By Andrea Heisinger
New York, Aug. 11 - Entergy Louisiana LLC priced $300 million 6.5% 10-year first-mortgage bonds Monday to yield Treasuries plus 248 basis points, an informed source said.
The notes (Baa1/A-/BBB+) priced at 99.931 to yield 6.509%.
There is a make-whole redemption option of Treasuries plus 40 bps.
Price talk was even with pricing, at 248 bps.
Bookrunners were KeyBanc Capital Markets, Lehman Brothers and Wachovia Capital Markets.
Co-managers were Calyon, Citigroup Global Markets Inc. and Lazard Capital Markets.
Proceeds will be used for capital expenditures, working capital and general corporate purposes. Pending this, they will be invested in short-term highly liquid high-rated money market instruments and possibly the Entergy Corp. money pool.
The utility subsidiary of Entergy Corp. is based in New Orleans.
| Issuer: | Entergy Louisiana LLC
|
| Issue: | First mortgage bonds
|
| Amount: | $300 million
|
| Maturity: | Sept. 1, 2018
|
| Bookrunners: | KeyBanc Capital Markets, Lehman Brothers, Wachovia Capital Markets
|
| Co-managers: | Calyon, Citigroup Global Markets Inc., Lazard Capital Markets
|
| Coupon: | 6.5%
|
| Price: | 99.931
|
| Yield: | 6.509%
|
| Spread: | Treasuries plus 248 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Trade date: | Aug. 11
|
| Settlement date: | Aug. 18
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
| Price talk: | 248 bps
|
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