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Entergy Texas offers $25-par first mortgage bonds; talk around 5.75%
By Stephanie N. Rotondo
Phoenix, May 13 - Entergy Texas Inc. is selling $25-par first mortgage bonds due June 1, 2064 (expected rating: Baa1/A-), according to a market source.
Price talk is around 5.75%.
Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC are the joint bookrunning managers.
Interest will be payable on the first day of March, June, September and December, beginning Sept. 1. The company can redeem the notes on or after June 1, 2019 at par plus accrued interest.
Entergy Texas will apply to list the bonds on the New York Stock Exchange.
Proceeds will be used to redeem certain outstanding debt currently bearing 7.875% interest and maturing in 2039.
Entergy Texas is a Beaumont, Texas-based energy provider.
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