System Energy note proceeds to fund pollution control bond redemption

By Ashley Montgomery

Kansas City, Kan., Sept 19 - System Energy Resources, Inc. plans to use the proceeds from its offering of first mortgage bonds to repay $152.98 million of outstanding bonds, according to a filing with the Securities and Exchange Commission.

The company will redeem all of its $50 million Claiborne County, Miss., 6.2% pollution control revenue refunding bonds, series 1996, due Feb. 1, 2026.

The company will also redeem all of its $102.98 million 5.9% Mississippi Business Finance Corp. pollution control revenue refunding bonds, series 1999, due May 1, 2022.

The bonds will be redeemed at par plus accrued interest to the redemption date

Proceeds will also be used to repay the company's outstanding $70 million 6.2% first mortgage bonds due Oct. 1, 2012 at maturity and for general corporate purposes.

System Energy is a Jackson, Miss., subsidiary of Entergy Corp.

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