By James McCandless
San Antonio, Sept. 3 – Entergy Texas, Inc. priced a $35 million offering of $25-par series A cumulative preferred stock (Ba2/BBB-) with a dividend of 5.375%, according to an FWP filing with the Securities and Exchange Commission.
There is no greenshoe.
The deal, announcing Tuesday morning, came in at the expected $35 million deal size and below talk for a yield of 5.5%.
Morgan Stanley & Co. LLC is the bookrunner.
The preferreds are redeemable on or after Oct. 15, 2024 at par. Prior to that, they are redeemable within 120 days after a ratings event at $25.50.
Entergy Texas plans to use the proceeds for general corporate purposes.
The company plans to list the preferreds on the New York Stock Exchange.
Entergy Texas is a Beaumont, Tex.-based utility services provider.
| Issuer: | Entergy Texas, Inc.
|
| Description: | Series A cumulative preferred stock
|
| Amount: | $35 million, or 1.4 million shares
|
| Maturity: | Perpetual
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Dividend: | 5.375%
|
| Price: | Par of $25.00
|
| Yield: | 5.375%
|
| Call: | On or after Oct. 15, 2024 at par; prior to that, within 120 days after a ratings event at $25.50
|
| Pricing date: | Sept. 3
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody’s: Ba2
|
| S&P: BBB-
|
| Distribution: | SEC registered
|
| Listing: | NYSE
|
| Talk: | 5.5%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
