Entergy 2007 Annual Report Download - page 81

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Entergy Corporation and Subsidiaries 2007
Notes to Consolidated Financial Statements continued
2007 2006
Governmental Bonds(a):
5.45% Series due 2010, Calcasieu Parish – Louisiana(g) $ 22,095 $ 22,095
6.75% Series due 2012, Calcasieu Parish – Louisiana(g) 48,285 48,285
6.7% Series due 2013, Pointe Coupee Parish – Louisiana(g) 17,450 17,450
5.7% Series due 2014, Iberville Parish – Louisiana(g) 21,600 21,600
5.8% Series due 2015, West Feliciana Parish – Louisiana(g) 28,400 28,400
7.0% Series due 2015, West Feliciana Parish – Louisiana(g) 39,000 39,000
5.8% Series due 2016, West Feliciana Parish – Louisiana(g) 20,000 20,000
6.3% Series due 2016, Pope County – Arkansas(b) 19,500 19,500
4.6% Series due 2017, Jeerson County – Arkansas(b) 54,700 54,700
6.3% Series due 2020, Pope County – Arkansas 120,000 120,000
5.0% Series due 2021, Independence County – Arkansas(b) 45,000 45,000
5.875% Series due 2022, Mississippi Business Finance Corp. 216,000 216,000
5.9% Series due 2022, Mississippi Business Finance Corp. 102,975 102,975
Auction Rate due 2022, avg. rate 3.63%, Independence County – Mississippi(b) 30,000 30,000
4.6% Series due 2022, Mississippi Business Finance Corp.(b) 16,030 16,030
6.2% Series due 2026, Claiborne County – Mississippi 90,000 90,000
6.6% Series due 2028, West Feliciana Parish – Louisiana(g) 40,000 40,000
Auction Rate due 2030, avg. rate 3.66%, St. Charles Parish – Louisiana(b) 60,000 60,000
Total Governmental Bonds 991,035 991,035
Other Long-Term Debt:
Note Payable to NYPA, non-interest bearing, 4.8% implicit rate $ 217,676 $ 297,289
5 year Bank Credit Facility, weighted avg rate 5.524% (Note 4) 2,251,000 820,000
Bank term loan, Entergy Corporation, avg rate 5.43%, due 2010 60,000 60,000
Bank term loan, Entergy Corporation, avg rate 3.08%, due 2008 – 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(c) 500,000 500,000
7.06% Notes due March 2011, Entergy Corporation 86,000 86,000
Long-term DOE Obligation(d) 176,904 168,723
Waterford 3 Lease Obligation 7.45% (Note 10) 247,725 247,725
Grand Gulf Lease Obligation 5.13% (Note 10) 322,005 345,340
5.51% Series Senior Secured, Series A due October 2013, Entergy Gulf States
Reconstruction Funding 93,500 –
5.79% Series Senior Secured, Series A due October 2018, Entergy Gulf States
Reconstruction Funding 121,600 –
5.93% Series Senior Secured, Series A due June 2022, Entergy Gulf States
Reconstruction Funding 114,400 –
Unamortized Premium and Discount – Net (5,596) (5,991)
Other 30,446 40,542
Total Long-Term Debt 10,724,892 8,979,663
Less Amount Due Within One Year 996,757 181,576
Long-Term Debt Excluding Amount Due Within One Year $ 9,728,135 $ 8,798,087
Fair Value of Long-Term Debt(e) $ 9,351,702 $ 8,106,540
(a) Consists of pollution control revenue bonds and environmental revenue bonds.
(b) The bonds are secured by a series of collateral first mortgage bonds.
(c) 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).
(d) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the 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.
(e) 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.
(f) Pending developments in the Entergy New Orleans bankruptcy proceeding, Entergy deconsolidated Entergy New Orleans and reported its financial
position and results under the equity method of accounting in 2005 and 2006. Entergy reconsolidated Entergy New Orleans in 2007.
(g) Entergy Gulf States Louisiana remains primarily liable for all of the long-term debt issued by Entergy Gulf States, Inc. that was outstanding on
December 31, 2007. Under a debt assumption agreement with Entergy Gulf States Louisiana, Entergy Texas assumed approximately 46% of this
long-term debt.