By Andrea Heisinger
New York, Nov. 19 - Westar Energy, Inc. priced an upsized $300 million of 8.625% 10-year first mortgage bonds to yield Treasuries plus 521.3 basis points, an informed source said.
Some details of the sale were published in Tuesday's Prospect News Investment Grade Daily.
As previously reported, the size was increased from $250 million.
The bonds (Baa2/BBB/BBB+) priced at 99.174 to yield 8.75%. The notes have a make-whole call of Treasuries plus 50 bps.
Bookrunners were J.P. Morgan Securities Inc. and Deutsche Bank Securities.
Proceeds will be used to repay debt under a third amended and restated credit agreement, with the remainder for working capital and general corporate purposes, including funding operations and acquiring capital equipment.
The electric company is based in Topeka, Kan.
| Issuer: | Westar Energy, Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | Dec. 1, 2018
|
| Bookrunners: | J.P. Morgan Securities Inc., Deutsche Bank Securities
|
| Coupon: | 8.625%
|
| Price: | 99.174
|
| Yield: | 8.75%
|
| Spread: | Treasuries plus 521.3 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 25
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
