Entergy 2008 Annual Report Download - page 84

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ENTERGY CORPORATION AND SUBSIDIARIES 2008
Notes to Consolidated Financial Statements continued
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NOTE 5. LONG-TERM DEBT (CONTINUED)
2008 2007
Governmental Bonds(a):
5.45% Series due 2010, Calcasieu Parish - Louisiana(f) 22,095 22,095
6.75% Series due 2012, Calcasieu Parish - Louisiana(f) 48,285 48,285
6.7% Series due 2013, Pointe Coupee Parish - Louisiana(f) 17,450 17,450
5.7% Series due 2014, Iberville Parish - Louisiana(f) 21,600 21,600
5.8% Series due 2015, West Feliciana Parish - Louisiana(f) 28,400 28,400
7.0% Series due 2015, West Feliciana Parish - Louisiana(f) 39,000 39,000
5.8% Series due 2016, West Feliciana Parish - Louisiana(f) 20,000 20,000
6.3% Series due 2016, Pope County - Arkansas(b) 19,500 19,500
4.6% Series due 2017, Jefferson 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
4.9% Series due 2022, 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(f) 40,000 40,000
Auction Rate due 2030, avg rate 3.66%, St. Charles Parish - Louisiana(b) – 60,000
Total Governmental Bonds 931,035 991,035
Other Long-Term Debt:
Note Payable to NYPA, non-interest bearing, 4.8% implicit rate 198,127 217,676
5 year Bank Credit Facility, weighted avg rate 2.171% (Note 4) 3,237,434 2,251,000
Bank term loan, Entergy Corporation, avg rate 1.07125%, due 2010 60,000 60,000
6.17% Notes due March 2008, Entergy Corporation – 72,000
6.23% Notes due March 2008, Entergy Corporation – 15,000
6.13% Notes due September 2008, Entergy Corporation – 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) 180,428 176,904
Waterford 3 Lease Obligation7.45% (Note 10) 247,725 247,725
Grand Gulf Lease Obligation 5.13% (Note 10) 295,304 322,005
5.51% Series Senior Secured, Series A due October 2013, Entergy Gulf
States Reconstruction Funding 74,444 93,500
5.79% Series Senior Secured, Series A due October 2018, Entergy Gulf
States Reconstruction Funding 121,600 121,600
5.93% Series Senior Secured, Series A due June 2022, Entergy Gulf
States Reconstruction Funding 114,400 114,400
Bank Credit Facility, weighted avg rate 2.285% (Note 4) - Entergy Texas 100,000 –
Unamortized Premium and Discount - Net (6,906) (5,596)
Other 28,913 30,446
Total Long-Term Debt 11,718,749 10,724,892
Less Amount Due Within One Year 544,460 996,757
Long-Term Debt Excluding Amount Due Within One Year $11,174,289 $ 9,728,135
Fair Value of Long-Term Debt(e) $10,117,865 $ 9,351,702
(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 consisted of (1) a note, initially due
Februar y 2011 and initially bearing interest at an annual rate of 5.75%, and (2) a purchase contract that obligated 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 paid 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 attempted to remarket
the notes in February 2009 but was unsuccessful, the note holders put the notes to Entergy, Entergy retired the notes, and Entergy issued 6,598,000 shares of
common stock in the settlement of the purchase contracts.
(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, long-term DOE obligations, and the Note Payable to NYPA 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) 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,
2008 and 2007. Under a debt assumption agreement with Entergy Gulf States Louisiana, Entergy Texas assumed approximately 46% of this long-term debt.