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Filed Pursuant to Rule 433
Registration No. 333-190911-05

Entergy New Orleans, Inc.
$85,000,000
First Mortgage Bonds,
4% Series due June 1, 2026
Final Terms and Conditions
May 18, 2016
Issuer:
 
Entergy New Orleans, Inc.
 
 
 
Security Type:
 
First Mortgage Bonds (SEC Registered)
 
 
 
Expected Ratings(1):
 
Baa2 (stable outlook) by Moody’s Investors Service
A- (positive outlook) by Standard & Poor’s Ratings Services
 
 
 
Trade Date:
 
May 18, 2016
 
 
 
Settlement Date (T+4):
 
May 24, 2016
 
 
 
Principal Amount:
 
$85,000,000
 
 
 
Interest Rate:
 
4%
 
 
 
Interest Payment Dates:
 
June 1 and December 1 of each year
 
 
 
First Interest Payment Date:
 
December 1, 2016
 
 
 
Final Maturity Date:
 
June 1, 2026
 
 
 
Optional Redemption Terms:
 
Make-whole call at any time prior to March 1, 2026 at a discount rate of Treasury plus 35 bps and, thereafter, at par
 
 
 
Benchmark Treasury:
 
1.625% due May 15, 2026
 
 
 
Spread to Benchmark Treasury:
 
213 bps
 
 
 
Benchmark Treasury Price:
 
97-26
 
 
 
Benchmark Treasury Yield:
 
1.866%
 
 
 
Re-offer Yield:
 
4.000%
 
 
 
Issue Price to Public:
 
100% per bond







Net Proceeds Before Expenses:
 
$84,447,500
 
 
 
Joint Book-Running Managers:
 
BNY Mellon Capital Markets, LLC
 
 
J.P. Morgan Securities LLC
 
 
 
CUSIP / ISIN:
 
29364PAP8 / US29364PAP80
 
 
 
_________________________ 
1 A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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 www.sec.gov.

Alternatively, a copy of the prospectus for the offering can be obtained by calling (i) BNY Mellon Capital Markets, LLC toll-free at 800-269-6864 or (ii) J.P. Morgan Securities LLC collect at 1-212-834-4533.