# EDGAR Filing Document

**Accession Number:** 0000202584
**File Stem:** 0001193125-23-064633
**Filing Date:** 2023-3
**Character Count:** 5266
**Document Hash:** 6ec381c18b5e66c7c2fae5e80007c60a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-064633.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001193125-23-064633

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SYSTEM ENERGY RESOURCES, INC
- **CENTRAL INDEX KEY:** 0000202584
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 720752777
- **STATE OF INCORPORATION:** AR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-266624-01
- **FILM NUMBER:** 23716827

**BUSINESS ADDRESS:**
- **STREET 1:** 1340 ECHELON PKWY
- **CITY:** JACKSON
- **STATE:** MS
- **ZIP:** 39213
- **BUSINESS PHONE:** 601-368-5000

**MAIL ADDRESS:**
- **STREET 1:** 1340 ECHELON PKWY
- **CITY:** JACKSON
- **STATE:** MS
- **ZIP:** 39213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SYSTEM ENERGY RESOURCES INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIDDLE SOUTH ENERGY INC
- **DATE OF NAME CHANGE:** 19860803
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SYSTEM ENERGY RESOURCES, INC
- **CENTRAL INDEX KEY:** 0000202584
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 720752777
- **STATE OF INCORPORATION:** AR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1340 ECHELON PKWY
- **CITY:** JACKSON
- **STATE:** MS
- **ZIP:** 39213
- **BUSINESS PHONE:** 601-368-5000

**MAIL ADDRESS:**
- **STREET 1:** 1340 ECHELON PKWY
- **CITY:** JACKSON
- **STATE:** MS
- **ZIP:** 39213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SYSTEM ENERGY RESOURCES INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIDDLE SOUTH ENERGY INC
- **DATE OF NAME CHANGE:** 19860803

**Filed Pursuant to Rule 433** 

**Registration No. 333-266624-01** 

**SYSTEM ENERGY RESOURCES, INC.** 

**$325,000,000** 

**First Mortgage Bonds,** 

**6.00% Series due April 15, 2028** 

<u>Final Terms and Conditions</u> 

**March 8, 2023**

---

| | |
|:---|:---|
| **Issuer:** | System Energy Resources, Inc. |
| **Security Type:** | First Mortgage Bonds (SEC Registered) |
| **Expected Ratings<sup>(1)</sup>:** | Baa1 (negative outlook) by Moody's Investors Service, Inc. <br>A (stable outlook) by S&P Global Ratings |
| **Trade Date:** | March 8, 2023 |
| **Settlement Date (T+4)<sup>(2)</sup>:** | March 14, 2023 |
| **Principal Amount:** | $325000000 |
| **Interest Rate:** | 6.00% |
| **Interest Payment Dates:** | April 15 and October 15 of each year |
| **First Interest Payment Date:** | October 15, 2023 |
| **Final Maturity Date:** | April 15, 2028 |
| **Optional Redemption Terms:** | Make-whole call at any time prior to March 15, 2028 at a discount rate of Treasury plus 40 bps and, thereafter, at par. |
| **Benchmark Treasury:** | 4% due February 29, 2028 |
| **Benchmark Treasury Price:** | 98-14 <sup>3</sup>⁄<sub>4</sub> |
| **Benchmark Treasury Yield:** | 4.347% |
| **Spread to Benchmark Treasury:** | +255 bps |

---

------

---

| | |
|:---|:---|
| **Re-offer Yield:** | 6.897% |
| **Price to Public:** | 96.196% of the principal amount |
| **Net Proceeds Before Expenses:** | $309387000 |
| **CUSIP / ISIN:** | 871911 AU7 / US871911AU71 |
| **Joint Book-Running Managers:** | Morgan Stanley & Co. LLC<br> RBC Capital Markets, LLC |
| **Co-Manager:** | Independence Point Securities LLC |

---

------

<sup>(1)</sup> A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

<sup>(2)</sup> It is expected that delivery of the bonds will be made on or about March 14, 2023, which will be the fourth business day following the date hereof (such settlement being referred to as "T+4"). Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days (T+2), unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the bonds more than two business days prior to the scheduled settlement date will be required, by virtue of the fact that the bonds will initially settle in T+4, to specify an alternative settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the bonds who wish to trade the bonds more than two business days prior to the scheduled settlement date should consult their own advisors. 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at *<u>www.sec.gov</u>*.

Alternatively, a copy of the prospectus for the offering can be obtained by calling (i) Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or (ii) RBC Capital Markets, LLC toll-free at 1-866-375-6829.