By Wendy Van Sickle
Columbus, Ohio, March 2 – Entergy Arkansas, LLC priced $200 million more of its 4.2% first mortgage bonds due April 1, 2049 (A2/A) at Treasuries plus 160 basis points on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The add-on notes priced at 105.875 to yield 3.845%.
The additional bonds will be issued using the same Cusip number as the company’s initial $350 million issuance on March 19, 2019, which priced at 123 bps over Treasuries, and will be consolidated to form a single series with the initial issue.
As with the initial series, the bonds will have a make-whole call before Oct. 1, 2048 at Treasuries plus 20 bps followed by a par call.
BNP Paribas Securities Corp., Mizuho Securities USA LLC, Stephens Inc. and Wells Fargo Securities, LLC will be the joint bookrunning managers for the additional bonds.
Proceeds will be used for general corporate purposes, including the repayment of borrowings from the Entergy System money pool.
Entergy Arkansas is a New Orleans-based energy provider.
| Issuer: | Entergy Arkansas LLC
|
| Amount: | $200 million
|
| Proceeds: | $210 million
|
| Issue: | First mortgage bonds
|
| Maturity: | April 1, 2049
|
| Bookrunners: | BNP Paribas Securities Corp., Mizuho Securities USA LLC, Stephens Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 4.2%
|
| Price: | 105.875
|
| Yield: | 3.845%
|
| Spread: | Treasuries plus 160 bps
|
| Call features: | Make-whole call before Oct. 1, 2048 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | March 2
|
| Settlement date: | March 4
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
| Original issue: | $350 million issued on March 19, 2019
|
| Cusip: | 29366MAA6
|
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