By Stephanie N. Rotondo
Phoenix, May 13 - Entergy Texas Inc. sold $135 million of 5.625% $25-par first mortgage bonds due June 1, 2064 (expected rating: Baa1/A-) on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
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 bonds on or after June 1, 2019 at par plus accrued interest.
Proceeds will be used to redeem outstanding debt currently bearing 7.875% interest and maturing in 2039.
Entergy Texas is a Beaumont, Texas-based energy provider.
| Issuer: | Entergy Texas Inc.
|
| Securities: | First mortgage bonds
|
| Amount: | $135 million
|
| Maturity: | June 1, 2064
|
| Bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch, Wells Fargo Securities LLC
|
| Coupon: | 5.625%
|
| Price: | Par of $25
|
| Yield: | 5.625%
|
| Call options: | On or after June 1, 2019 at par plus accrued interest
|
| Pricing date: | May 13
|
| Settlement date: | May 16
|
| Expected ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Expected listing: | NYSE
|
| Cusip: | 29365T104
|
| Talk: | Around 5.75%
|
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