S&P: Westar stock sale favorable

Standard & Poor's noted Monday that Westar Energy Inc.'s (BB+/positive/--) common stock sale yielded the company net proceeds of $240.6 million, including the exercise of the over-allotment option by underwriters.

Westar will use the proceeds for debt reduction and general corporate purposes.

S&P said the common equity issuance and associated deleveraging was expected by S&P and factored into the company's positive outlook. Nevertheless, additional credit-enhancing initiatives will be needed to achieve a financial profile consistent with investment-grade quality.

© 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.