Westar enters into new up to $730 million facility via JPMorgan, Citi

By Jennifer Chiou

New York, Sept. 29 - Westar Energy Inc. entered into a new revolving credit facility allowing for borrowings of up to $730 million, according to an 8-K filing with the Securities and Exchange Commission

JPMorgan Chase Bank, NA was the administrative agent, Citibank, NA acted as the syndication agent and Bank of America, NA, Bank of New York Mellon, Union Bank, NA and Wells Fargo Bank, NA were the documentation agents.

The new facility matures on Sept. 29, 2016. It may be extended by up to two years, subject to lender participation.

The amount includes up to $730 million for letters of credit, and the facility may be increased to up to $1 billion of commitments.

All borrowings under the facility are secured by the first-mortgage bonds of the Topeka, Kan., electric company's wholly owned subsidiary, Kansas Gas and Electric Co.

This security may be released when the company's senior unsecured debt receives investment-grade ratings from at least two of the following agencies: Standard & Poor's, Moody's Inves tors Service and Fitch Ratings.

© 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.