Finance History|11 Wall Street — NU Stopped and ES Opened
· 2015-2
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Finance History|11 Wall Street — NU Stopped and ES Opened
kevin
People treat Eversource as a New England utility that always printed ES after a finished rate book.
The February 2015 issuer was still Northeast Utilities, the holding company that had taken in NSTAR on 10 April 2012.
That merger was a stock-for-stock exchange. NSTAR holders received 1.312 Northeast Utilities common shares for each NSTAR common share. Northeast Utilities issued about 136 million new shares and kept the ticker NU.
On 2 February 2015 the parent and its operating companies adopted the Eversource Energy name. The stock kept printing NU through the close on 18 February 2015.
The Options Clearing Corporation recorded the rest. Effective at the open on 19 February 2015, the listed common and the option symbols changed from NU to ES, and the CUSIP changed to 30040W108.
Tom May rang the New York Stock Exchange opening bell that morning for the new tape.
The mechanism is a rebrand listing, not a cash IPO. The same Massachusetts business trust kept the wires, the rate cases, and the dual Hartford and Boston headquarters. Only the letters on the tape changed.
The pin is the Broad Street facade of the Exchange on the morning ES opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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