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[8-K] ENTERGY CORP /DE/ Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Entergy Corporation (ETR) states that the company's Availability Agreement and related Assignments of Availability Agreement have been terminated following satisfaction of all conditions. The Availability Agreement had previously assured that Affiliate Operating Companies would provide payments or subordinated advances to cover operating, interest and permanent shutdown costs if power sales under the UPSA were insufficient, but such payments were never required since commercial operation of Grand Gulf began. The Company assigned its rights under the Availability Agreement as additional security for several series of its First Mortgage Bonds and MBFC Bonds issued under the Mortgage. With the termination, the affected series — including the Twenty-fourth, Twenty-sixth and Twenty-seventh Series Bonds and the MBFC Bonds — are no longer entitled to the security provided by the Availability Agreement and the related Assignments.

Availability Agreement e le relative Assignments of Availability Agreement sono stati terminati a seguito del soddisfacimento di tutte le condizioni. L'Availability Agreement aveva in precedenza assicurato che le Affiliate Operating Companies avrebbero fornito pagamenti o anticipi subordinati per coprire i costi operativi, di interessi e di spegnimento permanente nel caso in cui le vendite di energia ai sensi dell'UPSA fossero insufficienti, ma tali pagamenti non sono mai stati richiesti dall'avvio dell'operatività commerciale di Grand Gulf. L'azienda ha ceduto i propri diritti ai sensi dell'Availability Agreement come ulteriore garanzia per diverse serie di First Mortgage Bonds e MBFC Bonds emessi secondo l'ipoteca. Con la terminazione, le serie interessate — tra cui la Ventiquattroseima, la Ventiseiesima e la Ventisettesima Series Bonds e i MBFC Bonds — non hanno più diritto alla garanzia fornita dall'Availability Agreement e dalle relative Assignments.

Acuerdo de Disponibilidad y las Cesiones del Acuerdo de Disponibilidad relacionadas han sido terminados tras el cumplimiento de todas las condiciones. El Acuerdo de Disponibilidad había asegurado previamente que las Affiliate Operating Companies proporcionarían pagos o adelantos subordinados para cubrir los costos operativos, intereses y de cierre permanente si las ventas de energía bajo el UPSA fueran insuficientes, pero tales pagos nunca fueron requeridos desde que comenzó la operación comercial de Grand Gulf. La Compañía transfirió sus derechos bajo el Acuerdo de Disponibilidad como garantía adicional para varias series de Bonos de Primera Hipoteca y MBFC Bonds emitidos bajo la Hipoteca. Con la terminación, las series afectadas — incluidas las Vigésimo cuarta, Vigésimo sexta y Vigésimo séptima Series Bonds y los MBFC Bonds — ya no tienen derecho a la garantía proporcionada por el Acuerdo de Disponibilidad y las Cesiones relacionadas.

Availability Agreement 및 관련 Assignments of Availability Agreement가 모든 조건 충족 후 종료되었다고 Entergy Corporation (ETR)이 밝힙니다. Availability Agreement는 이전에 Affiliate Operating Companies가 UPSA 하에서 전력 판매가 불충분할 경우 운영비, 이자 및 영구 중단 비용을 충당하기 위해 지급액이나 종속적 선급금을 제공할 것이라고 보장했으나, Grand Gulf의 상업 가동이 시작되면서 그러한 지급은 필요하지 않았습니다. 회사는 Mortgage 하에 발행된 1차 저당채권 및 MBFC Bonds의 여러 시리즈에 대한 추가 보증으로 Availability Agreement에 따른 권리를 양도했습니다. termin ation으로 인해 해당 시리즈 — Twenty-fourth, Twenty-sixth, Twenty-seventh Series Bonds 및 MBFC Bonds를 포함 — 는 더 이상 Availability Agreement 및 관련 Assignments가 제공하는 담보를 받을 자격이 없습니다.

Availability Agreement et les Assignments of Availability Agreement associées ont été résiliés après satisfaction de toutes les conditions. Le Availability Agreement avait auparavant assuré que les Affiliate Operating Companies fourniraient des paiements ou des avances subordinées pour couvrir les coûts d'exploitation, d'intérêts et de fermeture permanente si les ventes d'énergie sous le UPSA étaient insuffisantes, mais de tels paiements n'ont jamais été requis depuis le démarrage de l'exploitation commerciale de Grand Gulf. La Société a cédé ses droits en vertu du Availability Agreement comme garantie supplémentaire pour plusieurs séries d'obligations hypothécaires de premier rang et MBFC Bonds émises sous l'Hypothèque. Avec la résiliation, les séries concernées — y compris les Twenty-fourth, Twenty-sixth et Twenty-seventh Series Bonds et les MBFC Bonds — ne bénéficient plus de la garantie fournie par le Availability Agreement et les Assignments associées.

Entergy Corporation (ETR) erklärt, dass die Availability Agreement des Unternehmens und die damit verbundenen Assignments of Availability Agreement nach Erfüllung aller Bedingungen beendet wurden. Das Availability Agreement hat zuvor zugesichert, dass Affiliate Operating Companies Zahlungen oder subordinierte Vorschüsse bereitstellen würden, um Betriebs-, Zins- und Kosten für eine dauerhafte Stilllegung zu decken, falls die Energieverkäufe gemäß UPSA unzureichend wären, doch solche Zahlungen wurden seit Beginn des kommerziellen Betriebs von Grand Gulf nie benötigt. Das Unternehmen hat seine Rechte aus dem Availability Agreement als zusätzliche Sicherheit für mehrere Serien von First Mortgage Bonds und MBFC Bonds ausgegeben, die unter der Hypothek ausgegeben wurden. Mit der Beendigung sind die betroffenen Serien — einschließlich der Twenty-fourth, Twenty-sixth und Twenty-seventh Series Bonds sowie der MBFC Bonds — nicht mehr berechtigt, die durch das Availability Agreement und die damit verbundenen Abtretungen bereitgestellte Sicherheit zu nutzen.

اتفاقية التوفر وشـ Assignments of Availability Agreement المرتبطة بها قد تم إنهاؤها بعد استيفاء جميع الشروط. وقد تَعهَّدت اتفاقية التوفر سابقاً بأن الشركات التابعة المشغّلة ستقدم مدفوعات أو دفوعاً فرعية لتغطية تكاليف التشغيل والفوائد والإيقاف الدائم إذا كانت مبيعات الطاقة بموجب UPSA غير كافية، إلا أن هذه المدفوعات لم تُطلب قط منذ بدء التشغيل التجاري لـGrand Gulf. قامت الشركة بنقل حقوقها بموجب Availability Agreement كضمان إضافي لعدة سلاسل من سندات الرهن الأول وMBFC bonds المُصدَّرة بموجب الرهن. ومع انتهاء الاتفاقية، لم تعد السلاسل المعنية — بما في ذلك Twenty-fourth وTwenty-sixth وTwenty-seventh Series Bonds وMBFC Bonds — تستهـلّ الضمان المقدم بموجب Availability Agreement و Assignments المرتبطة.

Entergy Corporation (ETR) 表示，该公司 Availability Agreement 及相关的 Assignments of Availability Agreement 已在满足所有条件后终止。该 Availability Agreement 之前曾确保 Affiliate Operating Companies 将提供付款或次级垫款，以覆盖运营、利息和永久停产成本（若 UPSA 下的电力销售不足），但自 Grand Gulf 开始商业运营以来，此类付款从未被需要。公司已将其在 Availability Agreement 下的权利作为对若干系列的 First Mortgage Bonds 与 MBFC Bonds 的额外担保进行转让。随着终止，相关系列——包括 Twenty-fourth、Twenty-sixth、Twenty-seventh Series Bonds 以及 MBFC Bonds— 不再享有 Availability Agreement 及相关 Assignments 提供的担保。

Positive
  • All conditions satisfied for termination of the Availability Agreement and Assignments, indicating orderly conclusion of the process.
  • No Affiliate payments under the Availability Agreement were ever required since Grand Gulf began commercial operation, showing the contingency was unused.
Negative
  • Specified bond series (Twenty-fourth, Twenty-sixth, Twenty-seventh and MBFC Bonds) lost the security formerly provided by the Availability Agreement and related Assignments.
  • Termination removes a contractual payment/advance backstop from Affiliate Operating Companies for operating, interest and shutdown costs under the UPSA.

Insights

Termination removes a layer of pledged cash support for specified bond series.

The filing confirms that the Availability Agreement and the Thirty-ninth, Forty-first and Forty-second Assignments of Availability Agreement were terminated after all conditions were met. These agreements had obligated Affiliate Operating Companies to provide payments or subordinated advances if revenues under the UPSA fell short, although no such payments had been required since Grand Gulf began commercial operation.

As a result, the listed bond series (the Twenty-fourth, Twenty-sixth, Twenty-seventh and the MBFC Bonds) "are no longer entitled to the security" formerly provided by those agreements, which is a factual change in the contractual security package supporting those bonds.

Availability Agreement e le relative Assignments of Availability Agreement sono stati terminati a seguito del soddisfacimento di tutte le condizioni. L'Availability Agreement aveva in precedenza assicurato che le Affiliate Operating Companies avrebbero fornito pagamenti o anticipi subordinati per coprire i costi operativi, di interessi e di spegnimento permanente nel caso in cui le vendite di energia ai sensi dell'UPSA fossero insufficienti, ma tali pagamenti non sono mai stati richiesti dall'avvio dell'operatività commerciale di Grand Gulf. L'azienda ha ceduto i propri diritti ai sensi dell'Availability Agreement come ulteriore garanzia per diverse serie di First Mortgage Bonds e MBFC Bonds emessi secondo l'ipoteca. Con la terminazione, le serie interessate — tra cui la Ventiquattroseima, la Ventiseiesima e la Ventisettesima Series Bonds e i MBFC Bonds — non hanno più diritto alla garanzia fornita dall'Availability Agreement e dalle relative Assignments.

Acuerdo de Disponibilidad y las Cesiones del Acuerdo de Disponibilidad relacionadas han sido terminados tras el cumplimiento de todas las condiciones. El Acuerdo de Disponibilidad había asegurado previamente que las Affiliate Operating Companies proporcionarían pagos o adelantos subordinados para cubrir los costos operativos, intereses y de cierre permanente si las ventas de energía bajo el UPSA fueran insuficientes, pero tales pagos nunca fueron requeridos desde que comenzó la operación comercial de Grand Gulf. La Compañía transfirió sus derechos bajo el Acuerdo de Disponibilidad como garantía adicional para varias series de Bonos de Primera Hipoteca y MBFC Bonds emitidos bajo la Hipoteca. Con la terminación, las series afectadas — incluidas las Vigésimo cuarta, Vigésimo sexta y Vigésimo séptima Series Bonds y los MBFC Bonds — ya no tienen derecho a la garantía proporcionada por el Acuerdo de Disponibilidad y las Cesiones relacionadas.

Availability Agreement 및 관련 Assignments of Availability Agreement가 모든 조건 충족 후 종료되었다고 Entergy Corporation (ETR)이 밝힙니다. Availability Agreement는 이전에 Affiliate Operating Companies가 UPSA 하에서 전력 판매가 불충분할 경우 운영비, 이자 및 영구 중단 비용을 충당하기 위해 지급액이나 종속적 선급금을 제공할 것이라고 보장했으나, Grand Gulf의 상업 가동이 시작되면서 그러한 지급은 필요하지 않았습니다. 회사는 Mortgage 하에 발행된 1차 저당채권 및 MBFC Bonds의 여러 시리즈에 대한 추가 보증으로 Availability Agreement에 따른 권리를 양도했습니다. termin ation으로 인해 해당 시리즈 — Twenty-fourth, Twenty-sixth, Twenty-seventh Series Bonds 및 MBFC Bonds를 포함 — 는 더 이상 Availability Agreement 및 관련 Assignments가 제공하는 담보를 받을 자격이 없습니다.

Availability Agreement et les Assignments of Availability Agreement associées ont été résiliés après satisfaction de toutes les conditions. Le Availability Agreement avait auparavant assuré que les Affiliate Operating Companies fourniraient des paiements ou des avances subordinées pour couvrir les coûts d'exploitation, d'intérêts et de fermeture permanente si les ventes d'énergie sous le UPSA étaient insuffisantes, mais de tels paiements n'ont jamais été requis depuis le démarrage de l'exploitation commerciale de Grand Gulf. La Société a cédé ses droits en vertu du Availability Agreement comme garantie supplémentaire pour plusieurs séries d'obligations hypothécaires de premier rang et MBFC Bonds émises sous l'Hypothèque. Avec la résiliation, les séries concernées — y compris les Twenty-fourth, Twenty-sixth et Twenty-seventh Series Bonds et les MBFC Bonds — ne bénéficient plus de la garantie fournie par le Availability Agreement et les Assignments associées.

Entergy Corporation (ETR) erklärt, dass die Availability Agreement des Unternehmens und die damit verbundenen Assignments of Availability Agreement nach Erfüllung aller Bedingungen beendet wurden. Das Availability Agreement hat zuvor zugesichert, dass Affiliate Operating Companies Zahlungen oder subordinierte Vorschüsse bereitstellen würden, um Betriebs-, Zins- und Kosten für eine dauerhafte Stilllegung zu decken, falls die Energieverkäufe gemäß UPSA unzureichend wären, doch solche Zahlungen wurden seit Beginn des kommerziellen Betriebs von Grand Gulf nie benötigt. Das Unternehmen hat seine Rechte aus dem Availability Agreement als zusätzliche Sicherheit für mehrere Serien von First Mortgage Bonds und MBFC Bonds ausgegeben, die unter der Hypothek ausgegeben wurden. Mit der Beendigung sind die betroffenen Serien — einschließlich der Twenty-fourth, Twenty-sixth und Twenty-seventh Series Bonds sowie der MBFC Bonds — nicht mehr berechtigt, die durch das Availability Agreement und die damit verbundenen Abtretungen bereitgestellte Sicherheit zu nutzen.

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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) October 1, 2025

Commission
File Number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.

Commission
File Number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
1-11299ENTERGY CORPORATION1-35747ENTERGY NEW ORLEANS, LLC
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
(a Texas limited liability company)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3702
72-122975282-2212934
1-10764ENTERGY ARKANSAS, LLC1-31508ENTERGY MISSISSIPPI, LLC
(a Texas limited liability company)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
(a Texas limited liability company)
308 East Pearl Street
Jackson, Mississippi 39201
Telephone (601) 368-5000
83-191866883-1950019
1-32718ENTERGY LOUISIANA, LLC1-09067SYSTEM ENERGY RESOURCES, INC.
(a Texas limited liability company)
4809 Jefferson Highway
Jefferson, Louisiana 70121
Telephone (504) 576-4000
(an Arkansas corporation)
1340 Echelon Parkway
Jackson, Mississippi 39213
Telephone (601) 368-5000
47-446964672-0752777

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:
☐    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:
RegistrantTitle of ClassTrading
Symbol		Name of Each Exchange
on Which Registered
Entergy Corporation
Common Stock, $0.01 Par Value
ETR
New York Stock Exchange
Common Stock, $0.01 Par Value
ETR
NYSE Texas
 
 
 
Entergy Arkansas, LLC
Mortgage Bonds, 4.875% Series due September 2066
EAI
New York Stock Exchange
 
 
 
Entergy Louisiana, LLC
Mortgage Bonds, 4.875% Series due September 2066
ELC
New York Stock Exchange
 
 
 
Entergy Mississippi, LLC
Mortgage Bonds, 4.90% Series due October 2066
EMP
New York Stock Exchange
 
 
 
Entergy New Orleans, LLC
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 1.01 Entry into a Material Definitive Agreement. (System Energy Resources, Inc.)

2025 Availability Agreement
The information set forth under Item 1.02 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01. The ensuing description of the 2025 Availability Agreement (defined below) does not purport to be complete and is qualified in its entirety by reference to the complete text of the 2025 Availability Agreement, which is filed as Exhibit 1.01 to this Current Report on Form 8-K and incorporated herein by reference. The ensuing description of the Assignments of 2025 Availability Agreement (defined below) does not purport to be complete and is qualified in its entirety by reference to the complete text of the First Assignment of Availability Agreement, Consent and Agreement, the Second Assignment of Availability Agreement, Consent and Agreement and the Third Assignment of Availability Agreement, Consent and Agreement which are filed as Exhibits 1.02 and 4.02, 1.03 and 4.03, and 1.04 and 4.04, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

In connection with the entry into the Assignments of 2025 Availability Agreement, System Energy Resources, Inc. (the “Company”), a wholly-owned subsidiary of Entergy Corporation, executed and delivered to the Mortgage Trustee and the MBFC Indenture Trustee (each defined below) an Officer’s Certificate establishing certain provisions under the Mortgage (defined below) relating to the 2025 Availability Agreement and the Assignments of 2025 Availability Agreement, the complete text of which is filed as Exhibit 4.01 to this Current Report on Form 8-K and is incorporated herein by reference.

Unit Power Sales Agreement Amendment
The Unit Power Sales Agreement, dated as of June 10, 1982, as amended and approved by the Federal Energy Regulatory Commission (the “FERC”), among the Company, and Entergy Arkansas, LLC, Entergy Louisiana, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC (each a majority-owned, indirect subsidiary of Entergy Corporation and an “Affiliate Operating Company” and collectively, the “Affiliate Operating Companies”), allocates capacity, energy and related costs from the Company’s ownership and leasehold interests in Grand Gulf Nuclear Station (“Grand Gulf”) to the Affiliate Operating Companies (the “UPSA”). Effective October 1, 2025, the UPSA was amended to divest Entergy Louisiana, LLC’s share of such capacity, energy and related costs to Entergy Mississippi, LLC, such that Entergy Louisiana, LLC is no longer a party to the agreement (as so amended, the “2025 UPSA”). The FERC has approved such divestiture. Pursuant to the 2025 UPSA, the Company has agreed to make available to Entergy Arkansas, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC (each a “2025 Affiliate Operating Company” and collectively, the “2025 Affiliate Operating Companies”) all of the capacity and energy available from the Company’s share of Grand Gulf. As of October 1, 2025, the allocation percentages under the 2025 UPSA are Entergy Arkansas, LLC (24.19%), Entergy Mississippi, LLC (56.38%) and Entergy New Orleans, LLC (19.43%). The complete text of the 2025 UPSA is filed as Exhibit 1.05 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 1.02 Termination of a Material Definitive Agreement. (System Energy Resources, Inc.)

Termination of Availability Agreement and Assignments of Availability Agreement
Effective as of October 1, 2025, the Company and the Affiliate Operating Companies, The Bank of New York Mellon (successor to United States Trust Company of New York), as trustee (the “Mortgage Trustee”) pursuant to the Company’s Mortgage and Deed of Trust, dated as of June 15, 1977, as amended, restated and supplemented by the Twenty-fourth Supplemental Indenture, dated as of September 1, 2012 (as so amended, restated and supplemented and as heretofore further supplemented, the “Mortgage”), and The Bank of New York Mellon, as trustee (“MBFC Indenture Trustee”) under the Trust Indenture dated as of June 1, 2021 (the “Trust Indenture”) with respect to $83,695,000 aggregate principal amount of the Mississippi Business Finance Corporation’s Revenue Refunding Bonds (System Energy Resources, Inc. Project) Series 2021 (the “MBFC Bonds”), terminated and discharged (i) the Availability Agreement,


dated as of June 21, 1974, as amended, among the Company and the Affiliate Operating Companies (the “Availability Agreement”); (ii) the Thirty-ninth Assignment of Availability Agreement, Consent and Agreement, dated as of June 15, 2021, among the Company, the MBFC Indenture Trustee, the Mortgage Trustee and the Affiliate Operating Companies (“Thirty-ninth Assignment of Availability Agreement”) securing the MBFC Bonds and the Company’s First Mortgage Bonds, MBFC Series due 2044 (the “Twenty-fourth Series Bonds”) issued under the Mortgage, including Officer’s Certificate No. 2-B-2 dated as of June 8, 2021 (“Officer’s Certificate No. 2-B-2”); (iii) the Forty-first Assignment of Availability Agreement, Consent and Agreement, dated as of March 14, 2023, among the Company, the Mortgage Trustee and the Affiliate Operating Companies (“Forty-first Assignment of Availability Agreement”) securing the Company’s First Mortgage Bonds, 6.00% Series due April 15, 2028 (the “Twenty-sixth Series Bonds”) issued under the Mortgage, including Officer’s Certificate No. 4-B-4, dated as of March 8, 2023 (“Officer’s Certificate No. 4-B-4”); and (iv) the Forty-second Assignment of Availability Agreement, Consent and Agreement, dated as of December 6, 2024, as supplemented by the Confirmation with Respect to Forty-second Assignment of Availability Agreement, Consent and Agreement, dated as of May 30, 2025, among the Company, the Mortgage Trustee and the Affiliate Operating Companies (“Forty-second Assignment of Availability Agreement” and together with the Thirty-ninth Assignment of Availability Agreement and the Forty-first Assignment of Availability Agreement, the “Assignments of Availability Agreement” and each, an “Assignment of Availability Agreement”) securing the Company’s First Mortgage Bonds, 5.30% Series due December 15, 2034 (the “Twenty-seventh Series Bonds” and together with the Twenty-fourth Series Bonds and the Twenty-sixth Series Bonds, the “Bonds”) issued under the Mortgage, including Officer’s Certificate No. 5-B-5, dated as of December 3, 2024 (“Officer’s Certificate No. 5-B-5”).

The Availability Agreement provided assurances that the Company had available adequate cash resources to cover its operating expenses and interest costs and permanent shutdown costs in the event of a shortfall of funds available to the Company from sales of power and energy under the UPSA. Such adequate cash resources were assured under the Availability Agreement by individually obligating the Affiliate Operating Companies to make payments or subordinated advances to the Company in accordance with stated percentages for each Affiliate Operating Company. Since commercial operation of Grand Gulf began, no payments under the Availability Agreement by the Affiliate Operating Companies have ever been required.

The Company, the Mortgage Trustee, the MBFC Indenture Trustee (in the case of the Thirty-ninth Assignment of Availability Agreement) and the Affiliate Operating Companies subsequently entered into each Assignment of Availability Agreement whereby the Company assigned its rights under the Availability Agreement as additional security for the respective series of Bonds and for the MBFC Bonds (in the case of the Thirty-ninth Assignment of Availability Agreement).

Pursuant to the terms of (i) Officer’s Certificate No. 2-B-2 and Section 4.13 of the Trust Indenture, each holder of the MBFC Bonds and the MBFC Indenture Trustee, as holder of the Twenty-fourth Series Bonds, has consented to the termination of the Availability Agreement and the Thirty-ninth Assignment of Availability Agreement without their further consent or action, subject to certain conditions; (ii) Officer’s Certificate No. 4-B-4, each holder of the Twenty-sixth Series Bonds has consented to the termination of the Availability Agreement and the Forty-first Assignment of Availability Agreement without their further consent or action, subject to certain conditions; and (iii) Officer’s Certificate No. 5-B-5, each holder of the Twenty-seventh Series Bonds has consented to the termination of the Availability Agreement and the Forty-second Assignment of Availability Agreement without their further consent or action, subject to certain conditions. All conditions have been satisfied. As a result of the termination of the Availability Agreement and the Assignments of Availability Agreement, neither the Bonds nor the MBFC Bonds is entitled to the security provided by the Availability Agreement and the respective Assignment of Availability Agreement.



Entry into 2025 Availability Agreement and Assignments of 2025 Availability Agreement
Immediately following the above-described termination of the Availability Agreement and the Assignments of Availability Agreement and effective as of October 1, 2025, the Company entered into a new availability agreement (the “2025 Availability Agreement”) between the Company and the 2025 Affiliate Operating Companies. The 2025 Availability Agreement provides assurances that the Company has available adequate cash resources to cover its operating expenses and interest costs and permanent shutdown costs in the event of a shortfall of funds available to the Company from sales of capacity and energy under the 2025 UPSA and from other sources. Such adequate cash resources are assured under the 2025 Availability Agreement by individually obligating the 2025 Affiliate Operating Companies to make payments or subordinated advances to the Company in accordance with the following allocation percentages – Entergy Arkansas, LLC (24.19%), Entergy Mississippi, LLC (56.38%) and Entergy New Orleans, LLC (19.43%). Pursuant to the terms of the 2025 Availability Agreement, so long as at least one 2025 Affiliate Operating Company remains a party to the 2025 Availability Agreement, any other 2025 Affiliate Operating Company may assign all or part of its rights and obligations thereunder to any other 2025 Affiliate Operating Company, and such assigning 2025 Affiliate Operating Company shall be discharged of its obligations under the 2025 Availability Agreement upon the assumption of such obligations by the remaining 2025 Affiliate Operating Company or Companies.

Immediately following the above-described entry into the 2025 Availability Agreement and effective as of October 1, 2025, to provide additional security for the respective series of Bonds, the Company, the 2025 Affiliate Operating Companies and the Mortgage Trustee executed three assignments of the 2025 Availability Agreement, one for the respective benefit of each of the Twenty-fourth Series Bonds (the “First Assignment of Availability Agreement, Consent and Agreement”), the Twenty-sixth Series Bonds (the “Second Assignment of Availability Agreement, Consent and Agreement”) and the Twenty-seventh Series Bonds (together with the First Assignment of Availability Agreement, Consent and Agreement and the Second Assignment of Availability Agreement, Consent and Agreement, the “Assignments of 2025 Availability Agreement”), with all such Assignments of 2025 Availability Agreement having been entered into concurrently. Pursuant to the terms of the Assignments of 2025 Availability Agreement, subject to the delivery of certain documents, any 2025 Affiliate Operating Company may assign to one or more other 2025 Affiliate Operating Companies its obligations and liabilities under the 2025 Availability Agreement and the Assignments of 2025 Availability Agreement.

Item 8.01. Other Events. (Entergy Corporation, Entergy Arkansas, LLC, Entergy Louisiana, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC)

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 8.01 with respect to Entergy Corporation, Entergy Arkansas, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC. The information set forth under Item 1.02 of this Current Report on Form 8-K is incorporated by reference into this Item 8.01 with respect to Entergy Corporation, Entergy Arkansas, LLC, Entergy Louisiana, LLC (solely that information appearing under the heading “Termination of Availability Agreement and Assignments of Availability Agreement”), Entergy Mississippi, LLC and Entergy New Orleans, LLC.



Item 9.01. Financial Statements and Exhibits (System Energy Resources, Inc.)

(d) Exhibits.
Exhibit No.Description of Exhibit
1.01
Availability Agreement dated as of October 1, 2025, between System Energy Resources, Inc. and Entergy Arkansas, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC.
1.02
First Assignment of Availability Agreement, Consent and Agreement dated as of October 1, 2025, among System Energy Resources, Inc. and Entergy Arkansas, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC and The Bank of New York Mellon (successor to United States Trust Company), as Mortgage Trustee.
1.03
Second Assignment of Availability Agreement, Consent and Agreement dated as of October 1, 2025, among System Energy Resources, Inc. and Entergy Arkansas, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC, and The Bank of New York Mellon (successor to United States Trust Company), as Mortgage Trustee.
1.04
Third Assignment of Availability Agreement, Consent and Agreement dated as of October 1, 2025, among System Energy Resources, Inc. and Entergy Arkansas, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC, and The Bank of New York Mellon (successor to United States Trust Company), as Mortgage Trustee.
1.05
Unit Power Sales Agreement, as amended effective as of October 1, 2025, among System Energy Resources, Inc. and Entergy Arkansas, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC.
4.01
Officer’s Certificate supplemental to Mortgage and Deed of Trust of System Energy Resources, Inc. establishing additional events of default and provisions, dated as of October 1, 2025.
4.02
First Assignment of Availability Agreement, Consent and Agreement dated as of October 1, 2025, among System Energy Resources, Inc. and Entergy Arkansas, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC and The Bank of New York Mellon (successor to United States Trust Company), as Mortgage Trustee (included in Exhibit 1.02).
4.03
Second Assignment of Availability Agreement, Consent and Agreement dated as of October 1, 2025, among System Energy Resources, Inc. and Entergy Arkansas, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC, and The Bank of New York Mellon (successor to United States Trust Company), as Mortgage Trustee (included in Exhibit 1.03).
4.04
Third Assignment of Availability Agreement, Consent and Agreement dated as of October 1, 2025, among System Energy Resources, Inc. and Entergy Arkansas, LLC, Entergy Mississippi, LLC and Entergy New Orleans, LLC, and The Bank of New York Mellon (successor to United States Trust Company), as Mortgage Trustee (included in Exhibit 1.04).
104Cover 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 Corporation
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
System Energy Resources, Inc.
By: /s/ Barrett E. Green
Barrett E. Green
Vice President and Treasurer
Dated: October 3, 2025



Source: View Original Filing on SEC EDGAR

FAQ

What did Entergy (ETR) announce in this 8-K?

The company announced termination of the Availability Agreement and related Assignments, and that affected bond series no longer have the security

Which bond series are affected by the termination?

The filing identifies the Twenty-fourth Series Bonds, Twenty-sixth Series Bonds, Twenty-seventh Series Bonds and the MBFC Bonds as no longer entitled to the Availability Agreement security.

Did Affiliate Operating Companies ever make payments under the Availability Agreement?

No. The filing states that since commercial operation of Grand Gulf began, no payments under the Availability Agreement by the Affiliate Operating Companies were required.

Were the terminations conditional and have conditions been met?

Yes. Consents from bondholders were obtained via Officer's Certificates and the filing states that all conditions have been satisfied for termination.

What did the Availability Agreement assure?

It assured that Affiliate Operating Companies would provide payments or subordinated advances to cover operating expenses, interest costs and permanent shutdown costs in the event of a shortfall from UPSA power sales.
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