By Cristal Cody
Tupelo, Miss., Nov. 9 – Entergy Louisiana LLC priced $600 million of collateral trust mortgage bonds (A2/A) in two tranches on Monday, according to an FWP filing with the Securities and Exchange Commission.
The company sold $300 million of 1.6% 10-year bonds at 99.61 to yield 1.642%, or a spread of 70 basis points over Treasuries.
A $300 million add-on to its 2.9% collateral trust mortgage bonds due March 15, 2051 priced with a Treasuries plus 95 bps spread. The notes were sold at 104.413 to yield 2.684%.
The company previously sold $350 million of the 2051 bonds on March 3, 2020 at 99.755 to yield 2.912%, or Treasuries plus 130 bps. The total outstanding is now $650 million.
Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc. and SMBC Nikko Securities America Inc. were the bookrunners.
Proceeds will be used to redeem $300 million of the company’s first mortgage bonds maturing between 2052 and 2063 and bearing interest at 4.7% to 5.25% per year and for general corporate purposes.
Entergy Louisiana is a Jefferson, La.-based energy provider.
| Issuer: | Entergy Louisiana LLC
|
| Amount: | $600 million
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| Description: | Collateral trust mortgage bonds
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| Bookrunners: | Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc. and SMBC Nikko Securities America Inc.
|
| Co-manager: | R. Seelaus & Co. Inc.
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 13
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
|
|
| Bonds due 2030
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| Amount: | $300 million
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| Maturity: | Dec. 15, 2030
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| Coupon: | 1.6%
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| Price: | 99.61
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| Yield: | 1.642%
|
| Spread: | Treasuries plus 70 bps
|
| Call feature: | Make-whole call before Sept. 15, 2030 at Treasuries plus 15 bps; thereafter at par
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|
|
| Bonds due 2051
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| Amount: | $300 million reopening
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| Maturity: | March 15, 2051
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| Coupon: | 4.2%
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| Price: | 104.413
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| Yield: | 2.684%
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| Spread: | Treasuries plus 95 bps
|
| Call feature: | Make-whole call before Sept. 15, 2050 at Treasuries plus 20 bps; thereafter at par
|
| Total outstanding: | $650 million, including $350 million of bonds priced on March 3, 2020 at 99.755 to yield 2.912%, or Treasuries plus 130 bps
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