Entergy Louisiana eyes mortgage bonds due 2032, 2041; talk emerges

By Devika Patel and Cristal Cody

Knoxville, Tenn., March 4 – Entergy Louisiana LLC plans to sell collateral trust mortgage bonds in two tranches, according to a 424B3 filed with the Securities and Exchange Commission.

The offering is expected to include bonds due June 15, 2032 talked to yield in the 95 basis points area over Treasuries and bonds due June 15, 2041 with talk in the 105 bps area over Treasuries, according to a market source.

The notes will feature a make-whole call and then are callable at par.

BNP Paribas Securities Corp., BNY Mellon Capital Markets LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc. and SMBC Nikko Securities America Inc. are the bookrunners.

Mischler Financial Group Inc. is the co-manager.

Proceeds will be used to repay on or prior to maturity $200 million of the company’s 4.8% first mortgage bonds due May 1, 2021, to finance, on an interim basis, storm restoration costs related to Hurricane Laura, Hurricane Delta, Hurricane Zeta and the winter storms of February 2021 and for general corporate purposes.

Entergy Louisiana is a Jefferson, La.-based energy provider.

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