Entergy Mississippi Inc. filed a multistep restructuring plan with the Mississippi Public Service Commission that would see the Entergy Corp. utility convert to a Texas corporation from a Mississippi corporation, according to a Form 8-K filing.
As part of the plan, Entergy Mississippi will transfer substantially all of its assets and liabilities to a newly formed entity, dubbed Entergy Mississippi Power and Light LLC, and contribute its membership stake in the new entity to Entergy Utility Holding Co. LLC.
The company also will redeem all of its outstanding preferred stock at an aggregate redemption price of approximately $21.2 million, including call premiums, and accumulated and unpaid dividends, according to the filing.
Entergy Mississippi will be renamed Entergy Utility Enterprises Inc. and Entergy Mississippi Power and Light will be rebranded Entergy Mississippi LLC.
The reorganization is subject to approvals of the Mississippi PSC, the Federal Energy Regulatory Commission and the U.S. Nuclear Regulatory Commission. The company expects to complete the restructuring by Dec. 1.