Hunton & Williams LLP advised the underwriters in connection with the sale of $243,850,000 Louisiana Local Government Environmental Facilities and Community Development Authority System Restoration Bonds (Louisiana Utilities Restoration Corporation Project/ELL) Series 2014 (Federally Taxable) and $71,000,000 Louisiana Local Government Environmental Facilities and Community Development Authority System Restoration Bonds (Louisiana Utilities Restoration Corporation Project/EGSL) Series 2014 (Federally Taxable).
The bonds were sold pursuant to financing orders of the Louisiana Public Service Commission (“LPSC”), issued pursuant to enabling legislation. The bonds are secured by system restoration property that includes the irrevocable contract right, created by the financing orders and vested solely in the Louisiana Utilities Restoration Corporation, to impose, collect and receive the nonbypassable consumption-based system restoration charge from all existing and future LPSC-jurisdictional electric customers receiving electric transmission or distribution service, or both from Entergy Louisiana, LLC (“ELL”) or Entergy Gulf States Louisiana, L.L.C. (“EGSL”), as the case may be. The proceeds from sale of the bonds were used to fund a portion of each company’s storm damage reserve as well as to make a non-shareholder capital contribution to each of ELL and EGSL, respectively.
The Hunton & Williams LLP team included Michael Fitzpatrick, Kevin Felz and Adam O’Brian. Cary Tolley and Emily Winbigler provided tax advice.
