Western Resources starts roadshow Monday for $750 million notes in two tranches

By Paul A. Harris

St. Louis, Mo., April 25 - Western Resources, Inc. will start roadshowing Monday a new $750 million Rule 144A deal in two tranches, according to a syndicate source.

Pricing is expected early in the week of May 6.

Salomon Smith Barney will run the books. JP Morgan is joint lead.

The tranches, according to the source, will be comprised of $450 million of senior notes due 2007 (Ba2/BB-), and $300 million of first mortgage notes due 2007 (Ba1/BBB-).

Both tranches are bullets.

Proceeds will be used to repay the credit facility and retire the first mortgage bonds due 2002.

The company is a Topeka, Kan.-based electrical utility.

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