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Entergy Louisiana closes offer of $600M in mortgage bonds


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Entergy Louisiana closes offer of $600M in mortgage bonds

Entergy Louisiana LLC on Aug. 14 closed the underwritten sale of $600 million aggregate principal amount of its 4.20% collateral trust mortgage bonds, due Sept. 1, 2048.

The bonds have a treasury spread of 1.1%. The Entergy Corp. subsidiary intends to apply the net proceeds to finance the construction of the Lake Charles Power Station and the St. Charles Power Station, repay approximately $300 million of its 6.50% first mortgage bonds at maturity, and for general corporate purposes. Pending the application of the net proceeds of the bonds, the company will invest them in short-term, highly liquid, high-rated money market instruments and the Entergy system money pool.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Merrill Lynch Pierce Fenner & Smith Inc., MUFG Securities Americas Inc. and U.S. Bancorp Investments Inc. acted as book managers. TD Securities (USA) LLC acted as co-manager.