By Aleesia Forni
New York. March 7 – Entergy Louisiana LLC sold a $200 million add-on to its existing 4.95% first mortgage bonds (A2/A-) due Jan. 15, 2045 at Treasuries plus 244 basis points on Monday, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 97.006 to yield 5.15%.
The notes were sold at the tight side of guidance set in the 5.2% area, having firmed from talk in the 5.25% area.
The original $250 million issue of notes (A2/A-) sold Nov. 18, 2014 at Treasuries plus 192 bps.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used to pay $60 million to purchase interests of Unit No. 3 (nuclear) of the Waterford Steam Electric Station, to repay borrowings from the Entergy system money pool, to repay borrowings under a $350 million credit facility and for general corporate purposes.
Entergy Louisiana is a Jefferson, La.-based energy provider.
| Issuer: | Entergy Louisiana LLC
|
| Amount: | $200 million
|
| Description: | Add-on to first mortgage bonds
|
| Maturity: | Jan. 15, 2045
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Wells Fargo Securities LLC
|
| Coupon: | 4.95%
|
| Price: | 97.006
|
| Yield: | 5.15%
|
| Spread: | Treasuries plus 244 bps
|
| Make-whole call: | Treasuries plus 30 bps prior to Jan. 15, 2025, then callable at par
|
| Trade date: | March 7
|
| Settlement date: | March 10
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Total issue size: | $450 million, including $250 million priced on Nov. 21, 2014 at 192 bps over Treasuries
|
| Price guidance: | 5.2% area, tightened from 5.25% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
