By Andrea Heisinger
New York, May 14 - Westar Energy Inc. reopened its issue of 4.125% 30-year bonds on Monday to add an upsized $300 million, a market source said.
The deal size was increased slightly from $250 million, the source said.
The bonds (A3/BBB+/A-) were priced at 99.451 to yield 4.157% with a spread of Treasuries plus 120 basis points.
There's a make-whole call at Treasuries plus 20 bps until Sept. 1, 2041 and a par call after that date.
Total issuance is $550 million, including $250 million priced at 110 bps over Treasuries on Feb. 27.
BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used to provide long-term funds to finance the company's ongoing capital program.
The electric utility is based in Topeka, Kan.
| Issuer: | Westar Energy Inc.
|
| Issue: | First mortgage bonds, reopened
|
| Amount: | $300 million, upsized from $250 million
|
| Maturity: | March 1, 2042
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Coupon: | 4.125%
|
| Price: | 99.451
|
| Yield: | 4.157%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until Sept. 1, 2041, par call after
|
| Trade date: | May 14
|
| Settlement date: | May 17
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
| Total issuance: | $550 million, including $250 million sold at 110 bps on Feb. 27
|
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