Meetings / Sep 7, 2016 / Item 31

Item 31

approved contract

Sep 7, 2016

Description

Authorize to enter into a contract with J.P. Morgan Securities LLC, New York, NY, to serve as its Auction Advisor to manage the auction of and the transaction-related aspects of a potential sale of the electric generating assets and other related properties (Assets) of Public Service Company of NH d/b/a Eversource (PSNH). Effective upon G&C approval through September 30, 2018. The contract provides for compensation to JP Morgan by PSNH out of the proceeds of the sale of the Assets. Although we will not know those proceeds until after the auction, prior estimates are for a price of $200 million or more. The compensation to be paid to JP Morgan will be contingent on a sale occurring and will be $3,125,000 plus 1.5% of proceeds in excess of $200 million.

Amount
$3.1M
$200, $3,125,000, $200
Vendor
J.P. Morgan Securities LLC
New York, NY
Funding Source
1.5% of proceeds in excess of
Vote Record approved
Motion by Sununu, seconded by Pappas
Joseph Kenney (R) yes
Colin Van Ostern (D) yes
Christopher Sununu (R) yes
Christopher Pappas (D) yes
Dave Wheeler (R) yes

Documents (1)

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