By Stephanie N. Rotondo
Phoenix, May 28 - Entergy Arkansas Inc. priced $125 million of 4.75% $25-par first mortgage bonds due June 1, 2063 (Expected ratings: A3/A-), a market source reported Tuesday.
Wells Fargo Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.
Interest will be payable on the first day of March, June, September and December, beginning Sept. 1. The bonds can be called on or after June 1, 2018 at par plus accrued interest.
Proceeds will be used along with other corporate funds to redeem $300 million of 5.4% first mortgage bonds due in August. Any remaining proceeds will be used for general corporate purposes.
Entergy Arkansas is a Little Rock, Ark.-based energy provider.
Issuer: | Entergy Arkansas Inc.
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Securities: | First mortgage bonds
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Amount: | $125 million
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Maturity: | June 1, 2063
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Bookrunners: | Wells Fargo Securities LLC, Morgan Stanley & Co. LLC
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Co-manager: | Stephens Inc.
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Coupon: | 4.75%
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Price: | Par of $25
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Yield: | 4.75%
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Talk: | 4.75% to 4.875%
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Call: | Beginning June 1, 2018 at par plus accrued interest
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Pricing date: | May 28
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Settlement date: | June 4
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Expected ratings: | Moody's: A3
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| Standard & Poor's: A-
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