Evergy obtains $500 million unsecured term loan at Libor plus 80 bps

By Wendy Van Sickle

Columbus, Ohio, Feb. 28 – Evergy, Inc. entered into a $500 million unsecured term loan credit agreement on Friday with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Interest is Libor plus 80 basis points.

The facility expires Feb. 24, 2023.

Evergy expects borrowings to be used for, among other things, working capital and general corporate purposes, including repurchasing shares of Evergy’s common stock.

The term loan facility contains customary covenants, including one that sets the ratio of maximum allowed total debt to total capitalization at 0.65 to 1.00, for Evergy and its subsidiaries on a consolidated basis.

Wells Fargo Securities, LLC is the lead arranger and joint bookrunner.

Evergy is an electric utility based in Kansas City, Mo.

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