By Andrea Heisinger
New York, Sept. 21 - Entergy Louisiana LLC priced $250 million of 4.44% first mortgage bonds due 2026 on Tuesday to yield a spread of 185 basis points over Treasuries, said a source who worked on the sale.
The bonds (A3/A-) priced at 99.896 to yield 4.45%. They have a make-whole redemption at Treasuries plus 30 bps until three months prior to maturity, and are then callable at par.
Barclays Capital Inc., Credit Agricole CIB, Mizuho Securities and Mitsubishi UFJ Securities ran the books.
Co-managers were Deutsche Bank Securities, U.S. Bancorp Securities, Aladdin Capital and MFR Securities Inc.
Proceeds will be used to repay prior to maturity all of the company's outstanding $100 million 5.56% bonds due Sept. 1, 2015, all of its outstanding $115 million 5.09% mortgage bonds due Nov. 1, 2014, and all of its $100 million 5.50% mortgage bonds due April 1, 2019 at a redemption price of par plus accrued interest.
The utility subsidiary of Entergy Corp. is based in New Orleans.
| Issuer: | Entergy Louisiana LLC
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | Jan. 15, 2026
|
| Bookrunners: | Barclays Capital Inc., Credit Agricole CIB, Mizuho Securities, Mitsubishi UFJ Securities
|
| Co-managers: | Deutsche Bank Securities, U.S. Bancorp Securities, Aladdin Capital, MFR Securities Inc.
|
| Coupon: | 4.44%
|
| Price: | 99.896
|
| Yield: | 4.45%
|
| Spread: | Treasuries plus 185 bps
|
| Call: | At a make-whole call of Treasuries plus 30 bps until three months before maturity, then at par until maturity
|
| Trade date: | Sept. 21
|
| Settlement date: | Sept. 24
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
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