Entergy Louisiana offers collateral trust mortgage bonds in two parts

By Marisa Wong

Los Angeles, March 4 – Entergy Louisiana, LLC is offering collateral trust mortgage bonds in two parts, according to a 424B3 filing with the Securities and Exchange Commission.

The bonds will feature an optional make-whole call, followed by an optional par call.

Barclays, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc., Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Goldman Sachs & Co. LLC, Regions Securities LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc. are the joint bookrunners.

R. Seelaus & Co., LLC will act as co-manager.

Bank of New York Mellon is the trustee.

In-house counsel will handle matters of Louisiana law for the issuer, Morgan, Lewis & Bockius LLP will handle matters of New York law, and Duggins Wren Mann & Romero, LLP will handle matters of Texas law. Pillsbury Winthrop Shaw Pittman LLP will act as counsel for the underwriters.

The company intends to use proceeds from the sale of the bonds, together with other available funds, to repay or redeem on or prior to maturity the outstanding $1 billion aggregate principal amount of its 0.95% collateral trust mortgage bonds due Oct. 1, 2024; to repay or redeem on or prior to maturity its outstanding $400 million of 5.4% first mortgage bonds due Nov. 1, 2024; to repay debt incurred under its $350 million revolving credit facility that expires in June 2028; for capital expenditures; or for general corporate purposes.

The electric utility is based in Jefferson, La.

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