Published on 3/21/2013 in the Prospect News Investment Grade Daily.
New Issue: Westar prices $250 million 4.1% 30-year mortgage bonds at Treasuries plus 95 bps
By Andrea Heisinger
New York, March 21- Westar Energy, Inc. sold $250 million of 4.1% 30-year mortgage bonds (A3/A-/A-) at Treasuries plus 95 basis points on Thursday, a market source said.
The securities priced at 99.623 to yield 4.122%. There is a make-whole call at Treasuries plus 15 bps to Oct. 1, 2042, and a par call after that date.
Bookrunners were BofA Merrill Lynch, BNY Mellon Capital Markets LLC and Deutsche Bank Securities Inc.
Proceeds will be used to provide long-term funds to finance an ongoing capital program.
The electric utility is based in Topeka, Kan.
| Issuer: | Westar Energy, Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | April 1, 2043
|
| Bookrunners: | BofA Merrill Lynch, BNY Mellon Capital Markets LLC, Deutsche Bank Securities Inc.
|
| Senior co-manager: | UBS Securities LLC
|
| Co-managers: | Barclays Capital Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 4.1%
|
| Price: | 99.623
|
| Yield | 4.122%
|
| Spread: | Treasuries plus 95 bps
|
| Call: | Make-whole at Treasuries plus 15 bps to Oct. 1, 2042, par call after
|
| Trade date: | March 21
|
| Settlement date: | March 28
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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