Westar Energy plans offering of first mortgage bonds to shore up liquidity

By Angela McDaniels

Tacoma, Wash., March 31 - Westar Energy, Inc. will likely issue first mortgage bonds late this year or early in 2010, according to an investors presentation included in an 8-K filing with the Securities and Exchange Commission.

The company said it wants to be flexible and opportunistic about the timing and approach of its future financings.

The purpose of the issuance would be to enhance the company's liquidity. Assuming no capital market activity, Westar expects its available cash and liquidity to total $847 million in 2009 and its available excess liquidity to be $137 million.

Westar is an electric company based in Topeka, Kan.

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