By Paul A. Harris
St. Louis, Oct. 23 - River Fuel Funding Co., a special purpose entity for Entergy Services Inc., privately placed an upsized $70 million issue of five-year senior secured notes (NAIC 2, BBB equivalent) with a coupon of Treasuries plus 325 basis points, according to a market source.
"This is a great outcome for them," the source commented about the spread.
Mizuho Securities served as placement agent for the deal, which was upsized from $60 million.
The non-callable notes are backed by leases.
Proceeds will be used to purchase nuclear fuel for Systems Energy Resources, Inc., a subsidiary of Entergy.
| Issuer: | River Fuel Funding Co.
|
| Amount: | $70 million, upsized from $60 million
|
| Maturity: | Five years
|
| Security description: | Senior secured notes
|
| Placement agent: | Mizuho Securities
|
| Coupon: | Treasuries plus 325 bps
|
| Call protection: | Non-callable
|
| Rating: | NAIC 2 (BBB equivalent)
|
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