The Louisiana Public Service Commission (LPSC) last week appointed a roster of financial advisors, energy consultants and legal counsel to structure a deal that would allow Entergy Corp. to raise $690 million in securitization debt. The New Orleans-based electrical power company is looking to recoup costs it incurred after Hurricanes Katrina and Rita. If given final approval, Entergy could come to market with the transaction in early 2007.
Word has it that Morgan Stanley was tapped as financial advisor to Entergy, and that Charlotte, N.C.-based Pathfinder Capital Advisors will represent the LPSC. Before the particulars of the deal are finalized, including the amount approved for securitization, Atlanta-based Henderson Ridge Consulting and Columbia, Md.-based Exeter Associates will do an audit of storm-related costs, "so that the amount that Entergy wants to finance with securitization is appropriate," said someone familiar with the situation. New Orleans-based law firm Stone Pigman will act as outside counsel for the LPSC.