Entergy 2008 Annual Report Download - page 86

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ENTERGY CORPORATION AND SUBSIDIARIES 2008
Notes to Consolidated Financial Statements continued
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NOTE 6. PREFERRED EQUITY
The number of shares and units authorized and outstanding and dollar value of preferred stock, preferred membership interests, and minority
interest for Entergy Corporation subsidiaries as of December 31, 2008 and 2007 are presented below. All series of the Utility preferred stock
are redeemable at the option of the related company (dollars in thousands):
Shares/Units Authorized Shares/Units Outstanding
2008 2007 2008 2007 2008 2007
Entergy Corporation
Utility:
Preferred Stock or Membership Interests without sinking fund:
Entergy Arkansas, 4.32% - 6.45% Series 3,413,500 3,413,500 3,413,500 3,413,500 $116,350 $116,350
Entergy Gulf States Louisiana, Series A 8.25% 100,000 100,000 100,000 100,000 10,000 10,000
Entergy Louisiana, 6.95% Series(a) 1,000,000 1,000,000 840,000 840,000 84,000 84,000
Entergy Mississippi, 4.36% - 6.25% Series 1,403,807 1,403,807 1,403,807 1,403,807 50,381 50,381
Entergy New Orleans, 4.36% - 5.56% Series 197,798 197,798 197,798 197,798 19,780 19,780
Total Utility Preferred Stock or Preferred Membership Interests
without sinking fund 6,115,105 6,115,105 5,955,105 5,955,105 280,511 280,511
Non-nuclear Wholesale Assets Business:
Preferred Stock without sinking fund:
Entergy Asset Management, 8.95% rate(b) 1,000,000 1,000,000 297,376 297,376 29,738 29,738
Other – – – – 780 913
Total Preferred Stock or Preferred Membership Interests
without sinking fund 7,115,105 7,115,105 6,252,481 6,252,481 $311,029 $311,162
(a) In 2007, Entergy Louisiana Holdings, an Entergy subsidiary, purchased 160,000 of these shares from the holders.
(b) At December 31, 2007, the dividend rate was 11.50%. The preferred stockholders’ agreement provides that each December 31 either Entergy Asset Management
or the preferred shareholders may request that the preferred dividend rate be reset. If Entergy Asset Management and the preferred shareholders are unable to agree
on a dividend reset rate, a preferred shareholder can request that its shares be sold to a third party. If Entergy Asset Management is unable to sell the preferred
shares within 75 days, the preferred shareholder has the right to take control of the Entergy Asset Management board of directors for the purpose of liquidating the
assets of Entergy Asset Management in order to repay the preferred shares and any accrued dividends.
All outstanding preferred stock and membership interests are cumulative.
At December 31, 2008, Entergy Gulf States Louisiana had outstanding 100,000 units of no par value 8.25% Series Preferred Membership
Interests that were initially issued by Entergy Gulf States, Inc. as preference stock. The preference shares were converted into the preferred
units as part of the jurisdictional separation. The distributions are cumulative and payable quarterly beginning March 15, 2008. The preferred
membership interests are redeemable on or after December 15, 2015, at Entergy Gulf States Louisiana’s option, at the fixed redemption
price of $100 per unit.