Entergy Corporation filed a Form 8-K with the SEC on August 7, 2026, disclosing the closing of a $1,500,000,000 dual-tranche offering of Junior Subordinated Debentures under an Underwriting Agreement entered into on August 4, 2026.

Key Highlights

  • Two tranches totaling $1.5 billion: $750,000,000 of Series 2026A Junior Subordinated Debentures due December 15, 2056, and $750,000,000 of Series 2026B Junior Subordinated Debentures due December 15, 2058.
  • Initial fixed rate of 6.500%: Both series carry an initial annual interest rate of 6.500%, with reset mechanisms tied to the Five-Year Treasury Rate beginning on different dates.
  • Series 2026A reset date: Beginning December 15, 2036, the rate resets each Interest Reset Period to the Five-Year Treasury Rate plus 1.877%, subject to a floor of 6.500%.
  • Series 2026B reset date: Beginning December 15, 2033, the rate resets each Interest Reset Period to the Five-Year Treasury Rate plus 2.030%, subject to a floor of 6.500%.
  • Sale closed August 7, 2026: The Underwriting Agreement was signed August 4, 2026, and the offering closed on August 7, 2026.
  • Issued under existing indenture: The debentures were issued pursuant to the Company's Indenture for Unsecured Subordinated Debt Securities dated May 1, 2024, as supplemented by Officer's Certificates dated August 4, 2026.

Entergy's $1.5 Billion Junior Subordinated Debenture Terms and Structure

Entergy Corporation (New York Stock Exchange: ETR) disclosed in an 8-K filed August 7, 2026, that it entered into an Underwriting Agreement on August 4, 2026, for the issuance and sale of two series of Junior Subordinated Debentures. The Series 2026A tranche consists of $750,000,000 in aggregate principal amount due December 15, 2056, while the Series 2026B tranche consists of $750,000,000 in aggregate principal amount due December 15, 2058, according to the filing.

Both series carry an initial annual interest rate of 6.500%. For the Series 2026A debentures, the fixed rate applies from the date of original issuance through December 14, 2036, after which the rate resets each Interest Reset Period to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date plus 1.877%. For the Series 2026B debentures, the fixed rate applies through December 14, 2033, after which the reset spread is 2.030%. The filing states that the interest rate during any Interest Reset Period for either series "will not reset below 6.500% (which equals the initial interest rate)."

According to the filing, the Junior Subordinated Debentures were offered pursuant to the Company's Registration Statement on Form S-3 (No. 333-289302), which became effective upon filing, and were issued under the Company's Indenture for Unsecured Subordinated Debt Securities dated May 1, 2024, as supplemented by two Officer's Certificates dated August 4, 2026, establishing the respective terms of each series. The report was signed by Barrett E. Green, Vice President and Treasurer of Entergy Corporation.

What Was Disclosed

Entergy Corporation reported the August 7, 2026 closing of a $1,500,000,000 two-series junior subordinated debenture offering, covering principal amounts, maturity dates, initial and reset interest rates, governing indenture, and registration statement details.