System Energy Resources FWP Free writing prospectus

Filed Pursuant to Rule 433

Registration No. 333-233403-01

System Energy Resources, Inc.

$200,000,000

First Mortgage Bonds,

2.14% Series due December 9, 2025

Final Terms and Conditions

December 7, 2020

Issuer:	System Energy Resources, Inc.
Security Type:	First Mortgage Bonds (SEC Registered)
Expected Ratings(1):	Baa1 (stable outlook) by Moody’s Investors Service, Inc. A (stable outlook) by S&P Global Ratings
Trade Date:	December 7, 2020
Settlement Date (T+2):	December 9, 2020
Principal Amount:	$200,000,000
Interest Rate:	2.14%
Interest Payment Dates:	June 9 and December 9 of each year
First Interest Payment Date:	June 9, 2021
Final Maturity Date:	December 9, 2025
Optional Redemption Terms:	Make-whole call at any time prior to November 9, 2025 at a discount rate of Treasury plus 30 bps and, thereafter, at par
Benchmark Treasury:	0.375% due November 30, 2025
Benchmark Treasury Price:	99-28+

Benchmark Treasury Yield:	0.397%
Spread to Benchmark Treasury:	+175 bps
Re-offer Yield:	2.147%
Price to Public:	99.967% of the principal amount
Net Proceeds Before Expenses:	$198,934,000
CUSIP / ISIN:	871911 AT0 / US871911AT09
Sole Book-Running Manager:	Morgan Stanley & Co. LLC

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(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 Morgan Stanley & Co. LLC toll free at 1-866-718-1649.

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