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File No. 333-46431
Rule 424(b)(2)
PRICING SUPPLEMENT NO. 3 Dated November 20, 1998
(To Prospectus Dated March 10, 1998)
MASSACHUSETTS ELECTRIC COMPANY
(A SUBSIDIARY OF NEW ENGLAND ELECTRIC SYSTEM)
SECURED MEDIUM-TERM NOTES
(First Mortgage Bonds, Series V)
Issue 98-3
Interest Rate: 5.72%
Maturity Date: November 24, 2008
Principal Amount: $25,000,000
Acceptance Date: November 18, 1998
Original Issue Date: November 23, 1998
Form of Delivery: Book-entry only
Depositary: The Depository Trust Company
55 Water Street
New York, New York
Issue: 98-3
Original Issue
Discount New Bond: No
Price of New Bonds:
Initial
Price to Underwriting Proceeds to
Public Discounts Company
----------- ------------ -----------
Per New Bond 100.00% 0.600% 99.40%
Total $25,000,000 $150,000 $24,850,000
DISTRIBUTION OF THE NEW BONDS
The New Bonds were sold in the amount of $10,000,000 to CS First Boston
Corporation and $15,000,000 to Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as Agents in connection with the offering of the New Bonds
described in this Pricing Supplement.
