By Cristal Cody
Tupelo, Miss., March 26 – Entergy Louisiana LLC priced a $300 million reopening of its 4.2% collateral trust mortgage bonds due Sept. 1, 2048 on Thursday at a spread of 275 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The bonds (A2/A) priced at 100.753 to yield 4.154%.
BNP Paribas Securities Corp. was the bookrunner.
The notes originally priced in a $600 million offering on Aug. 8, 2018 at 99.811 to yield 4.211% and a Treasuries plus 110 bps spread. The total outstanding is now $900 million.
Proceeds will be used together with available funds to repay at maturity the company’s 3.95% first mortgage bonds due Oct. 1, 2020 and for general corporate purposes.
Entergy Louisiana is a Jefferson, La.-based energy provider.
| Issuer: | Entergy Louisiana LLC
|
| Amount: | $300 million reopening
|
| Description: | Collateral trust mortgage bonds
|
| Maturity: | Sept. 1, 2048
|
| Bookrunner: | BNP Paribas Securities Corp.
|
| Coupon: | 4.2%
|
| Price: | 100.753
|
| Yield: | 4.154%
|
| Spread: | Treasuries plus 275 bps
|
| Call feature: | Make-whole call before March 1, 2048 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | March 26
|
| Settlement date: | March 31
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
| Total outstanding: | $900 million, including $600 million of notes priced Aug. 8, 2018 at 99.811 to yield 4.211% and a Treasuries plus 110 bps spread
|
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