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ENTERGY CORPORATION AND SUBSIDIARIES 2
2000066
76
NOTE 6. PREFERRED EQUITY
The number of shares and units authorized and outstanding and dollar value of preferred stock, preferred membership interests, and interest for
Entergy Corporation subsidiaries as of December 31, 2006 and 2005 are presented below. Only the Entergy Gulf States series “with sinking fund”
contains mandatory redemption requirements. All other series of the Utility preferred stock are redeemable at Entergy’s option ($ in thousands):
Shares Authorized Shares Outstanding
2006 2005 2006 2005 2006 2005
Entergy Corporation
Utility:
Preferred Stock without sinking fund:
Entergy Arkansas, 4.32% – 7.88% Series 3,413,500 1,613,500 3,413,500 1,613,500 $116,350 $116,350
Entergy Gulf States, 4.20% – 7.56% Series 473,268 473,268 473,268 473,268 47,327 47,327
Entergy Louisiana Holdings, 4.16% – 8.00% Series – 2,115,000 – 2,115,000 – 100,500
Entergy Louisiana LLC, 6.95% Series 1,000,000 1,000,000 1,000,000 1,000,000 100,000 100,000
Entergy Mississippi, 4.36% – 6.25% Series 1.403,807 1,403,807 1,403,807 1,403,807 50,381 50,381
Total 6,290,575 6,605,575 6,290,575 6,605,575 $314,058 $414,558
Energy Commodity Services:
Preferred Stock without sinking fund:
Entergy Asset Management, 11.50% Rate 1,000,000 1,000,000 297,376 297,376 29,738 29,738
Other – – – – 1,117 1,678
Total Preferred Stock without sinking fund 7,290,575 7,605,575 6,587,951 6,902,951 $344,913 $445,974
Utility:
Preferred Stock with sinking fund:
Entergy Gulf States, Adjustable Rate 7.0%(a) 105,000 139,500 105,000 139,500 $ 10,500 $ 13,950
Total Preferred Stock with sinking fund 105,000 139,500 105,000 139,500 $ 10,500 $ 13,950
Fair Value of Preferred Stock with sinking fund(b) $ 7,950 $ 15,286
(a) Represents weighted-average annualized rate for 2006 and 2005.
(b) Fair values were determined using bid prices reported by dealer markets and by nationally recognized investment banking firms. There is additional disclosure of fair
value of financial instruments in Note 16 to the financial statements.
All outstanding preferred stock and membership interests are cumulative.
Entergy Gulf States’ preferred stock with sinking fund retirements were 34,500 shares in 2006, 2005, and 2004. Entergy Gulf States has annual
sinking fund requirements of $3.45 million through 2008 for its preferred stock outstanding.
In March 2006, Entergy Arkansas issued 3,000,000 shares of $25 par value 6.45% Series Preferred Stock, all of which were outstanding as of
December 31, 2006. The dividends are cumulative and payable quarterly beginning July 1, 2006. The preferred stock is redeemable on or after
April 1, 2011, at Entergy Arkansas’ option, at the call price of $25 per share. In April 2006, Entergy Arkansas used the proceeds from this
issuance to redeem the following preferred stock:
Series of Entergy Arkansas Preferred Stock Redemption Price Per Share
7.32% Preferred Stock, Cumulative, $100.00 par value $103.17
7.80% Preferred Stock, Cumulative, $100.00 par value $103.25
7.40% Preferred Stock, Cumulative, $100.00 par value $102.80
7.88% Preferred Stock, Cumulative, $100.00 par value $103.00
$1.96 Preferred Stock, Cumulative, $0.01 par value $ 25.00
In June 2006, Entergy Louisiana Holdings redeemed all of its preferred stock and amended its charter to eliminate authority to issue any future
series of preferred stock. The redemption was made at the following respective redemption prices as provided in the Entergy Louisiana Holdings
amended and restated articles of incorporation:
Series of Entergy Louisiana Holdings Preferred Stock Redemption Price Per Share
4.96% Preferred Stock, Cumulative, $100.00 par value $104.25
4.16% Preferred Stock, Cumulative, $100.00 par value $104.21
4.44% Preferred Stock, Cumulative, $100.00 par value $104.06
5.16% Preferred Stock, Cumulative, $100.00 par value $104.18
5.40% Preferred Stock, Cumulative, $100.00 par value $103.00
6.44% Preferred Stock, Cumulative, $100.00 par value $102.92
7.84% Preferred Stock, Cumulative, $100.00 par value $103.78
7.36% Preferred Stock, Cumulative, $100.00 par value $103.36
8% Preferred Stock, Cumulative, $25.00 par value $ 25.00
NOTESto CONSOLIDATED FINANCIAL STATEMENTS continued