Entergy Prices 19.25 Mln Share Offering At $113 Each
(RTTNews) - Entergy Corporation (ETR) said Wednesday it priced the offering of 19,247,788 common shares at $113.00 per share.
Under the agreements, the integrated energy company will issue and sell the shares to the forward counterparties, who will borrow shares from third parties and sell them to underwriters.
In this connection, Entergy entered into forward sale agreements with Wells Fargo Bank, National Association, Citibank, N.A., Barclays Bank PLC and The Bank of Nova Scotia.
The offering is expected to close on or about May 7.
Underwriters have a 30-day option to buy up to an additional 2.89 million shares on the same terms. If exercised, Entergy expects to enter additional forward sale agreements for those shares.
Settlement of the forward sale agreements is expected on or prior to April 30, 2028.
Entergy may elect cash or net share settlement for all or part of its obligations. If it elects physical settlement, net proceeds will be used for general corporate purposes, which may include repayment of commercial paper, loans under its revolving credit facility, or other debt.
Wells Fargo Securities, Citigroup, Barclays and Scotiabank are acting as joint book-running managers and representatives for this offering.
On the NYSE, shares of Entergy Corporation were losing 1.17 percent in overnight trading at $115.99, after closing Tuesday's regular trading 0.82 percent higher.
