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Entergy Texas sells 1.4 million preferred shares

Entergy Texas Inc. has sold 1.4 million shares of its 5.375% series A preferred stock at $25 per share for gross proceeds of $35 million.

Dividend is payable quarterly on Jan. 15, April 15, July 15 and Oct. 15, beginning Jan. 15, 2020. The issue was expected to be rated Ba2 by Moody's and BBB- by S&P Global Ratings, according to a Sept. 3 free writing prospectus.

The Entergy Corp. subsidiary plans to use net proceeds for general corporate purposes. Pending such use, the utility will invest the proceeds in short-term, highly liquid, high-rated money market instruments and/or the Entergy system money pool.

Morgan Stanley & Co. LLC served as the sole book-running manager of the offering.