Published on 5/18/2015 in the Prospect News Investment Grade Daily.
New Issue: Entergy Texas prices $250 million 5.15% bonds due 2045 at 212.5 bps over Treasuries
By Aleesia Forni
Virginia Beach, May 18 – Entergy Texas Inc. sold $250 million of 5.15% 30-year first mortgage bonds (Baa1/A-/) at Treasuries plus 212.5 basis points on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes sold in line with initial guidance.
Pricing was at 99.816 to yield 5.162%.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, Scotia Capital, SMBC Nikko and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay the company’s 3.6% first mortgage bonds due June 1, 2015 and for general corporate purposes.
Entergy Texas is a Beaumont, Texas-based energy provider.
Issuer: | Entergy Texas Inc.
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Amount: | $250 million
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Description: | First mortgage bonds
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Maturity: | June 1, 2045
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Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., Wells Fargo Securities LLC
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Co-managers: | Mischler Financial Group Inc., Regions Securities LLC, U.S. Bancorp Investments Inc., Williams Capital Group LP
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Coupon: | 5.15%
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Price: | 99.816
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Yield: | 5.162%
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Spread: | Treasuries plus 212.5 bps
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Make-whole call: | Treasuries plus 35 bps prior to June 1, 2025, then callable at par
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Trade date: | May 18
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Settlement date: | May 21
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Ratings: | Moody’s: Baa1
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| Standard & Poor’s: A-
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Price guidance: | Treasuries plus 212.5 bps area
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