Entergy 2005 Annual Report Download - page 82

ENTERGY CORPORATION AND SUBSIDIARIES 2005
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78
Other Long-Term Debt: 2005 2004
Note Payable to NYPA, non-interest bearing, 4.8% implicit rate $ 373,186 $ 445,605
5-year Bank Credit Facility (Entergy Corporation and Subsidiaries, Note 4) 785,000 –
3-year Bank Credit Facility (Entergy Corporation and Subsidiaries, Note 4) – 50,000
Bank term loan, Entergy Corporation, avg. rate 2.98%, due 2010 60,000 60,000
Bank term loan, Entergy Corporation, avg. rate 3.08%, due 2008 35,000 35,000
6.17% Notes due March 2008, Entergy Corporation 72,000 72,000
6.23% Notes due March 2008, Entergy Corporation 15,000 15,000
6.13% Notes due September 2008, Entergy Corporation 150,000 150,000
7.75% Notes due December 2009, Entergy Corporation 267,000 267,000
6.58% Notes due May 2010, Entergy Corporation 75,000 75,000
6.9% Notes due November 2010, Entergy Corporation 140,000 140,000
7.625% Notes initially due February 2011, Entergy Corporation(h) 500,000 –
7.06% Notes due March 2011, Entergy Corporation 86,000 86,000
Long-term DOE Obligation(c) 161,048 156,332
Waterford 3 Lease Obligation
7.45% (Entergy Corporation and Subsidiaries, Note 9) 247,725 247,725
Grand Gulf Lease Obligation
5.02% (Entergy Corporation and Subsidiaries, Note 9) 364,806 397,119
Unamortized Premium and Discount – Net (6,886) (10,277)
8.75% Junior Subordinated Deferrable Interest Debentures
Due 2046 – Entergy Gulf States – 87,629
Other 12,096 9,457
Total Long-Term Debt $8,928,010 $7,509,395
Less Amount Due Within One Year 103,517 492,564
Long-Term Debt Excluding Amount Due Within One Year $8,824,493 $7,016,831
Fair Value of Long-Term Debt(d) $ 8,009,388 $ 6,614,211
(a) Consists of pollution control revenue bonds and environmental revenue bonds.
(b) The bonds had a mandatory tender date of September 1, 2005. Entergy Arkansas purchased the bonds from the holders, pursuant to the mandatory tender provision, and has not
remarketed the bonds at this time
(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the U.S. Department of Energy (DOE) for spent nuclear fuel
disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear
fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.
(d) The fair value excludes lease obligations and long-term DOE obligations, and includes debt due within one year. It is determined using bid prices reported by dealer markets and by
nationally recognized investment banking firms.
(e) The bonds had a mandatory tender date of June 1, 2005. Entergy Louisiana purchased the bonds from the holders, pursuant to the mandatory tender provision, and has not
remarketed the bonds at this time.
(f) The bonds are secured by a series of collateral first mortgage bonds.
(g) Because of the Entergy New Orleans bankruptcy filing, Entergy deconsolidated Entergy New Orleans and reports its financial position and results under the equity method of
accounting retroactive to January 1, 2005.
(h) In December 2005, Entergy Corporation sold 10 million equity units with a stated amount of $50 each. An equity unit consists of (1) a note, initially due February 2011 and
initially bearing interest at an annual rate of 5.75%, and (2) a purchase contract that obligates the holder of the equity unit to purchase for $50 between 0.5705 and 0.7074 shares
of Entergy Corporation common stock on or before February 17, 2009. Entergy will pay the holders quarterly contract adjustment payments of 1.875% per year on the stated
amount of $50 per equity unit. Under the terms of the purchase contracts, Entergy Corporation will issue between 5,705,000 and 7,074,000 shares of common stock in the
settlement of the purchase contracts (subject to adjustment under certain circumstances).
NOTES to CONSOLIDATED FINANCIAL STATEMENTS continued