan Securities LLC; Morgan Stanley & Co. LLC; MUFG Securities Americas Inc.; and U.S. Bancorp Investments, Inc.
(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 of the Company and the Underwriters. (a) The Company represents and warrants to and agrees with the Underwriters
that:
(i) A
registration statement on Form S-3 (File No. 333-264278), relating to the Securities (x) has been prepared by the Company
in conformity with the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the rules and
regulations (the “Rules and Regulations”) of the Securities and Exchange Commission (the “Commission”)
thereunder; (y) has been filed with the Commission under the Securities Act; and (z) is effective under the Securities Act.
Copies of such registration statement and any amendment thereto have been delivered by the Company to the Representatives. As used in
this Agreement:
(A) “Applicable
Time” means 3:15 p.m. (New York City time) on the date of this Agreement;
(B) “Effective
Date” means any date as of which any part of such registration statement relating to the Securities became, or is deemed to
have become, effective under the Securities Act in accordance with Rule 430B of the Rules and Regulations;
(C) “Issuer
Free Writing Prospectus” means each “free writing prospectus” (as defined in Rule 405 of the Rules and
Regulations) prepared by or on behalf of the Company and approved by the Company or used or referred to by the Company in connection with
the offering of the Securities;
(D) “Preliminary
Prospectus” means the final prospectus relating to the Securities included in the Registration Statement, including any preliminary
prospectus supplement thereto relating to the Securities, as filed with the Commission pursuant to Rule 424(b) of the Rules and
Regulations;
(E) “Pricing
Disclosure Package” means, as of the Applicable Time, the most recent Preliminary Prospectus, together with each Issuer Free
Writing Prospectus listed on Schedule II hereto;
(F) “Prospectus”
means the final prospectus relating to the Securities included in the Registration Statement, including any prospectus supplement thereto
relating to the Securities, as filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations; and
(G) “Registration
Statement” means, collectively, the various parts of such registration statement, each as amended as of the Effective Date for
such part, including any Preliminary Prospectus or the Prospectus and all exhibits to such registration statement.
Any reference to any Preliminary Prospectus
or the Prospectus shall be deemed to refer to and include any documents incorporated by reference therein pursuant to Form S-3 under
the Securities Act as of the date of such Preliminary Prospectus or the Prospectus, as the case may be. Any reference to the “most
recent Preliminary Prospectus” shall be deemed to refer to the latest Preliminary Prospectus included in the Registration Statement
or filed pursuant to Rule 424(b) of the Rules and Regulations on or prior to the date hereof. Any reference to any amendment
or supplement to any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any document filed under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), after the date of such Preliminary Prospectus or the Prospectus,
as the case may be, and incorporated by reference in such Preliminary Prospectus or the Prospectus, as the case may be; and any reference
to any amendment to the Registration Statement shall be deemed to include any Annual Report on Form 10-K of the Company filed with
the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act after the Effective Date that is incorporated by
reference in the Registration Statement. The Commission has not issued any order preventing or suspending the use of any Preliminary Prospectus
or the Prospectus or suspending the effectiveness of the Registration Statement, and no proceeding or examination for such purpose or
pursuant to Section 8A of the Securities Act against the Company or related to the offering has been instituted or threatened by
the Commission.
(ii) The
Company was at the time of initial filing of the Registration Statement, has been at all relevant determination dates thereafter (as provided
in clause (2) of the definition of “well-known seasoned issuer” in Rule 405 of the Rules and Regulations),
is on the date hereof and will be on the Closing Date (as defined below) a “well-known seasoned issuer” (as defined in such
Rule 405), including not having been an “ineligible issuer” (as defined in such Rule 405) at any such time or date.
The Registration Statement is an “automatic shelf registration statement” (as defined in such Rule 405), was filed not
earlier than the date that is three years prior to the Closing Date and the Company has not received from the Commission any notice pursuant
to Rule 401(g)(2) of the Rules and Regulations objecting to use of the automatic shelf registration statement form and
the Company has not otherwise ceased to be eligible to use the automatic shelf registration statement form.
(iii) The
Registration Statement conformed and will conform in all material respects on the Effective Date and on the Closing Date, and any amendment
to the Registration Statement filed after the date hereof will conform in all material respects when filed, to the requirements of the
Securities Act and the Rules and Regulations. The Preliminary Prospectus conformed, and the Prospectus will conform, in all material
respects when filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations and on the Closing Date to
the requirements of the Securities Act and the Rules and Regulations. The documents incorporated by reference in any Preliminary
Prospectus or the Prospectus conformed, and any further documents so incorporated will conform, when filed with the Commission, in all
material respects to the requirements of the Exchange Act or the Securities Act, as applicable, and the rules and regulations of
the Commission thereunder.
(iv) The
Registration Statement did not, as of the Effective Date, contain an 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; provided that no representation or warranty
is made as to information contained in or omitted from the Registration Statement in reliance upon and in conformity with written information
furnished to the Company by any Underwriter through the Representatives specifically for inclusion therein, which information is specified
in Section 8(g) hereof, except that the representations and warranties set forth in this paragraph do not apply to that part
of the Registration Statement that constitutes the Statement of Eligibility and Qualification on Form T-1 under the Trust Indenture
Act of 1939, as amended (the “Trust Indenture Act”), of The Bank of New York Mellon Trust Company, N.A. (the “Trustee”).
(v) The
Prospectus will not, as of its date and on the Closing Date, contain an 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;
provided that no representation or warranty is made as to information contained in or omitted from the Prospectus in reliance upon
and in conformity with written information furnished to the Company by any Underwriter through the Representatives specifically for inclusion
therein, which information is specified in Section 8(g) hereof.
(vi) The
documents incorporated by reference in any Preliminary Prospectus or the Prospectus did not, and any further documents filed and incorporated
by reference therein will not, when filed with the Commission, contain an 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.
(vii) The
Pricing Disclosure Package did not, as of the Applicable Time, contain an 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;
provided that no representation or warranty is made as to information contained in or omitted from the Pricing Disclosure Package
in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives specifically
for inclusion therein, which information is specified in Section 8(g) hereof.
(viii) Each
Issuer Free Writing Prospectus conformed or will conform in all material respects to the requirements of the Securities Act and the Rules and
Regulations on the date of first use, and the Company has complied with any filing requirements applicable to such Issuer Free Writing
Prospectus pursuant to the Rules and Regulations. Except for the Issuer Free Writing Prospectus listed on Schedule II hereto (the
use of which has been consented to by the Representatives), the Company has not made any offer relating to the Securities that would constitute
an Issuer Free Writing Prospectus without the prior written consent of the Representatives. The Company has retained in accordance with
the Rules and Regulations all Issuer Free Writing Prospectuses that were not required to be filed pursuant to the Rules and
Regulations. Schedule II hereto includes a complete list of all Issuer Free Writing Prospectuses used in connection with the offering
of the Securities.
(ix) The
Company has been duly formed, is validly existing as a Massachusetts voluntary association in good standing under the laws of the Commonwealth
of Massachusetts, has the power and authority to own its property and to conduct its business as described in the Pricing Disclosure Package
and 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 and its subsidiaries taken as a whole. 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.
(x) Each
majority-owned subsidiary of the Company has been duly incorporated or otherwise formed, is validly existing as a corporation or limited
liability company, as applicable, in good standing under the laws of its jurisdiction of incorporation or formation, has the corporate
or limited liability company power, as applicable, and authority to own its property and to conduct its business as described in the Pricing
Disclosure Package 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 and its subsidiaries, taken as a whole; all of the issued
shares of common stock or membership interests of each subsidiary of the Company have been duly and validly authorized and issued, are
fully paid and non-assessable and are owned directly by the Company, free and clear of all liens, encumbrances, equities or claims. Each
subsidiary 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.
(xi) The
Company has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement
has been duly and validly 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.
(xii) The
Indenture dated as of April 1, 2002 between the Company and the Trustee (as supplemented and previously amended by various supplemental
indentures, including, by the Twentieth Supplemental Indenture, dated as of November 1, 2023, establishing the terms of the Securities,
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.
(xiii) The
Securities 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 of 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.
(xiv) The
execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement, the Indenture and
the Securities will not contravene any provision of applicable law, rule or regulation or the Declaration of Trust of the Company
or any agreement or other instrument binding upon the Company or any of its subsidiaries or any of their respective properties that is
material to the Company and its subsidiaries, taken as a whole, or any judgment, order or decree of any governmental body, agency or court
having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, 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 Securities, except 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 Securities.
(xv) 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 and its subsidiaries, taken as a whole, from that set forth in
the Pricing Disclosure Package.
(xvi) There
are no legal or governmental proceedings pending, threatened or contemplated to which the Company or any of its subsidiaries is a party
or to which any of the properties of the Company or any of its subsidiaries is subject that are required to be described in the Registration
Statement or the Pricing Disclosure Package 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 Pricing Disclosure Package or to be filed or incorporated by reference as
exhibits to the Registration Statement that are not described, filed or incorporated as required.
(xvii) 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 of the Rules and Regulations, complied when so filed in all material respects with the Securities Act and the Rules and
Regulations.
(xviii) The
Company is not and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described
in the Pricing Disclosure Package and the Prospectus, will not be an “investment company” as such term is defined in the Investment
Company Act of 1940, as amended.
(xix) Except
as disclosed in the Pricing Disclosure Package and the Prospectus, the Company and each of its subsidiaries (A) is in compliance
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),
(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 and its subsidiaries,
taken as a whole.
(xx) As
of the date of the Company’s most recent certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), the Company and each of its subsidiaries that is a reporting company under the Exchange Act (collectively, the “Reporting
Companies”) maintain 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 Reporting Companies evaluated the design and operation of their respective 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 officers and principal financial officers of each of the Reporting Companies, within
the 45-day period prior to the filing of the most recent Quarterly Report on Form 10-Q. The principal executive officers and principal
financial officers have concluded, based on their review, that the disclosure controls and procedures, as defined by Rules 13a-15(e) and
15d-15(e) under the Exchange Act, are effective to ensure that information required to be disclosed by each of the Reporting Companies
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 Reporting Companies’ internal controls or other factors
that could significantly affect these controls subsequent to the date of their evaluation. The Company is not aware of any material weakness
in its internal controls over financial reporting.
(xxi) The
financial statements and the related notes thereto incorporated by reference in the Registration Statement, the Pricing Disclosure Package
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, the Pricing Disclosure Package and the Prospectus present fairly the information
required to be stated therein. The other financial information included or incorporated by reference in the Registration Statement, the
Pricing Disclosure Package and the Prospectus has been derived from the accounting records of the Company and its subsidiaries and presents
fairly the information shown thereby. No other financial statements or schedules of any other person are required by the Securities Act
or the Exchange Act to be included in or incorporated by reference in the Registration Statement, the Pricing Disclosure Package, or the
Prospectus. The interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the
Pricing Disclosure Package and the Prospectus fairly presents the information called for in all material respects and has been prepared
in accordance with the Commission’s rules and guidelines applicable thereto.
(xxii) Deloitte
and Touche LLP, who have audited certain financial statements of the Company and its subsidiaries included or incorporated by reference
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, are independent registered public accountants with respect
to the Company and its subsidiaries as required by the Securities Act.
(xxiii) The
Company has not distributed and, prior to the later to occur of the Closing Date and completion of the distribution of the Securities,
will not distribute any offering material in connection with the offering and sale of the Securities other than the Registration Statement,
any Preliminary Prospectus, the Prospectus and each Issuer Free Writing Prospectus set forth on Schedule II hereto.
(xxiv) Neither
the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the
Company or any of its subsidiaries (a) is, or is controlled or 50% or more owned by or is acting on behalf of, an individual or entity
that is currently the subject of any sanctions administered or enforced by the United States (including any administered or enforced by
the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or the Bureau of Industry and
Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union, the United Kingdom (including sanctions
administered or enforced by His Majesty’s Treasury) or other relevant sanctions authority (collectively, “Sanctions”
and such persons, “Sanctioned Persons” and each such person, a “Sanctioned Person”), (b) is
located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions that broadly prohibit
dealings with that country or territory, including but not limited to Cuba, Iran, North Korea, Russia, Syria, the so-called Donetsk
People’s Republic, the so-called Luhansk People’s Republic, the Crimea Region, and the non-government controlled areas of
the Kherson and Zaporizhzhia Regions of Ukraine, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065 (collectively,
“Sanctioned Countries” and each, a “Sanctioned Country”) or (c) will, directly or indirectly,
use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other individual or entity in any manner that would result in a violation of any Sanctions by, or could result in the imposition of
Sanctions against, any individual or entity (including any individual or entity participating in the offering, whether as underwriter,
advisor, investor or otherwise).
(xxv) Neither
the Company nor any of its subsidiaries (a) is under investigation by any governmental body for, or has been charged with, or convicted
of, money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes under any applicable law
(collectively, “Anti-Money Laundering Laws”), (b) has been assessed civil penalties under any Anti-Money Laundering
Laws or (c) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws. The Company and its subsidiaries
have taken reasonable measures appropriate to the circumstances (in any event as required by applicable law), to ensure that each of them
is and will continue to be in compliance with all applicable current and future Anti-Money Laundering Laws.
(xxvi) Neither
the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other
person acting on behalf of the Company or any of its subsidiaries is aware of or has taken any action, directly or indirectly, that could
result in a violation or a sanction for violation by such persons of the Foreign Corrupt Practices Act of 1977 or the U.K. Bribery Act
2010, each as may be amended, or similar law of any other relevant jurisdiction, or the rules or regulations thereunder; and the
Company and its subsidiaries have instituted and maintain policies and procedures to ensure compliance therewith. No part of the proceeds
of the offering of the Securities hereunder will be used, directly or indirectly, in violation of the Foreign Corrupt Practices Act of
1977 or the U.K. Bribery Act 2010, each as may be amended, or any similar law of any other relevant jurisdiction, or the rules or
regulations thereunder.
(xxvii) (a) Except
as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (1) there has been no security breach
or other compromise of or relating to any of the Company’s or any of its subsidiaries’ information technology and computer
systems, networks, hardware, software, data (including, to the knowledge of the Company and its subsidiaries after due inquiry, the data
in the possession of the Company or its subsidiaries related to respective customers, employees, suppliers and vendors), equipment or
technology (collectively, “IT Systems and Data”), (2) neither the Company nor any of its subsidiaries has been
notified of, or has any knowledge of, any event or condition that would reasonably be expected to result in any security breach or other
compromise to its IT Systems and Data and (3) the Company and its subsidiaries are in compliance in all material respects with all
applicable statutes, governmental regulations and standards, contractual obligations and internal policies relating to the security of
IT Systems and Data and to the protection of IT Systems and Data from unauthorized use, access, misappropriation or modification, except
as would not, in the case of clause (1) or (2) above, individually or in the aggregate, have a material adverse effect on the
Company and its subsidiaries, taken as a whole; and (b) the Company and its subsidiaries have implemented backup and disaster recovery
technology consistent in all material respects with general industry standards and practices.
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
Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby, to each Underwriter.
(b) Each
Underwriter hereby agrees that, except for one or more term sheets containing the information set forth in Exhibit A to Schedule
II hereto, it will not use, authorize use of, refer to, or participate in the use of, any “free writing prospectus”, as defined
in Rule 405 of the Rules and Regulations (which term includes use of any written information furnished to the Commission by
the Company and not incorporated by reference in the Registration Statement and any press release issued by the Company) other than (i) one
or more term sheets relating to the Securities which are not Issuer Free Writing Prospectuses and which contain preliminary terms of the
Securities and related customary information, (ii) a free writing prospectus that is not required to be filed with the Commission,
(iii) a free writing prospectus that contains no “issuer information” (as defined in Rule 433(h)(2) of the
Rules and Regulations) that was not included (including through incorporation by reference) in any Preliminary Prospectus or a previously
filed Issuer Free Writing Prospectus, (iv) any Issuer Free Writing Prospectus prepared pursuant to Section 7(c) hereof,
or (v) any free writing prospectus prepared by such Underwriter and approved by the Company in advance in writing.
4. Terms
of Public Offering. The Company is advised by the Underwriters that they have made a public offering of the Securities on the date
of this Agreement. The terms of the public offering of the Securities are set forth in the Pricing Disclosure Package.
5. Payment
and Delivery. Except as otherwise provided in this Section 5, payment for the Securities 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 III hereto, upon
delivery to the Representatives of the Securities, in fully registered global form registered in the name of Cede & Co., for
the respective accounts of the several Underwriters of the Securities 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 Securities to the Underwriters duly paid. Delivery of the Securities 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 Section 3(a)(62) of the Exchange Act;
(ii) any
Preliminary Prospectus and the Prospectus shall have been timely filed with the Commission in accordance with Section 7(b) hereof;
the Company shall have complied with all filing requirements applicable to any Issuer Free Writing Prospectus; no stop order suspending
the effectiveness of the Registration Statement or preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus
shall have been issued and no proceeding for such purpose or pursuant to Section 8A of the Securities Act against the Company or
related to the offering shall have been initiated or threatened by the Commission; and any request of the Commission for inclusion of
additional information in the Registration Statement or Prospectus or otherwise shall have been complied with; and the Company has not
received from the Commission any notice pursuant to Rule 401(g)(2) of the Rules and Regulations objecting to use of the
automatic shelf registration statement form; 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 and its subsidiaries, taken as a whole, from that set forth in the Pricing Disclosure
Package 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 Securities on the terms and in the manner contemplated
in the Pricing Disclosure Package and this Agreement.
(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 Sections 6(a)(i) and (ii) above and to the effect that (i) 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 and (ii) since
the Effective Date, no event has occurred that should have been set forth in a supplement or amendment to the Registration Statement,
the Prospectus or any Issuer Free Writing Prospectus that has not been so set forth. 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 Securities shall have at least the ratings specified in the Pricing Disclosure Package, and the Company shall have
delivered to the Underwriters a letter, dated the Closing Date, from each relevant rating agency, or other evidence reasonably satisfactory
to the Underwriters, confirming that the Securities have been assigned such ratings;
(d) The
Underwriters shall have received (i) from Ropes & Gray LLP, outside counsel to the Company, an opinion dated the Closing
Date in the form attached hereto as Exhibit A, and (ii) from internal counsel to the Company, an opinion dated
the Closing Date in the form attached hereto as Exhibit B. The Company shall have furnished to each such counsel such
documents as they request for the purpose of enabling them to pass on such matters. The opinions of Counsel described in this Section 6(d) shall
be rendered to the Underwriters at the request of the Company and shall so state therein.
(e) The
Underwriters shall have received from Choate, Hall & Stewart LLP, special counsel for the Underwriters, an opinion dated the
Closing Date and addressed to the Underwriters, with respect to such 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.
(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 in the most recent Preliminary Prospectus,
the Pricing Disclosure Package and 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(e) hereof, as many copies of the Preliminary Prospectus, Prospectus, each Issuer
Free Writing 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) To
prepare the Prospectus in a form approved by the Representatives and to file the Preliminary Prospectus and the Prospectus pursuant to
Rule 424(b) of the Rules and Regulations not later than the Commission’s close of business on the second business
day following the execution and delivery of this Agreement. If, at any time prior to the filing of the Prospectus pursuant to Rule 424(b) of
the Rules and Regulations, any event shall occur or condition exist as a result of which the Pricing Disclosure Package would include
any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the
circumstances under which they were made or the circumstances then prevailing not misleading, the Company will (i) notify promptly
the Representatives so that any use of the Pricing Disclosure Package may cease until it is amended or supplemented; (ii) amend or
supplement the Pricing Disclosure Package to correct such statement or omission; and (iii) supply any amendment or supplement to
the Underwriters in such quantities as the Representatives may reasonably request.
(c) If
required by the Securities Act, to timely file with the Commission under the Securities Act each Issuer Free Writing Prospectus. The Company
will prepare a pricing term sheet, substantially in the form of Exhibit A to Schedule II hereto, in a form approved by the Representatives
and agrees to file such pricing term sheet pursuant to Rule 433(d) of the Rules and Regulations within the time required
by such Rule and to file all other material required to be filed by the Company with the Commission pursuant to Rule 433(d) of
the Rules and Regulations.
(d) Before
amending or supplementing the Registration Statement, any Preliminary Prospectus, the Pricing Disclosure Package or the Prospectus with
respect to the Securities, 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 object.
(e) If,
during such period after the first date of the public offering of the Securities as in the opinion of counsel for the Underwriters the
Prospectus is required by law to be delivered (including in such circumstances where such requirement can be satisfied pursuant to Rule 172
of the Rules and Regulations) 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
Securities may have been sold by 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.
(f) To
endeavor to qualify the Securities 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.
(g) Not
to make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus without the prior written consent
of the Representatives.
(h) To
retain in accordance with the Rules and Regulations all Issuer Free Writing Prospectuses it uses or refers to; and if at any time
after the date hereof any events shall have occurred as a result of which any Issuer Free Writing Prospectus, as then amended or supplemented,
would conflict with the information in the Registration Statement, the most recent Preliminary Prospectus or the Prospectus or would include
an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made not misleading or, if for any other reason it shall be necessary to amend or supplement
any Issuer Free Writing Prospectus, to notify the Representatives and, upon their request, to file such document and to prepare and furnish
without charge to each Underwriter as many copies as the Representatives may from time to time reasonably request of an amended or supplemented
Issuer Free Writing Prospectus that will correct such conflict, statement or omission or effect such compliance.
(i) To
make generally available to the Company’s security holders, as soon as practicable, an earnings statement (which need not be audited)
covering a period of at least twelve months beginning after the “effective date of the registration statement” within the
meaning of Rule 158 of the Rules and Regulations, which earning statement shall be in such form, and be made generally available
to security holders in such a manner, as to meet the requirements of the last paragraph of Section 11(a) of the Securities Act
and Rule 158 of the Rules and Regulations.
(j) 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 Securities (other than (i) the Securities and (ii) commercial paper issued in the ordinary course
of business), without the prior written consent of the Representatives.
(k) 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 Securities
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, any Issuer Free Writing 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 Securities to the Underwriters, including
any transfer or other taxes payable thereon, (iii) the cost of printing or producing any Blue Sky memorandum in connection with the
offer and sale of the Securities under state law and all expenses in connection with the qualification of the Securities for offer and
sale under state law as provided in Section 7(f) 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 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 Securities by the Financial Industry Regulatory Authority, (vi) any fees charged by the rating agencies for the rating of
the Securities 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 clause (b) of Section 10 entitled “Defaulting Underwriters”
hereof, the Underwriters will pay all of their costs and expenses, including fees and disbursements of their counsel (except as set forth
in this Section 7(k)), and any advertising expenses connected with any offers they may make.
(l) 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.
(m) 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 Securities.
(n) The
Company will pay the applicable Commission filing fees relating to the Securities within the time required by Rule 456(b)(1) of
the Rules and Regulations without regard to the proviso thereof.
(o) If
immediately prior to the third anniversary (the “Renewal Deadline”) of the initial effective date of the Registration
Statement, any of the Securities remain unsold by the Underwriters, the Company will, prior to the Renewal Deadline, file, if it has not
already done so and is eligible to do so, a new automatic shelf registration statement relating to the Securities, in a form satisfactory
to the Representatives. If the Company is no longer eligible to file an automatic shelf registration statement, the Company will prior
to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Securities, in a form
satisfactory to the Representatives, and will use its best efforts to cause such registration statement to be declared effective within
60 days after the Renewal Deadline. The Company will take all other action necessary or appropriate to permit the public offering and
sale of the Securities to continue as contemplated in the expired registration statement relating to the Securities. References herein
to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement,
as the case may be.
(p) If
at any time when Securities remain unsold by the Underwriters the Company receives from the Commission a notice pursuant to Rule 401(g)(2) of
the Rules and Regulations or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company
will (i) promptly notify the Representatives, (ii) promptly file a new registration statement or post-effective amendment on
the proper form relating to the Securities, in a form satisfactory to the Representatives, (iii) use its best efforts to cause such
registration statement or post-effective amendment to be declared effective and (iv) promptly notify the Representatives of such
effectiveness. The Company will take all other action necessary or appropriate to permit the public offering and sale of the Securities
to continue as contemplated in the registration statement that was the subject of the Rule 401(g)(2) of the Rules and Regulations
notice or for which the Company has otherwise become ineligible. References herein to the Registration Statement shall include such new
registration statement or post-effective amendment, as the case may be.
8. Indemnity
and Contribution. (a) The Company agrees to indemnify and hold harmless each Underwriter, its directors, officers and employees
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) that
are based upon or arise out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement,
any Preliminary Prospectus, the Prospectus, the Pricing Disclosure Package (as defined to include, as of the Applicable Time, the most
recent Preliminary Prospectus, together with each Issuer Free Writing Prospectus listed on Schedule II hereto), any Issuer Free Writing
Prospectus or in any amendment or supplement thereto, or any “issuer information” (as defined in Rule 433 of the Rules and
Regulations) contained in any free writing prospectus, so long as the Company consented in writing to such free writing prospectus prior
to its first use or 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, which information consists solely of the information specified
in Section 8(g) hereof.
(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, the Pricing Disclosure Package, any Issuer Free Writing Prospectus
or in any amendments or supplements thereto, which information is limited to the information set forth in Section 8(g) hereof.
(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) hereof, 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) hereof, and by the Company, in the case of parties indemnified pursuant to Section 8(b) hereof.
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 (x) includes
an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (y) does
not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of any indemnified party.
(d) To
the extent the indemnification provided for in Section 8(a) or 8(b) hereof 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 Securities 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 Securities shall be deemed to be in the same respective
proportions as the net proceeds from the offering of such Securities (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,
bear to the aggregate public offering price of the Securities. 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 Securities 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) hereof. 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 Securities 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 Securities.
(g) The
Underwriters severally confirm and the Company acknowledges and agrees that the statements (i) regarding delivery of the Securities
by the Underwriters set forth in the last paragraph of text on the cover page, (ii) in the third, sixth and seventh paragraphs of
text under the caption “Underwriting” and (iii) in the third sentence of the fifth paragraph of text under the caption
“Underwriting” of the most recent Preliminary Prospectus and the Prospectus are correct and constitute the only information
concerning such Underwriter furnished in writing to the Company by or on behalf of the Underwriters specifically for inclusion in the
Registration Statement, any Preliminary Prospectus, the Prospectus, the Pricing Disclosure Package, any Issuer Free Writing Prospectus
or in any amendment or supplement thereto.
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 Nasdaq Stock Market, 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 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 sole judgment of the Representatives, to proceed
with the offer, sale or delivery of the Securities on the terms and in the manner contemplated in the most recent Preliminary Prospectus
or 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 Securities
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 Securities 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 Securities 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 Securities set forth opposite
their respective names in Schedule I hereto bears to the aggregate amount of such Securities set forth opposite the names of all such
non-defaulting Underwriters, or in such other proportions as the Representatives may specify, to purchase the Securities 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 Securities 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 Securities without the written consent of such Underwriter. If, on the Closing
Date, any Underwriter or Underwriters shall fail or refuse to purchase such Securities and the aggregate amount of such Securities with
respect to which such default occurs is more than one tenth of the aggregate amount of such Securities to be purchased on such date, and
arrangements satisfactory to the Representatives and the Company for the purchase of such Securities 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. No
Fiduciary Duty. The Company acknowledges and agrees that in connection with this offering, sale of the Securities or any other services
the Underwriters may be deemed to be providing hereunder, notwithstanding any preexisting relationship, advisory or otherwise, between
the parties or any oral representations or assurances previously or subsequently made by the Underwriters: (i) no fiduciary or agency
relationship between the Company and any other person, on the one hand, and the Underwriters, on the other, exists; (ii) the Underwriters
are not acting as advisors, expert or otherwise, to the Company, including, without limitation, with respect to the determination of the
public offering price of the Securities, and such relationship between the Company, on the one hand, and the Underwriters, on the other,
is entirely and solely commercial and based on arms-length negotiations; (iii) any duties and obligations that the Underwriters may
have to the Company shall be limited to those duties and obligations specifically stated herein; and (iv) the Underwriters and their
respective affiliates may have interests that differ from those of the Company. The Company hereby waives any claims that the Company
may have against the Underwriters with respect to any breach of fiduciary duty in connection with this offering.
12. 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 Securities. The provisions of Sections
8 and 10(b) hereof shall survive the termination or cancellation of this Agreement.
13. Notices.
All communications hereunder will be in writing and effective only on receipt, and, if sent to the Underwriters, will be mailed, delivered
or telefaxed to Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, Attention: Syndicate Registration, Facsimile No.:
(646) 834-8133; Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013, Facsimile No.: (646) 291-1469, Attention:
General Counsel; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179 Attention: Investment Grade Syndicate Desk,
Facsimile No.: (212) 834-6081; Morgan Stanley & Co. LLC, 1585 Broadway, 29th Floor, New York, New York 10036, Attention:
Investment Banking Division Facsimile No.: (212) 507-8999; MUFG Securities Americas Inc., 1221 Avenue of the Americas, 6th Floor, New
York, New York 10020, Attention: Capital Markets Group, Facsimile No.: (646) 434-3455; and U.S. Bancorp Investments, Inc., 214 North
Tryon Street, 26th Floor, Charlotte, North Carolina 28202, Attention: Investment Grade Syndicate, Facsimile No.: (704) 335-2393;
or, if sent to the Company, will be mailed, delivered or telefaxed to Eversource Energy, Attention: Corporate Finance & Cash
Management, Facsimile No.: (781) 441-3086 and confirmed to it at Eversource Energy, 247 Station Drive, Westwood, Massachusetts 02090,
Attention: Assistant Treasurer, with a copy to Eversource Energy, 56 Prospect Street, Hartford, Connecticut 06103, Attention: Executive
Vice President and General Counsel.
14. 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. Counterparts may be delivered via facsimile, electronic mail (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act
or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes.
15. Waiver
of Jury Trial. The Company hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
16. Applicable
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.
17. 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.
18. No
Shareholder Liability. The Declaration of Trust of the Company provides that no shareholder of the Company shall be held to any liability
whatever for the payment of any sum of money, or for damages or otherwise, under any contract, obligation or undertaking made, entered
into or issued by the trustees of the Company or by any officer, agent or representative elected or appointed by the trustees of the Company
and no such contract, obligation, or undertaking shall be enforceable against the trustees of the Company or any of them in their or his
individual capacities or capacity and all such contracts, obligations and undertakings shall be enforceable only against the trustees
of the Company as such, and every person, firm, association, trust and corporation having any claim or demand arising out of any such
contract, obligation or undertaking shall look only to the trust estate for the payment or satisfaction thereof.
19. USA
Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the
Company, which information may include the name and address of their respective clients, as well as other information that will allow
the Underwriters to properly identify their respective clients.
20. Recognition
of the U.S. Special Resolution Regimes.
(a) In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.
(b) In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.
For purposes of this Section 20, a “BHC
Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12
U.S.C. § 1841(k). “Covered Entity” means any of the following: (i) a “covered entity” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in,
and interpreted in accordance with, 12 C.F.R. § 382.2(b). “Default Right” has the meaning assigned to that term in, and
shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “U.S. Special Resolution Regime”
means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
[Signature pages follow.]
Please confirm your agreement
by having an authorized officer sign a copy of this Agreement in the space set forth below.
| |
Very truly yours, |
| |
|
| |
EVERSOURCE ENERGY |
| |
|
| |
By: |
/s/ Emilie G. O’Neil |
| |
|
Emilie G. O’Neil |
| |
|
Assistant Treasurer |
[Underwriting
Agreement – Series CC Notes]
Accepted and Agreed:
| Barclays
Capital Inc. |
|
| |
|
| By: |
/s/
Robert Stowe |
|
| |
Name: Robert Stowe |
|
| |
Title: Managing Director |
|
| |
|
| CITIGROUP
GLOBAL MARKETS INC. |
|
| |
|
| By: |
/s/ Adam D. Bordner |
|
| |
Name: Adam D. Bordner |
|
| |
Title: Director |
|
| |
|
| J.P. MORGAN
SECURITIES LLC |
|
| |
|
| By: |
/s/ Robert Bottamedi |
|
| |
Name: Robert Bottamedi |
|
| |
Title: Executive Director |
|
| |
|
| MORGAN
STANLEY & CO. LLC |
|
| |
|
| By: |
/s/ James Curley |
|
| |
Name: James Curley |
|
| |
Title: Vice President |
|
| |
|
MUFG
SECURITIES AMERICAS INC. |
|
| |
|
| By: |
/s/ Lee Schreibstein |
|
| |
Name: Lee Schreibstein |
|
| |
Title: Managing Director |
|
| |
|
| U.S. BANCORP INVESTMENTS, INC. |
|
| |
|
| By: |
/s/ Brent Kreissl |
|
| |
Name: Brent Kreissl |
|
| |
Title: Managing Director |
|
[Underwriting
Agreement – Series CC Notes]
SCHEDULE I
5.95% Senior Notes, Series CC, Due 2029
| Underwriters | |
Principal Amount of Securities | |
| Barclays Capital Inc. | |
$ | 124,800,000 | |
| Citigroup Global Markets Inc. | |
$ | 124,800,000 | |
| J.P. Morgan Securities LLC | |
$ | 124,800,000 | |
| Morgan Stanley & Co. LLC | |
$ | 124,800,000 | |
| MUFG Securities Americas Inc. | |
$ | 124,800,000 | |
| U.S. Bancorp Investments, Inc. | |
$ | 124,800,000 | |
| Samuel A. Ramirez & Company, Inc. | |
$ | 25,600,000 | |
| Siebert Williams Shank & Co., LLC | |
$ | 25,600,000 | |
| Total | |
$ | 800,000,000 | |
SCHEDULE II
Complete list of all Issuer Free Writing Prospectuses
used in connection with the offering of the Securities
| · | Term sheet, dated November 8, 2023, attached hereto as Exhibit A to this Schedule II, relating to the 5.95% Senior Notes,
Series CC, Due 2029. |
Exhibit A to Schedule II
Free Writing Prospectus
Filed pursuant to Rule 433
Registration No. 333-264278
November 8, 2023
EVERSOURCE ENERGY
|
Pricing Term Sheet |
| |
| Issuer: |
Eversource Energy |
| Security: |
$800,000,000 5.95% Senior Notes, Series CC, Due 2029 |
| Principal Amount: |
$800,000,000 |
| Maturity Date: |
February 1, 2029 |
| Coupon: |
5.95% |
| Benchmark Treasury: |
4.875% due October 31, 2028 |
| Benchmark Treasury Price / Yield: |
101-19 ¾ / 4.508% |
| Spread to Benchmark Treasury: |
147 basis points |
| Yield to Maturity: |
5.978% |
| Price to Public: |
99.887% of the principal amount |
| Interest Payment Dates: |
Semi-annually on February 1 and August 1 of each year, commencing on February 1, 2024 |
|
Redemption Provisions: |
Make-whole call at any time prior to January 1, 2029 (one month prior to the Maturity Date) at a discount rate of Treasury plus 25 basis points and on or after such date at par |
| Trade Date: |
November 8, 2023 |
| Settlement Date: |
November 10, 2023 (T+2) |
| CUSIP / ISIN: |
30040WAW8 / US30040WAW82 |
| Expected Ratings*: |
Baa2 (Moody’s); BBB+ (S&P); BBB+ (Fitch) |
| Joint Book-Running Managers: |
Barclays Capital Inc. |
| |
Citigroup Global Markets Inc. |
| |
J.P. Morgan Securities LLC |
| |
Morgan Stanley & Co. LLC |
| |
MUFG Securities Americas Inc. |
| |
U.S. Bancorp Investments, Inc. |
| Co-Managers: |
Samuel A. Ramirez & Company, Inc. |
| |
Siebert Williams Shank & Co., LLC |
* Note: A securities rating is not a recommendation to buy, sell or
hold securities and may be subject to revision or withdrawal at any time.
The issuer
has filed a registration statement (including a prospectus, as supplemented) with the SEC for the offering to which this communication
relates. Before you invest, you should read the prospectus (as supplemented) in that registration statement and other documents the issuer
has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will
arrange to send you the prospectus (as supplemented) if you request it by calling Barclays Capital Inc. toll-free at (888) 603-5847;
Citigroup Global Markets Inc. toll-free at (800) 831-9146; J.P. Morgan Securities LLC collect
at (212) 834-4533; Morgan Stanley & Co. LLC toll-free at (866) 718-1649; MUFG Securities Americas Inc. toll-free at (877) 649-6848;
or U.S. Bancorp Investments, Inc. toll-free at (877) 558-2607.
SCHEDULE III
Closing Date and Location:
10:00 a.m., New York time
November 10, 2023
Choate, Hall & Stewart LLP
Two International Place
Boston, Massachusetts 02110
| Purchase Price for the Series CC Notes: |
99.287% of the principal amount thereof |
Exhibit 4.1
EVERSOURCE
ENERGY
and
THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
AS TRUSTEE
TWENTIETH
SUPPLEMENTAL INDENTURE
Dated as of November 1, 2023
Supplemental to the Indenture dated as of April 1,
2002
Senior Notes, Series CC,
Due 2029
TWENTIETH SUPPLEMENTAL INDENTURE,
dated as of November 1, 2023 (this “Twentieth Supplemental Indenture”), between EVERSOURCE ENERGY, a voluntary
association duly organized and existing under the laws of the Commonwealth of Massachusetts (the “Company”), and THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., formerly known as The Bank of New York Trust Company, N.A. (as successor trustee to The Bank
of New York), a national banking association, as Trustee under the Original Indenture referred to below (the “Trustee”).
RECITALS
OF THE COMPANY
The Company has heretofore
executed and delivered to the Trustee an indenture dated as of April 1, 2002 (the “Original Indenture”), as supplemented
and amended, to provide for the issuance from time to time of its notes, debentures or other evidences of indebtedness (the “Securities”),
the form and terms of which are to be established as set forth in Sections 201 and 301 of the Original Indenture.
Section 901 of the Original
Indenture provides, among other things, that the Company and the Trustee may enter into indentures supplemental to the Original Indenture
for, among other things, (a) the purpose of establishing the form and terms of the Securities of any series as permitted by Sections
201 and 301 of the Original Indenture, (b) changing any of the provisions of the Original Indenture as they apply to any series of
Securities created by such supplemental indenture and (c) amending the Original Indenture in a manner not materially adverse to Holders.
The Company has previously
executed and delivered to the Trustee nineteen supplemental indentures which are part of the Indenture for the purposes recited therein
and for the purpose of issuing Securities under the Indenture, the currently outstanding series of which are set forth in the following
table:
Supplemental
Indenture | |
Date | | |
Series | |
Amount | | |
Currently
Outstanding | |
| Sixth | |
| January 1, 2015 | | |
Senior Notes, Series H, Due 2025 | |
$ | 300,000,000 | | |
$ | 300,000,000 | |
| Seventh | |
| March 1, 2016 | | |
Senior Notes, Series J, Due 2026 | |
$ | 250,000,000 | | |
$ | 250,000,000 | |
| Ninth | |
| October 1, 2017 | | |
Senior Notes, Series L, Due 2024 | |
$ | 450,000,000 | | |
$ | 450,000,000 | |
| Tenth | |
| January 1, 2018 | | |
Senior Notes, Series M, Due 2028 | |
$ | 450,000,000 | | |
$ | 450,000,000 | |
| Eleventh | | |
December 1, 2018 | | |
Senior Notes, Series N, Due 2023 | |
$ | 400,000,000 | | |
$ | 400,000,000 | |
| Eleventh | | |
December 1, 2018 | | |
Senior Notes, Series O, Due 2029 | |
$ | 500,000,000 | | |
$ | 500,000,000 | |
| Twelfth | | |
January 1, 2020 | | |
Senior Notes, Series P, Due 2050 | |
$ | 350,000,000 | | |
$ | 350,000,000 | |
| Thirteenth | | |
August 1, 2020 | | |
Senior Notes, Series P, Due 2050 | |
$ | 300,000,000 | | |
$ | 300,000,000 | |
| Thirteenth | | |
August 1, 2020 | | |
Senior Notes, Series Q, Due 2025 | |
$ | 300,000,000 | | |
$ | 300,000,000 | |
| Thirteenth | | |
August 1, 2020 | | |
Senior Notes, Series R, Due 2030 | |
$ | 600,000,000 | | |
$ | 600,000,000 | |
| Fourteenth | | |
March 1, 2021 | | |
Senior Notes, Series S, Due 2031 | |
$ | 350,000,000 | | |
$ | 350,000,000 | |
| Fifteenth | | |
August 1, 2021 | | |
Senior Notes, Series U, Due 2026 | |
$ | 300,000,000 | | |
$ | 300,000,000 | |
| Sixteenth | | |
February 1, 2022 | | |
Senior Notes, Series V, Due 2027 | |
$ | 650,000,000 | | |
$ | 650,000,000 | |
| Sixteenth | | |
February 1, 2022 | | |
Senior Notes, Series W, Due 2032 | |
$ | 650,000,000 | | |
$ | 650,000,000 | |
| Seventeenth | | |
June 1, 2022 | | |
Senior Notes, Series X, Due 2024 | |
$ | 900,000,000 | | |
$ | 900,000,000 | |
| Seventeenth | | |
June 1, 2022 | | |
Senior Notes, Series Y, Due 2027 | |
$ | 600,000,000 | | |
$ | 600,000,000 | |
| Eighteenth | | |
March 1, 2023 | | |
Senior Notes, Series Z, Due 2028 | |
$ | 750,000,000 | | |
$ | 750,000,000 | |
| Nineteenth | | |
May 1, 2023 | | |
Senior Notes, Series Z, Due 2028 | |
$ | 550,000,000 | | |
$ | 550,000,000 | |
| Nineteenth | | |
May 1, 2023 | | |
Senior Notes, Series AA, Due 2026 | |
$ | 450,000,000 | | |
$ | 450,000,000 | |
| Nineteenth | | |
May 1, 2023 | | |
Senior Notes, Series BB, Due 2033 | |
$ | 800,000,000 | | |
$ | 800,000,000 | |
| | | |
| | |
Total Outstanding Principal Amount: | |
| | | |
$ | 9,900,000,000 | |
The Company desires to create
a new series of Securities, in an initial aggregate principal amount of $800,000,000, which is to be designated the “Senior Notes,
Series CC, Due 2029” (the “Series CC Notes”) and all action on the part of the Company necessary to
authorize the issuance of the Series CC Notes under the Original Indenture and this Twentieth Supplemental Indenture has been duly
taken.
All acts and things necessary
to make the Series CC Notes, when executed by the Company and completed, authenticated and delivered by the Trustee as provided in
the Original Indenture and this Twentieth Supplemental Indenture, the valid and binding obligations of the Company and to constitute these
presents a valid and binding supplemental indenture and agreement according to its terms, have been done and performed.
NOW, THEREFORE, THIS TWENTIETH
SUPPLEMENTAL INDENTURE WITNESSETH:
That in consideration of the
premises and of the acceptance and purchase of the Series CC Notes by the Holders thereof and of the acceptance of this trust by
the Trustee, the Company covenants and agrees with the Trustee, for the equal and ratable benefit of the Holders of the Series CC
Notes, as follows:
ARTICLE 1
Definitions
The use of the terms and expressions
herein is in accordance with the definitions, uses and constructions contained in the Original Indenture and the form of the Series CC
Notes attached hereto as Exhibit A.
ARTICLE 2
Terms and Issuance of the Senior Notes, Series CC, Due 2029
Section 201. Issue
of Series CC Notes.
A series of Securities which
shall be designated the “Senior Notes, Series CC, Due 2029” (the “Series CC Notes”) shall be
executed, authenticated and delivered from time to time in accordance with the provisions of, and shall in all respects be subject to,
the terms and conditions and covenants of, the Original Indenture and this Twentieth Supplemental Indenture (including the form of Series CC
Note attached hereto as Exhibit A). The aggregate principal amount of the Series CC Notes that will initially be authenticated
and delivered under this Twentieth Supplemental Indenture shall not, except as permitted by the provisions of the Original Indenture,
exceed $800,000,000. Additional Series CC Notes, without limitation as to amount, having substantially the same terms as the Series CC
Notes (except a different issue date, issue price and bearing interest from the last Interest Payment Date to which interest has been
paid or duly provided for on the Outstanding Series CC Notes, and, if no interest has been paid, from November 10, 2023) may
also be issued by the Company pursuant to this Twentieth Supplemental Indenture without the consent of the existing Holders of the Series CC
Notes, provided that an Event of Default has not occurred and is continuing with respect to the Series CC Notes. Such additional
Series CC Notes shall be consolidated and form a part of the same series as the outstanding Series CC Notes.
Section 202.
Form of Series CC Notes;
Incorporation of Terms.
The Series CC Notes shall
be in substantially the form set forth in Exhibit A attached hereto. The terms of the Series CC Notes contained in such
form are hereby incorporated herein by reference and are made a part of this Twentieth Supplemental Indenture.
Section 203. Global
Security; Depositary for Global Securities.
The Series CC Notes shall
be issued initially in the form of a Global Security. The Depositary for any Global Securities of the series of which the Series CC
Notes are a part shall be The Depository Trust Company, New York, New York.
Section 204. Limitation
on Liens.
The provisions of Section 1007
of the Original Indenture shall be applicable to the Series CC Notes.
Section 205. Sale
and Leaseback Transactions.
The provisions of Section 1012
of the Original Indenture shall be applicable to the Series CC Notes.
Section 206. Place
of Payment.
The Place of Payment in respect
of the Series CC Notes shall be at the Corporate Trust Office, which, at the date hereof, is located at 500 Ross Street, 12th Floor,
Pittsburgh, Pennsylvania 15262, Attention: Corporate Trust Administration.
ARTICLE 3
Section 301. Redemption
of Series CC Notes
Prior to the Par Call Date
(defined below), the Company may redeem the Series CC Notes at its option, in whole or in part, at any time and from time to time,
on not less than 10 nor more than 60 days’ prior written notice mailed (or delivered by electronic transmission in accordance with
the applicable procedures of DTC) to the holders of the Series CC Notes, at a redemption price (expressed as a percentage of principal
amount and rounded to three decimal places) equal to the greater of:
| ● | (a) the sum of the present values of the remaining scheduled payments of principal and interest on
the Series CC Notes to be redeemed discounted to the redemption date (assuming the Series CC Notes matured on the Par Call Date)
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined herein) plus 25 basis
points less (b) interest accrued to the date of redemption, and |
| ● | 100% of the principal amount of the Series CC Notes to be redeemed, |
plus, in either case, accrued
and unpaid interest thereon to, but excluding, the redemption date.
On or after the Par Call Date
(defined below), the Company may redeem the Series CC Notes, in whole or in part, at any time and from time to time, at a redemption
price equal to 100% of the principal amount of the Series CC Notes being redeemed plus accrued and unpaid interest thereon to, but
excluding, the redemption date.
Section 302. Definitions
Applicable to Redemption Provisions.
As used in this Article Three:
“Par Call Date”
means, January 1, 2029 (the date that is one month prior to the maturity date of the Series CC Notes).
“Treasury Rate”
means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.
The Treasury Rate shall be
determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily
by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield
or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board
of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities - Treasury constant
maturities - Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury
Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period
from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity
on H.15 exactly equal to the Remaining Life, the two yields - one yield corresponding to the Treasury constant maturity
on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining
Life - and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such
yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than
or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes
of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the
relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.
If on the third business day
preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum
equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption
date of the United States Treasury security maturing on, or with a maturity that is closest to the Par Call Date. If there is no United
States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date
equally distant from the maturity date of the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity
date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par
Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury
securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury
securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such
United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of
this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of
the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury
security, and rounded to three decimal places.
Our actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no
responsibility to calculate the redemption price.
Notice of any redemption will
be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) at least 10 days
but not more than 60 days before the redemption date to each holder of Series CC Notes to be redeemed.
In the case of a partial redemption,
selection of the Series CC Notes for redemption will be made by lot or pursuant to the applicable depositary’s procedures.
No notes of a principal amount of $2,000 or less will be redeemed in part. If any Series CC Note is to be redeemed in part only,
the notice of redemption that relates to such Series CC Note will state the portion of the principal amount of the Series CC
Note to be redeemed. A new Series CC Note in a principal amount equal to the unredeemed portion of the Series CC Note will be
issued in the name of the holder of the Series CC Note upon surrender for cancellation of the original Series CC Note. For so
long as the Series CC Notes are held by DTC (or another depositary), the redemption of the Series CC Notes shall be done in
accordance with the policies and procedures of the depositary.
On and after the redemption
date interest will cease to accrue on the Series CC Notes or portions thereof called for redemption. Prior to any redemption date,
the Company is required to deposit with a paying agent money sufficient to pay the redemption price of and accrued interest on the Series CC
Notes to be redeemed on such date.
Any redemption may, at the
Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, the completion or occurrence
of a related transaction or event, as the case may be, and any notice of redemption made in connection with a related transaction or event
may, at the Company’s discretion, be given prior to the completion or the occurrence thereof. If such redemption is subject to satisfaction
of one or more conditions precedent, such notice will describe each such condition, and if applicable, will state that, at the Company’s
discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption was
mailed or delivered, including by electronic transmission) as any or all such conditions are satisfied (or waived by the Company in its
sole discretion), or that such redemption may not occur and such notice may be rescinded in the event that any or all such conditions
are not satisfied (or waived by the Company in its sole discretion) by the redemption date, or by the redemption date as so delayed, or
that such notice may be rescinded at any time in the Company’s discretion if in its good faith judgment any or all of such conditions
will not be satisfied. If any such condition precedent has not been satisfied, the Company shall provide written notice prior to the close
of business on the business day immediately prior to the redemption date. Upon receipt of such notice, the notice of redemption shall
be rescinded or delayed, and the redemption of the Series CC Notes shall be rescinded or delayed as provided in such notice.
ARTICLE 4
Provisions of the Original Indenture Solely Applicable to the Series CC Notes
Section 401. Section 101
of the Original Indenture.
Solely with respect to the
Series CC Notes, the following definition shall be added after the definition of “Discharged” in Section 101:
““Electronic
Means” means the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the
Trustee as available for use in connection with its services hereunder.”
Section 402. Section 105
of the Original Indenture.
Solely with respect to the
Series CC Notes, the following paragraph shall be added at the end of Section 105:
“The Trustee
shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given
pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency
certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing
specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to
be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in
its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling.
The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the
Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate
provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized
Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard
the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company.
The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon
and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction.
The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including
without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties;
(ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the
Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that
the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable
degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning
of any compromise or unauthorized use of the security procedures.”
Section 403.
Section 401
of the Original Indenture.
Section 401 of the Original
Indenture shall not apply to the Series CC Notes. Section 401 of the Original Indenture is hereby amended in its entirety with
respect to the Series CC Notes to state:
“SECTION 401. Satisfaction
and Discharge of Indenture.
This Indenture shall
upon Company Request cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when
| (1) | either (A) all Securities theretofore authenticated and delivered (other than (x) Securities
which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 hereof and (y) Securities
for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to
the Company or discharged from such trust, as provided in Section 1003 hereof) have been delivered to the Trustee for cancellation;
or (B) all such Securities not theretofore delivered to the Trustee for cancellation have become due and payable and the Company
has irrevocably deposited or caused to be irrevocably deposited (in each case except as provided in Section 402(c) hereof and
the last paragraph of Section 1003 hereof) with the Paying Agent or with the Trustee as trust funds in trust for the purpose an amount
of money sufficient to pay and discharge, or has otherwise paid, the entire Indebtedness on such Securities for principal and interest,
if any; |
| (2) | the Company has paid or caused to be paid all other sums payable hereunder by the Company; and |
| (3) | the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied
with; |
provided, however,
that if the Trustee or any Paying Agent is required to return any money deposited with it as described in this Section 401 to the
Company or its representative under any applicable Federal or state bankruptcy, insolvency or similar law, this Indenture shall retroactively
be deemed not to have been satisfied and discharged and automatically shall be reinstated and shall remain in full force and effect without
any further action, but the Company shall execute and deliver such instruments as the Trustee shall reasonably request to evidence and
acknowledge the same.
Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607 hereof, the obligations
of the Trustee to any Authenticating Agent under Section 614 hereof and, if money shall have been deposited with the Paying Agent
or the Trustee pursuant to subclause (B) of clause (1) of this Section 401, the obligations of the Company and the Trustee
under Sections 401, 402, 1002 and 1003 hereof shall survive.”
SECTION 404. Section 403
of the Original Indenture.
Section 403
of the Original Indenture shall not apply to the Series CC Notes. Section 403 of the Original Indenture is hereby amended in
its entirety with respect to the Series CC Notes to state:
“SECTION 403. Satisfaction,
Discharge and Defeasance of the Notes.
The Company shall
be deemed to have paid and Discharged the entire Indebtedness on all the Outstanding Notes upon the deposit referred to in subparagraph
(1) hereof, and the provisions of this Indenture, as they relate to such Outstanding Notes, shall no longer be in effect (and the
Trustee, at the expense of the Company, shall at Company Request execute proper instruments acknowledging the same), except as to:
| (a) | the rights of Holders of the Notes to receive, from the trust funds described in subparagraph (1) hereof,
payment of the principal of (and premium, if any) or interest, if any, on the Outstanding Notes on the Stated Maturity; or to and including
the Redemption Date irrevocably designated by the Company pursuant to subparagraph (4) hereof; |
| (b) | the Company's obligations with respect to such Notes under Sections 305, 306, 1002 and 1003 hereof and,
if the Company shall have irrevocably designated a Redemption Date pursuant to subparagraph (5) hereof, Sections 1101, 1104 and 1106
hereof as they apply to such Redemption Date; |
| (c) | the Company's obligations with respect to the Trustee under Section 607 hereof; and |
| (d) | the rights, powers, trust and immunities of the Trustee hereunder and the duties of the Trustee under
Section 402 hereof and, if the Company shall have irrevocably designated a Redemption Date pursuant to subparagraph (5) hereof,
Article 11 and the duty of the Trustee to authenticate Notes on registration of transfer or exchange; |
provided that, the
following conditions shall have been satisfied:
| (1) | the Company has irrevocably deposited or caused to be irrevocably deposited (in each case except as provided
in Section 402(c) hereof and the last paragraph of Section 1003 hereof) with the Trustee as trust funds in trust, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of the Notes, an amount of (i) money, or (ii) U.S.
Government Obligations or a combination of money and U.S. Government Obligations, in each case sufficient, in the opinion of a nationally
recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge, and which the Trustee shall be instructed to apply to pay and discharge, the principal of and interest, if any, on
the Notes on the Stated Maturity or to and including the Redemption Date irrevocably designated by the Company pursuant to subparagraph
(4) hereof; provided, however, that (A) all money and U.S. Government Obligations deposited pursuant to this Section 403
shall be denominated in U.S. Dollars; and (B) U.S. Government Obligations shall be valued at the amount of money that they will provide
through the payment of principal and interest in respect thereof in accordance with their terms no later than one day prior to the Stated
Maturity or such Redemption Date, and shall not contain provisions permitting the redemption or other prepayment at the option of the
issuer thereof prior to the Stated Maturity or such Redemption Date; |
| (2) | no Event of Default or event which with notice or lapse of time would become an Event of Default (including
by reason of such deposit) with respect to the Notes shall have occurred and be continuing on the date of such deposit; |
| (3) | the Company has delivered to the Trustee an unqualified opinion, in form and substance reasonably acceptable
to the Trustee, of independent counsel of national standing selected by the Company and satisfactory to the Trustee to the effect that
(i) Holders of the Notes will not recognize income, gain or loss for Federal income tax purposes as a result of the deposit, defeasance
and discharge, which opinion shall be based on a change in law or a ruling by the U.S. Internal Revenue Service after the date hereof
and (ii) the defeasance trust is not, or is registered as, an investment company under the Investment Company Act of 1940; |
| (4) | if the Company has deposited or caused to be deposited money or U.S. Government Obligations to pay or
discharge the principal of (and premium, if any) and interest, if any, on the Outstanding Securities of a series to and including a Redemption
Date on which all of the Outstanding Securities of such series are to be redeemed, such Redemption Date shall be irrevocably designated
by a Board Resolution delivered to the Trustee on or prior to the date of deposit of such money or U.S. Government Obligations, and such
Board Resolution shall be accompanied by an irrevocable Company Request that the Trustee give notice of such redemption in the name and
at the expense of the Company not less than 30 nor more than 60 days prior to such Redemption Date in accordance with Section 1104
hereof; |
| (5) | the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of the Securities have been complied
with. |
The condition set
forth in clause (i) of subparagraph (3) hereof shall not apply if the Company shall have complied with the remaining conditions
of subparagraphs 1-5 hereof as of a date which is no more than 60 days prior to the maturity date.
Anything herein
to the contrary notwithstanding, (a) if the Trustee or any Paying Agent is required to return any money or U.S. Government Obligations
deposited with it pursuant to this Section 403 to the Company or its representative under any Federal or state bankruptcy, insolvency
or similar law, such Security shall thereupon be deemed retroactively not to have been paid and any satisfaction and discharge of the
Company’s Indebtedness in respect thereof shall retroactively be deemed not to have been effected, and such Security shall be deemed
to remain Outstanding and the provisions of the Indenture relating to such Security shall be reinstated and shall remain in full force
and effect and (b) any satisfaction and discharge of the Company’s Indebtedness in respect of any Security shall be subject
to the provisions of the last paragraph of Section 1003.”
Section 405. Section 1009
of the Original Indenture.
Subparagraph (1) of Section 1009
of the Original Indenture shall not apply to the Series CC Notes. Subparagraph (1) of Section 1009 of the Original Indenture
is hereby amended in its entirety with respect to the Series CC Notes to state:
“the Company
has irrevocably deposited or caused to be irrevocably deposited (in each case except as provided in Section 402(c) hereof and
the last paragraph of Section 1003 hereof) with the Trustee (specifying that each deposit is pursuant to this Section 1009)
as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Notes, an amount
of (i) money or (ii) U.S. Government Obligations or a combination of money and U.S. Government Obligations, in each case sufficient,
in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which the Trustee shall be instructed to apply to pay and discharge, the principal
of and each installment of principal and interest, if any, on the Notes on the Stated Maturity of such principal or to and including the
Redemption Date irrevocably designated by the Company pursuant to subparagraph (4) of this Section 1009; provided, however,
that (A) all money and U.S. Government Obligations deposited pursuant to this Section 1009 shall be denominated in U.S. Dollars;
and (B) U.S. Government Obligations shall be valued at the amount of money that they will provide through the payment of principal
and interest in respect thereof in accordance with their terms no later than one day prior to the Stated Maturity or such Redemption Date
and shall not contain provisions permitting the redemption or other prepayment at the option of the issuer thereof prior to the Stated
Maturity;”
ARTICLE 5
Miscellaneous
Section 501. Execution
as Supplemental Indenture.
This Twentieth Supplemental
Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture and, as provided in the Original Indenture,
this Twentieth Supplemental Indenture forms a part thereof.
Section 502.
Conflict
with Trust Indenture Act.
If any provision hereof limits,
qualifies or conflicts with another provision hereof which is required to be included in this Twentieth Supplemental Indenture by any
of the provisions of the Trust Indenture Act, such required provision shall control.
Section 503. Effect
of Headings.
The Article and Section headings
herein are for convenience only and shall not affect the construction hereof.
Section 504. Successors
and Assigns.
All covenants and agreements
by the Company in this Twentieth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not.
Section 505. Separability
Clause.
In case any provision in this
Twentieth Supplemental Indenture or in the Series CC Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 506.
Benefits
of Twentieth Supplemental Indenture.
Nothing in this Twentieth
Supplemental Indenture or in the Series CC Notes, express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Twentieth Supplemental
Indenture.
Section 507. Trustee.
The Trustee shall have no
responsibility for the recitals contained in this Twentieth Supplemental Indenture, all of which shall be taken as the statements of the
Company, or for the validity or sufficiency of this Twentieth Supplemental Indenture. In acting hereunder, the Trustee shall have the
rights, protections and immunities granted to it under the Original Indenture.
Section 508. Governing
Law.
This Twentieth Supplemental
Indenture shall be governed by and construed in accordance with the laws of the State of New York.
Section 509. Execution
and Counterparts.
This Twentieth Supplemental
Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.
Section 510. Liability
of Trustees and Shareholders.
The Declaration of Trust of
the Company provides that no shareholder of the Company shall be held to any liability whatever for the payment of any sum of money, or
for damages or otherwise under any contract, obligation or undertaking made, entered into or issued by the trustees of the Company or
by any officer, agent or representative elected or appointed by the trustees and no such contract, obligation or undertaking shall be
enforceable against the trustees or any of them in their or his individual capacities or capacity and all such contracts, obligations
and undertakings shall be enforceable only against the trustees as such, and every person, firm, association, trust and corporation having
any claim or demand arising out of any such contract, obligation or undertaking shall look only to the trust estate for the payment or
satisfaction thereof.
Section 511. Certain
Tax Matters.
The Trustee shall be entitled
to deduct FATCA Withholding Tax, and shall have no obligation to gross-up any payment thereunder or to pay any additional amount as a
result of such FATCA Withholding Tax. The Company hereby covenants with the Trustee that it will provide the Trustee with sufficient information
so as to enable the determination of whether any payments pursuant to this Twentieth Supplemental Indenture are subject to the withholding
requirements described in Section 1471(a) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”)
or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations
thereof (“FATCA Withholding Tax”).
Section 512. Economic
Sanctions.
(a) The
Company covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers are the target or subject
of any sanctions enforced by the US Government, (including, without limitation, the Office of Foreign Assets Control of the US Department
of the Treasury or the US Department of State), the United Nations Security Council, the European Union, His Majesty’s Treasury,
or other relevant sanctions authority (collectively “Sanctions”);
(b) The
Company covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers will directly or indirectly
use any payments made pursuant to this Twentieth Supplemental Indenture, (i) to fund or facilitate any activities of or business
with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate
any activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in any other manner
that will result in a violation of Sanctions by any person.
IN WITNESS WHEREOF, the parties
hereto have caused this Twentieth Supplemental Indenture to be duly executed, all as of the day and year first above written.
| |
EVERSOURCE ENERGY |
| |
|
| |
By: |
/s/ Emilie G. O’Neil |
| |
|
Emilie G. O’Neil |
| |
|
Assistant Treasurer |
| |
THE BANK OF NEW YORK MELLON TRUST
COMPANY, N. A., |
| |
as Trustee |
| |
|
| |
By: |
/s/ Terence Rawlins |
| |
|
Terence Rawlins |
| |
|
Vice President |
Exhibit A
[Form of Face of Global Security]
THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY.
THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED
EXCEPT IN LIMITED CIRCUMSTANCES.
Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Eversource
Energy or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.
EVERSOURCE
ENERGY
SENIOR
NOTES, SERIES CC, DUE 2029
| CUSIP
NO. 30040WAW8 | | $___________ |
| | | |
| No. ____ | | |
EVERSOURCE ENERGY, a voluntary
association duly organized and existing under the laws of the Commonwealth of Massachusetts (the “Company”, which term
includes any successor entity under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of ________________________ ($__________) on February 1, 2029 (the “Final
Maturity”), and to pay interest thereon from November 10, 2023 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1,
2024, at the rate of 5.95% per annum, until the principal hereof is paid or made available for payment and, subject to the terms of the
Indenture, at the same rate on any overdue principal and premium and (to the extent that the payment of such interest shall be legally
enforceable) on any overdue installment of interest.
The amount of interest payable
for any period other than a complete interest payment period will be computed on the basis of a 360-day year consisting of twelve thirty-day
months and, for any period shorter than a full month, on the basis of the actual number of days elapsed in such period. In any case where
any Interest Payment Date, the Stated Maturity or Redemption Date is not a Business Day, then payment of principal and interest, if any,
or principal and premium, if any, payable on such date will be made on the next succeeding day which is a Business Day (and without any
interest or other payment in respect of any such delay), in each case with the same force and effect as if made on such date. A “Business
Day” shall mean any day, except a Saturday, a Sunday or a legal holiday in New York, New York or in Pittsburgh, Pennsylvania on
which banking institutions are authorized or required by law, regulation or executive order to close.
The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be (1) the Business
Day next preceding such Interest Payment Date if this Security remains in book-entry only form or (2) the 15th calendar day (whether
or not a Business Day) next preceding such Interest Payment Date if this Security does not remain in book-entry only form. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such date and may either be paid to the
Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in said Indenture.
Payment of the principal of
(and premium, if any) and any interest on this Security will be made at the office or agency of the Company maintained for that purpose
at the Corporate Trust Office of the Trustee in Pittsburgh, Pennsylvania, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment
of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.
This Security has initially
been issued in the form of a Global Security, and the Company has initially designated The Depository Trust Company, New York, New York
(the “Depositary,” which term shall include any successor depositary), as the Depositary for this Security. For as
long as this Security or any portion hereof is issued in such form, and notwithstanding the previous paragraph, all payments of interest,
principal and other amounts in respect of this Security or portion thereof shall be made to the Depositary or its nominee in accordance
with its applicable policies and procedures, in the coin or currency specified above and as further provided on the reverse hereof.
Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place. Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.
[Form of Reverse of Global Security]
EVERSOURCE
ENERGY
SENIOR
NOTES, SERIES CC, DUE 2029
This Security is one of a
duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of April 1, 2002, as amended and supplemented from time to time and as supplemented by
the Twentieth Supplemental Indenture dated as of November 1, 2023 (herein called the “Indenture,” which term shall
have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A., formerly
known as The Bank of New York Trust Company, N.A. (as successor trustee to The Bank of New York), as Trustee (herein called the “Trustee,”
which term includes any successor trustee under Indenture), as to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the
series designated on the face hereof, initially limited in aggregate principal amount to $__________. The provisions of this Security,
together with the provisions of the Indenture, shall govern the rights, obligations, duties and immunities of the Holder, the Company
and the Trustee with respect to this Security, provided that, if any provision of this Security conflicts with any provision of the Indenture,
the provision of this Security shall be controlling to the fullest extent permitted under the Indenture.
The Securities of this series
are subject to redemption upon not less than ten (10) or more than sixty (60) days’ notice by mail to the Holders of such securities
at their addresses in the Security Register, at the option of the Company, in whole or in part, from time to time. If the Company elects
to redeem the Securities, it will do so at a Redemption Price set forth in Section 301 of the Twentieth Supplemental Indenture between
the Company and the Trustee, dated November 1, 2023, which established the terms of the Securities.
Except as otherwise provided
in the Indenture, if notice has been given as provided in the Indenture and funds for the redemption of any Securities (or any portion
thereof) called for redemption shall have been made available on the Redemption Date referred to in such notice, such Securities (or any
portion thereof) will cease to bear interest on the date fixed for such redemption specified in such notice and the only right of the
Holders of such Securities will be to receive payment of the Redemption Price.
In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.
The Securities of this series
will not be subject to any sinking fund.
If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (voting
as one class). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.
No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this Security at the time, place and rate, and in the coin
or currency, herein prescribed.
This Security shall be exchangeable
for Securities registered in the names of Persons other than the Depositary with respect to such series or its nominee only as provided
in this paragraph. This Security shall be so exchangeable if (x) the Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for such series or at any time ceases to be a clearing agency registered as such under the Securities Exchange
Act of 1934, (y) the Company executes and delivers to the Trustee an Officers’ Certificate providing that this Security shall
be so exchangeable or (z) there shall have occurred and be continuing an Event of Default with respect to the Securities of the series
of which this Security is a part. Securities so issued in exchange for this Security shall be of the same series, having the same interest
rate, if any, and maturity and having the same terms as this Security, in authorized denominations and in the aggregate having the same
principal amount as this Security and registered in such names as the Depositary for such Global Security shall direct.
As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of a Security of the series of which this Security is a part is registrable
in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place
where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.
The Securities of the series
of which this Security is a part are issuable only in registered form without coupons in minimum denominations of $2,000 and integral
multiples of $1,000 thereafter. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this
series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.
No service charge shall be
made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.
Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.
For so long as this Security
is issued in the form of a Global Security, neither the Company nor the Trustee will have any responsibility with respect to the policies
and procedures of the Depositary or for any notices or other communications among the Depositary, its direct and indirect participants
or the beneficial owners of this Security.
Neither the failure to give
any notice nor any defect in any notice given to the Holder of this Security or any other Security of this series will affect the sufficiency
of any notice given to any other Holder of any Securities of this series.
The Indenture provides that
the Company, at its option (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations
to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys
for payment in trust) or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company deposits,
in trust, with the Trustee money or U.S. Government Obligations which, through the payment of interest thereon and principal thereof in
accordance with their terms, will provide money, in an amount sufficient to pay all the principal of and premium, if any and interest,
if any, on the Securities on the dates such payments are due in accordance with the terms of such Securities, and certain other conditions
are satisfied.
No recourse shall be had for
the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based
on or in respect of the Indenture or any indenture supplemental thereto, against any trustee, incorporator, stockholder, officer or director,
as such, past, present or future, of the Company or any successor corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived
and released.
The Declaration of Trust of
the Company provides that no shareholder of the Company shall be held to any liability whatsoever for the payment of any sum of money,
or for damages or otherwise under any contract, obligation or undertaking made, entered into or issued by the trustees of the Company
or by any officer, agent or representative elected or appointed by the trustees and no such contract, obligation or undertaking shall
be enforceable against the trustees or any of them in their or his individual capacities or capacity and all such contracts, obligations
and undertakings shall be enforceable only against the trustees as such, and every person, firm, association, trust and corporation having
any claim or demand arising out of any such contract, obligation or undertaking shall look only to the trust estate for the payment or
satisfaction thereof.
This Security shall be governed
by and construed in accordance with the laws of the State of New York.
All terms used in this Security
not defined herein which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
[The remainder of this page left blank
intentionally.]
IN WITNESS WHEREOF, Eversource
Energy has caused this instrument to be duly executed.
| EVERSOURCE ENERGY |
|
| |
|
| By: |
|
|
| |
Emilie G. O’Neil |
|
| |
Assistant Treasurer |
|
TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Securities
of the series designated therein referred to in the within mentioned Indenture.
Dated: November 10, 2023
| THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., |
|
| as Trustee |
|
| |
|
| By: |
|
|
| |
Authorized Signatory |
|
Exhibit 5.1
November 10, 2023
Eversource Energy
300 Cadwell Drive
Springfield, Massachusetts 01104
Re: Registration Statement on Form S-3ASR (File No. 333-264278)
Ladies and Gentlemen:
We have acted as counsel to Eversource Energy,
a Massachusetts voluntary association (the “Company”), in connection with the issuance and sale of $800,000,000 aggregate
principal amount of its 5.95% Senior Notes, Series CC, Due 2029 (the “Notes”) pursuant to the above-referenced
registration statement (the “Registration Statement”), filed by the Company with the Securities and Exchange Commission
(the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”). The Notes
are being issued under an Indenture dated April 1, 2002 (the “Base Indenture”), as supplemented by a Twentieth
Supplemental Indenture dated November 1, 2023 (the “Twentieth Supplemental Indenture,” and together with the Base
Indenture, the “Indenture”), by and between the Company and The Bank of New York Mellon Trust Company, N.A. as trustee.
In connection with this opinion letter, we have
examined the Registration Statement and the Indenture, which has been filed with the Commission as an exhibit to the Registration Statement.
We have also examined such certificates, documents and records and have made such investigation of fact and such examination of law as
we have deemed appropriate in order to enable us to render the opinions set forth herein. In conducting such investigation, we have relied,
without independent verification, upon certificates of officers of the Company and one or more of its subsidiaries, public officials and
other appropriate persons.
The opinions expressed herein are limited to matters
governed by the laws of the State of New York and the laws of the Commonwealth of Massachusetts.
Based upon and subject to the foregoing and the
qualifications and limitations set forth below, we are of the opinion that, when the Notes have been duly executed and authenticated in
accordance with the provisions of the Indenture and have been delivered against receipt of payment therefor, the Notes will constitute
valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.
Our opinions set forth above are subject to (i) bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and similar laws affecting the rights and remedies of creditors generally
and (ii) general principles of equity. Our opinions are also subject to the qualification that the enforceability of provisions in
the Indenture providing for indemnification or contribution, broadly worded waivers, waivers of rights to damages or defenses, waivers
of unknown or future claims, and waivers of statutory, regulatory or constitutional rights may be limited on public policy or statutory
grounds.
We hereby consent to the incorporation of this
opinion letter as an exhibit to the Registration Statement and to the use of our name under the caption “Legal Opinions” in
the Prospectus. By giving the foregoing consent, we do not admit that we come within the category of persons whose consent is required
under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.
| |
Very truly yours, |
| |
|
| |
/s/ Ropes & Gray LLP |
| |
|
| |
Ropes & Gray LLP |
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