By Wendy Van Sickle
Columbus, Ohio, May 9 – Entergy Mississippi, LLC sold $300 million of 5% first mortgage bonds due Sept. 1, 2033 (A2/A) at 99.943 to yield 5.008% on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced with a spread of 148 basis points over Treasuries.
The notes have a make-whole call until June 1, 2033 at Treasuries plus 25 bps and a par call thereafter.
Citigroup Global Markets Inc., MUFG Securities Americas Inc. and Wells Fargo Securities, LLC are the bookrunners.
Proceeds, together with other available funds, will be used (i) to repay or redeem on or prior to maturity the company’s outstanding $250 million 3.1% first mortgage bonds due July 1, 2023, (ii) to repay on or prior to maturity some or all of the outstanding debt from the company’s term loan agreement, dated June 29, 2022, with Bank of Nova Scotia as administrative agent and/or (iii) for general corporate purposes.
As of May 5, 2023, $150 million was outstanding under the Dec. 29, 2023 maturing term loan agreement at a weighted average interest rate of 5.932%.
Entergy Mississippi is a Jackson, Miss.-based energy provider.
Issuer: | Entergy Mississippi, LLC
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Amount: | $300 million
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Issue: | First mortgage bonds
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Maturity: | Sept. 1, 2033
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Bookrunners: | Citigroup Global Markets Inc., MUFG Securities Americas Inc. and Wells Fargo Securities, LLC
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Co-manager: | R. Seelaus & Co. LLC
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Trustee: | Bank of New York Mellon
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Counsel to issuer: | Morgan, Lewis & Bockius LLP (New York), Wise Carter Child & Caraway (Mississippi) and Jennings, Strouss & Salmon, plc (Texas)
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Counsel to underwriters: | Pillsbury Winthrop Shaw Pittman LLP
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Coupon: | 5%
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Price: | 99.943
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Yield: | 5.008%
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Spread: | Treasuries plus 148 bps
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Call features: | Make-whole call at Treasuries plus 25 bps until June 1, 2033; par call thereafter
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Trade date: | May 9
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Settlement date: | May 12
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Ratings: | Moody’s: A2
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| S&P: A
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Distribution: | SEC registered
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Cusip: | 29366WAD8
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