Entergy New Orleans (ENJ) sells $90M long-term first mortgage bonds

Rhea-AI Filing Summary

Entergy New Orleans, LLC issued and sold $90,000,000 aggregate principal amount of First Mortgage Bonds in two series to institutional investors under a private placement exemption.

The company sold $35,000,000 of 5.91% First Mortgage Bonds due June 1, 2036 and $55,000,000 of 6.65% First Mortgage Bonds due June 1, 2056. Interest on both series is payable semi-annually on June 1 and December 1, beginning December 1, 2026. Each series is redeemable at the company’s option with a make-whole premium before specified dates and at par plus accrued interest thereafter.

Insights

Credit and capital-structure analyst

Entergy New Orleans raises $90M via long-dated secured bonds.

Entergy New Orleans, LLC issued $90,000,000 of First Mortgage Bonds to institutional investors under Section 4(a)(2). The package includes a $35,000,000 5.91% series maturing in 2036 and a $55,000,000 6.65% series maturing in 2056.

Both series pay semi-annual interest and are secured under the existing Mortgage and Deed of Trust. Each is callable at a make-whole premium until shortly before maturity, then at par, which gives the issuer flexibility to refinance if conditions become favorable.

The filing does not state use of proceeds, so balance-sheet impact depends on whether funds refinance existing obligations or support capital spending. Subsequent periodic reports may clarify leverage trends and how these fixed-rate coupons compare with the company’s broader funding costs.

8-K Event Classification

2 items: 2.03, 9.01

2 items

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total new First Mortgage Bonds: $90,000,000 aggregate principal 2036 bond tranche: $35,000,000 at 5.91% 2056 bond tranche: $55,000,000 at 6.65% +3 more

6 metrics

Total new First Mortgage Bonds $90,000,000 aggregate principal Issued to institutional investors under Section 4(a)(2)

2036 bond tranche $35,000,000 at 5.91% First Mortgage Bonds, 5.91% Series due June 1, 2036

2056 bond tranche $55,000,000 at 6.65% First Mortgage Bonds, 6.65% Series due June 1, 2056

Interest payment schedule Semi-annual on June 1 and December 1 For both new bond series, starting December 1, 2026

2036 call terms Make-whole to March 1, 2036; par thereafter Redemption terms for 5.91% Series

2056 call terms Make-whole to December 1, 2055; par thereafter Redemption terms for 6.65% Series

Key Terms

First Mortgage Bonds, make-whole premium, Section 4(a)(2) of the Securities Act of 1933, Mortgage and Deed of Trust, +1 more

5 terms

First Mortgage Bonds financial

"its First Mortgage Bonds, 5.91% Series due June 1, 2036"

First mortgage bonds are debt securities backed by a company’s property, granting bondholders the primary legal claim to that real estate if the issuer cannot pay. Think of them as being first in line for repayment, like a homeowner’s mortgage lender who gets paid before other creditors. For investors, this priority and the tangible collateral typically make these bonds less risky than unsecured debt, which can mean lower yields but greater protection in bankruptcy.

make-whole premium financial

"at a redemption price equal to the principal amount thereof plus a "make-whole" premium"

A make-whole premium is an extra payment a borrower must give bondholders when repaying debt early to compensate them for lost future interest; think of it as a lump-sum “catch-up” to leave lenders financially where they would have been if the loan had run its full term. It matters to investors because it affects how much they receive on early redemption and influences a company’s decision to refinance or repay debt, altering bond value and expected returns.

Section 4(a)(2) of the Securities Act of 1933 regulatory

"in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933"

Mortgage and Deed of Trust financial

"pursuant to the Mortgage and Deed of Trust, dated as of May 1, 1987"

Supplemental Indenture financial

"including by the Twenty-sixth Supplemental Indenture dated as of May 1, 2026"

A supplemental indenture is a written amendment to the original bond agreement that changes specific terms of a debt contract, such as payment schedules, interest rates, collateral or covenant protections. Investors care because it alters the legal rights and risks tied to a security — like renegotiating a mortgage where the lender and borrower agree to new rules — and can affect a bond’s credit quality, yield and market value.

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Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 27, 2026

Entergy New Orleans, LLC

(Exact name of registrant as specified in its charter)

Texas		1-35747		82-2212934
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1600 Perdido Street, New Orleans, Louisiana		70112
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (504) 670-3702

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (seeGeneral Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Mortgage Bonds, 5.0% Series due December 2052		ENJ		New York Stock Exchange
Mortgage Bonds, 5.50% Series due April 2066		ENO		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On May 27, 2026, Entergy New Orleans, LLC (the “Company”) issued and sold (i) $35,000,000 aggregate principal amount of its First Mortgage Bonds, 5.91% Series due June 1, 2036 (the “Bonds of the Thirty-second Series”) and (ii) $55,000,000 aggregate principal amount of its First Mortgage Bonds, 6.65% Series due June 1, 2056 (the “Bonds of the Thirty-third Series” and, together with the Bonds of the Thirty-second Series, the “Bonds”), to certain institutional investors pursuant to a Bond Purchase Agreement in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. The Bonds were issued pursuant to the Mortgage and Deed of Trust, dated as of May 1, 1987, from the Company to The Bank of New York Mellon, as trustee, as amended and supplemented (the “Mortgage”), including by the Twenty-sixth Supplemental Indenture dated as of May 1, 2026 (the “Supplemental Indenture”). The Bonds of the Thirty-second Series bear interest at the rate of 5.91 percent per annum, payable semi-annually on June 1 and December 1 each year, commencing December 1, 2026, and mature on June 1, 2036. The Bonds of the Thirty-second Series are subject to redemption prior to maturity at the option of the Company, in whole or in part, at a redemption price equal to the principal amount thereof plus a “make-whole” premium and plus accrued interest, until March 1, 2036, and on and after that date, at 100% of the principal amount thereof plus accrued interest. The Bonds of the Thirty-third Series bear interest at the rate of 6.65 percent per annum, payable semi-annually on June 1 and December 1 each year, commencing December 1, 2026, and mature on June 1, 2056. The Bonds of the Thirty-third Series are subject to redemption prior to maturity at the option of the Company, in whole or in part, at a redemption price equal to the principal amount thereof plus a “make-whole” premium and plus accrued interest, until December 1, 2055, and on and after that date, at 100% of the principal amount thereof plus accrued interest.

The descriptions set forth above are qualified in their entirety by reference to the Supplemental Indenture filed as Exhibit 4(a) to this Current Report on Form 8-K and to the Mortgage filed as Exhibit 4(f)1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description of Exhibit
4(a)		Twenty-sixth Supplemental Indenture dated as of May 1, 2026 to the Company’s Mortgage and Deed of Trust dated as of May 1, 1987, establishing the terms of the Bonds.
104		Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Entergy New Orleans, LLC

(Registrant)

Date: May 27, 2026

/s/ Barrett E. Green

(Signature)

Barrett E. Green

Vice President and Treasurer

FAQ

What new bonds did Entergy New Orleans (ENJ) issue in this 8-K?

Entergy New Orleans issued two new First Mortgage Bond series totaling $90,000,000. One is a $35,000,000 5.91% series due 2036 and the other is a $55,000,000 6.65% series due 2056 to institutional investors.

What are the interest rates and payment dates on Entergy New Orleans’ new bonds?

The 2036 bonds carry a 5.91% annual rate and the 2056 bonds carry 6.65%. Interest on both series is paid semi-annually on June 1 and December 1, starting December 1, 2026, providing investors with twice-yearly coupon payments.

When do Entergy New Orleans’ new First Mortgage Bonds mature?

The company’s new First Mortgage Bonds mature on two different dates. The 5.91% series matures on June 1, 2036, while the 6.65% series has a longer final maturity on June 1, 2056, creating staggered long-term obligations.

Can Entergy New Orleans redeem the new bonds before maturity?

Yes. Each series is redeemable at the company’s option, in whole or in part. Before set dates, redemptions require paying principal, accrued interest, and a make-whole premium. After those dates, redemptions are at 100% of principal plus accrued interest.

How were Entergy New Orleans’ new bonds offered to investors?

The bonds were sold to certain institutional investors under a Bond Purchase Agreement. The transaction relied on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, meaning it was conducted as a private placement rather than a public offering.

Filing Exhibits & Attachments

5 documents

Other Documents

• EX-4 EX-4(A) 184.1 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 4.6 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 13.3 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 22.3 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 14.3 KB