Entergy Texas plans $35 million cumulative preferred stock at 5.5%

By James McCandless

San Antonio, Sept. 3 – Entergy Texas, Inc. plans to price an offering of $35 million $25-par series A cumulative preferred stock (Ba2) with a dividend of 5.5%, according to a market source and a 424B3 filing with the Securities and Exchange Commission.

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.

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