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): June 1, 2010
NSTAR
(Exact name of registrant as specified in its charter)
| | | | |
Massachusetts | 001-14768 | 04-3466300 |
(State or other jurisdiction of incorporation)
| (Commission File Number) | (I.R.S. Employer Identification Number)
|
800 Boylston Street, Boston, Massachusetts | | 02199 |
(Address of principal executive offices) | | (Zip Code) |
|
(617) 424-2000 |
(Registrant's telephone number, including area code) |
| |
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: |
[ ] | 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)) |
Section 2 – Financial Information
Item 2.01. Completion of Acquisition or Disposition of Assets.
On June 1, 2010, NSTAR closed on the sale of its district energy operations business for $343.7 million to a joint venture comprised of Veolia Energy North America, a Boston-based subsidiary of Veolia Environnement and Morgan Stanley Infrastructure Partners. The cogeneration facility known as MATEP provides steam, chilled water service and electricity to customers in the Longwood Medical Area in Boston.
This sale is expected to result in a one-time, after-tax gain of approximately $109 million or $1.02 per share for NSTAR. As previously disclosed, a portion of the proceeds from the sale was used to retire approximately $85.5 million outstanding principal amount of long-term debt associated with the MATEP facility.
In connection with the closing of the sale, NSTAR’s Board of Trustees has authorized the Company to repurchase up to $200 million of NSTAR Common Shares. The shares may be repurchased from time to time in the open market, or through privately negotiated transactions, block purchases, or an accelerated repurchase program. All, or a substantial portion, of the share repurchase is expected to be completed by year-end 2010.
SIGNATURE
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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. |
| | |
| | NSTAR |
| | (Registrant) |
Date: June 1, 2010 | By: | /s/ R. J. WEAFER, JR. |
| | Robert J. Weafer, Jr. |
| | Vice President, Controller |
| | and Chief Accounting Officer |
