By Andrea Heisinger
New York, Sept. 27 - Entergy Gulf States Louisiana LLC sold $250 million of 3.95% 10-year first mortgage bonds on Monday to yield Treasuries plus 145 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3/BBB+/) priced at 99.861 to yield 3.967%. They have a make-whole call of Treasuries plus 25 bps before July 1, 2020 and are callable at par after that date.
Bank of New York Mellon Capital Markets LLC, Credit Suisse Securities, KeyBanc Capital Markets Inc. and J.P. Morgan Securities Inc. were the bookrunners.
Co-managers were Deutsche Bank Securities Inc., Scotia Capital, Blaylock Robert Van LLC and Williams Capital Group LP.
Proceeds will be used to repay prior to maturity $92.12 million of 5.25% mortgage bonds due Aug. 1, 2015, $200 million in 4.875% mortgage bonds due Nov. 1, 2011 and $40 million of 5.7% mortgage bonds due June 1, 2015. Pending the application of the net proceeds, funds may be invested in short-term, highly liquid, high-rated money market instruments and/or the Entergy system money pool.
The electric power subsidiary of Entergy Corp. is based in Baton Rouge, La.
| Issuer: | Entergy Gulf States Louisiana LLC
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | Oct. 1, 2020
|
| Bookrunners: | J.P. Morgan Securities Inc. (active), Bank of New York Mellon Capital Markets LLC, Credit Suisse Securities, KeyBanc Capital Markets Inc. (passive)
|
| Co-managers: | Deutsche Bank Securities Inc., Scotia Capital, Blaylock Robert Van LLC, Williams Capital Group LP
|
| Coupon: | 3.95%
|
| Price: | 99.861
|
| Yield: | 3.967%
|
| Spread: | Treasuries plus 145 bps
|
| Call: | Make-whole at Treasuries plus 25 bps before July 1, 2020, then callable afterward at par
|
| Trade date: | Sept. 27
|
| Settlement date: | Oct. 1
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
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