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Entergy delivers $500M of shares under forward sale agreements

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Entergy delivers $500M of shares under forward sale agreements

Entergy Corp. delivered 6,834,221 common shares at $74.45 per share for cash proceeds of approximately $500 million to physically settle a portion of its obligations under forward sale agreements with Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and JPMorgan Chase Bank NA London Branch, according to a company filing.

The company may settle its remaining obligations under the agreements with respect to the remaining 8,448,171 shares on a settlement date or dates that it may determine before June 7, 2019, according to a Dec. 12 company filing.

If Entergy elects physical settlement of the agreements, it expects to use net proceeds for general corporate purposes, which may include repayment of commercial paper, outstanding loans under its revolving credit facility or other debt.