Entergy Louisiana Prices Public Offering of 3.12% Bonds Due 2027 for USD450 Million

Published: May 17 2017
Deal Summary

Entergy Louisiana, LLC, a power generation and distribution company, has priced the public offering of 3.12% series collateral trust mortgage bonds due September 1, 2027, for gross proceeds of USD450 million. The bonds will be issued at 99.951% of the principal amount and will yield 3.126% upon maturity. The company intends to receive net proceeds of approximately USD446.85 million.

Interest on the bonds will be paid semi-annually on March 1 and September 1 of each year, commencing from September 1, 2017. The bonds may be redeemed at make-whole call at any time prior to June 1, 2027 at a discount rate of treasury plus 15 bps and, thereafter, at par.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., and Scotia Capital (USA) Inc. are acting as joint book-running managers, Loop Capital Markets LLC is acting as co-manager, while Morgan, Lewis & Bockius LLP is acting as legal advisor for New York law, and Duggins, Wren, Mann & Romero, LLP is acting as legal advisor for Texas law to the company for the offering.

The company intends to use the proceeds from the placement to finance the construction of the St. Charles Power Station, to repay at maturity approximately USD45.3 million aggregate principal amount of our Waterford series collateral trust mortgage notes due July 3, 2017, with no stated interest rate, and for general corporate purposes.

The offering is expected to be completed on May 23, 2017.

Deal History:

Filing: On August 26, 2016, Entergy Louisiana filed registration statement with the US Securities and Exchange Commission for public offering of collateral trust mortgage bonds in one or more series.

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