By Andrea Heisinger
New York, Dec. 5 - Entergy Mississippi, Inc. sold $250 million of 3.1% first mortgage bonds due in 2023 on Wednesday to yield Treasuries plus 155 basis points, a market source said.
Pricing was at the tight end of guidance in the 160 bps area, plus or minus 5 bps.
The notes (Baa1/A-/) sold at 99.606 to yield 3.144%.
There is a make-whole call at Treasuries plus 25 bps until April 1, 2023, with a par call after that date.
BNY Mellon Capital Markets, J.P. Morgan Securities LLC and Mitsubishi UFJ Securities (USA) Inc. were the bookrunners.
Proceeds will be used to repay borrowings from Entergy system money pool, to repay borrowings under three credit facilities totaling $70 million, to repay $100 million of 5.15% debt maturing in February of 2013 and for general corporate purposes.
The electric utility is based in New Orleans.
| Issuer: | Entergy Mississippi, Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | July 1, 2023
|
| Bookrunners: | BNY Mellon Capital Markets, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc.
|
| Senior co-managers: | Loop Capital Markets LLC, Raymond James
|
| Co-managers: | CastleOak Securities LP, MFR Securities Inc., Mischler Financial Group Inc., Samuel A. Ramirez & Co. Inc., Williams Capital Group LP
|
| Coupon: | 3.1%
|
| Price: | 99.606
|
| Yield: | 3.144%
|
| Spread: | Treasuries plus 155 bps
|
| Call: | Make-whole at Treasuries plus 25 bps to April 1, 2023, par call after
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Price talk: | 160 bps area, plus or minus 5 bps
|
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