Published on 8/22/2022 in the Prospect News Investment Grade Daily.
New Issue: Entergy Texas prices $325 million 5% first mortgage bonds due 2052
By Marisa Wong
Los Angeles, Aug. 22 – Entergy Texas Inc. priced $325 million of 5% first mortgage bonds due Sept. 15, 2052 (A3/A) on Monday, according to an FWP filing with the Securities and Exchange Commission.
The bonds priced at 99.426 to yield 5.037%, or a spread of 178 basis points over Treasuries.
The bonds feature a make-whole call and then a par call.
BNY Mellon Capital Markets, LLC, Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are the bookrunners.
Proceeds will be used for general corporate purposes.
Entergy Texas is an energy provider based in The Woodlands, Tex.
| Issuer: | Entergy Texas Inc.
|
| Amount: | $325 million
|
| Issue: | First mortgage bonds
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| Maturity: | Sept. 15, 2052
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| Bookrunners: | BNY Mellon Capital Markets, LLC, Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC
|
| Co-manager: | Mischler Financial Group, Inc.
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Morgan, Lewis & Bockius LLP and Duggins Wren Mann & Romero, LLP
|
| Counsel to underwriters: | Pillsbury Winthrop Shaw Pittman LLP
|
| Coupon: | 5%
|
| Price: | 99.426
|
| Yield: | 5.037%
|
| Spread: | Treasuries plus 178 bps
|
| Call option: | Make-whole call at Treasuries plus 30 bps prior to March 15, 2052; par call after that
|
| Trade date: | Aug. 22
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| Settlement date: | Aug. 25
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Distribution: | SEC registered
|
| Cusip: | 29365TAM6
|
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