Entergy Corporation (NYSE: ETR) filed a preliminary prospectus supplement on August 4, 2026, under Rule 424(b)(3) for a dual-series offering of Junior Subordinated Debentures maturing December 15, 2056, and December 15, 2058, respectively, with aggregate principal amounts and interest rates not yet finalized at the time of filing.

Key Highlights

  • Two series offered: Series 2026A Junior Subordinated Debentures due December 15, 2056 (non-call 10), and Series 2026B Junior Subordinated Debentures due December 15, 2058 (non-call 7).
  • Interest structure: Series 2026A bears a fixed rate until December 15, 2036, then resets each Interest Reset Period to the Five-Year Treasury Rate plus a spread, with a floor equal to the initial rate; Series 2026B has the same structure but the fixed-rate period ends December 15, 2033.
  • Interest payments: Semi-annual, in arrears on June 15 and December 15 each year; the first payment is scheduled for December 15, 2026.
  • Deferral right: The company may defer interest payments on either series for up to 10 consecutive years per deferral period; deferred interest accrues additional interest at the then-applicable rate.
  • Subordination: The debentures are direct unsecured obligations ranking junior to all existing and future Senior Indebtedness and equally with any Pari Passu Securities.
  • Minimum denomination: $2,000, with integral multiples of $1,000 in excess thereof.
  • No exchange listing: The company disclosed that it does not intend to apply to list the Junior Subordinated Debentures of either series on a securities exchange.

Entergy's Dual-Series Subordinated Debenture Offering: Structure and Key Terms

According to the preliminary prospectus supplement, Entergy Corporation is offering two series of Junior Subordinated Debentures through a shelf registration (Registration No. 333-289302). The aggregate principal amounts, interest rates, underwriting discounts, and proceeds figures were left blank at the time of filing, as this is a preliminary document subject to completion. The underwriters listed as joint bookrunning managers include BNP Paribas, J.P. Morgan, Mizuho, Morgan Stanley, MUFG, BofA Securities, SMBC Nikko, and US Bancorp.

The filing describes Entergy as "an integrated energy company engaged primarily in electric power production and energy delivery to retail customers," reporting approximately 25,000 megawatts of electric generating capacity and approximately 3.1 million utility customers in Arkansas, Louisiana, Mississippi, and Texas. The company reported annual revenues of approximately $12.9 billion in 2025 and approximately 12,000 employees as of December 31, 2025. Entergy operates primarily through a single reportable segment, Utility, covering generation, transmission, distribution, and sale of electric power.

The debentures are to be delivered on or about August 2026 through the book-entry facilities of The Depository Trust Company in New York. The filing notes that the prospectus supplement and accompanying prospectus are not intended for, and the debentures should not be acquired by, a "specified foreign entity" as defined in Section 7701(a)(51)(B) of the Internal Revenue Code of 1986, as amended. The filing directs prospective purchasers to the Risk Factors section beginning on page S-7 of the prospectus supplement. Any forward-looking statements in the filing are the company's own and subject to its cautionary language.

What Was Disclosed

Entergy Corporation filed a preliminary prospectus supplement for a two-series Junior Subordinated Debenture offering maturing in 2056 and 2058, with floating-rate resets after initial fixed periods, semi-annual interest payments, a 10-year deferral option, and no planned exchange listing. Key pricing figures remain to be finalized.