By Cristal Cody
Tupelo, Miss., March 20 – Entergy Louisiana LLC sold $750 million of 4% collateral trust mortgage bonds due March 15, 2033 on Tuesday at a spread of 112.5 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The bonds (A2/A) priced at 99.844 to yield 4.014%.
J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for construction of the Lake Charles Power Station and the St. Charles Power Station, repayment at maturity of about $375 million of the company’s 6% first mortgage bonds due May 1, 2018, repayment of borrowings from the Entergy system money pool, repayment of approximately $100 million of borrowings under the company’s $350 million credit facility and general corporate purposes.
Entergy Louisiana is a Jefferson, La.-based energy provider.
| Issuer: | Entergy Louisiana LLC
|
| Amount: | $750 million
|
| Description: | Collateral trust mortgage bonds
|
| Maturity: | March 15, 2033
|
| Bookrunners: | J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC
|
| Co-managers: | KeyBanc Capital Markets Inc., Regions Securities LLC and Mischler Financial Group Inc.
|
| Coupon: | 4%
|
| Price: | 99.844
|
| Yield: | 4.014%
|
| Spread: | Treasuries plus 112.5 bps
|
| Call feature: | Make-whole call before Dec. 15, 2032 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | March 20
|
| Settlement date: | March 23
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
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