We advised the company on the transaction

Davis Polk advised The Narragansett Electric Company (d/b/a Rhode Island Energy) in connection with a Rule 144A / Regulation S offering of $500 million aggregate principal amount of its 5.350% senior notes due 2034. Rhode Island Energy expects to use the net proceeds from the sale of the notes to repay short-term debt and for general corporate purposes.

Rhode Island Energy is a regulated public utility whose principal business consists of electricity transmission and distribution facilities and a natural gas distribution system that provides services to residential, commercial and industrial customers in the state of Rhode Island. As of December 31, 2023, Rhode Island Energy provided electric service to approximately 514,000 electric customers and gas service to approximately 278,000 natural gas customers in Rhode Island. Its service area covers substantially all of Rhode Island. Rhode Island Energy is a wholly owned subsidiary of PPL Corporation.

The Davis Polk corporate team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associate Kanger Jin. Partner Michael Farber and associate Michael Mirabella provided tax advice. Counsel David A. Zilberberg provided environmental advice. Counsel Charles Shi provided ERISA advice. Associate Jonathan P. Jackson provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.