Utility Entergy Texas (NYSE:ETR) has announced a new offering of cumulative preferred stock.
As usual detail are not known, but it will be a typical issue–quarterly payments, cumulative and qualified. This issue is NOT strong investment grade as I posted earlier–I looked at the bond rating instead of the preferred rating–in fact Moodys has it at Ba2 which is below investment grade.
Thanks to RetiredBroker for catching that error.
Eugene who almost always spots offerings first has mentioned the proceeds from the offering are to be used to call the EZT 5.625% baby bond, although this is not specifically mentioned in the prospectus. Shares of EZT, which became callable on 6/1/2019 have plunged from the $28.25 area to around $26.60 and can be seen here.