03:27 PM EDT, 05/23/2024 (MT Newswires) -- Entergy ( ETR ) closed the sale of $1.2 billion of junior subordinated debentures on Thursday, the electric company disclosed in a regulatory filing.

The debt securities will mature in December 2054 and will initially carry a fixed coupon through December 2029 and a floating interest rate afterwards until maturity based on the most recent five-year Treasury rate, plus 267 basis points.

The company earlier this week said it expects to use net proceeds from the debt offering for general corporate purposes, including repaying a portion of its outstanding commercial paper.

Separately, Entergy Louisiana said Wednesday the Louisiana Public Service Commission has authorized a streamlined procurement and approval process for construction of up to three gigawatts of solar power projects in the state.

Entergy ( ETR ) shares were nearly 3% lower in recent trading.

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