Entergy 2009 Annual Report Download - page 109

Entergy Corporation and Subsidiaries
Notes to Financial Statements
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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, 2009 and 2008
are presented below. All series of the Utility preferred stock are redeemable at the option of the related company.
Shares/Units
Authorized
Shares/Units
Outstanding
2009 2008 2009 2008 2009 2008
Entergy Corporation (Dollars in Thousands)
Utility:
Preferred Stock or Preferred 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 1,000,000 305,240 297,376 29,375 29,738
Other - - - - 1,457 780
Total Subsidiaries' Preferred Stock
without sinking fund 7,115,105 7,115,105 6,260,345 6,252,481 $311,343 $311,029
(a) In 2007, Entergy Louisiana Holdings, an Entergy subsidiary, purchased 160,000 of these shares from the
holders.
(b) Upon the sale of Class B preferred shares in December 2009, Entergy Asset Management had issued and
outstanding Class A and Class B preferred shares. 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 Class A preferred shareholders
have 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. Upon the sale of Class B shares resulting from a failed rate reset or a liquidation transaction by
the Class A preferred shareholders, Class B shareholders have the option to exchange their shares for shares
of Class A preferred stock.
All outstanding preferred stock and membership interests are cumulative.
At December 31, 2009 and 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.
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