New Issue: Evergy Metro prices $300 million of 5.4% 10-year mortgage bonds at 110 bps spread

By Wendy Van Sickle

Columbus, Ohio, April 1 – Evergy Metro, Inc. sold $300 million of 5.4% 10-year mortgage bonds (A2/A+) at a spread of Treasuries plus 110 basis points on Monday, according to an FWP filed with the Securities and Exchange Commission.

The issue priced at 99.81 to yield 5.425%.

MUFG Securities Americas Inc., PNC Capital Markets LLC, Regions Securities LLC and Truist Securities, Inc. were the bookrunners.

Proceeds will be used to repay debt incurred under commercial paper borrowings and for general corporate purposes. As of Dec, 31, the company had about $423.3 million of outstanding short-term debt under its commercial paper program with a weighted average interest rate of 5.58%.

The issuer is an electric utility based in Kansas City, Mo. and is a subsidiary of Evergy, Inc.

Issuer:	Evergy Metro, Inc.
Amount:	$300 million
Description:	Mortgage bonds
Maturity:	April 1, 2034
Bookrunners:	MUFG Securities Americas Inc., PNC Capital Markets LLC, Regions Securities LLC and Truist Securities, Inc.
Co-managers:	Samuel A. Ramirez & Co., Inc. and UMB Financial Services, Inc.
Trustee:	UMB Bank, NA
Counsel to issuer:	In-house counsel and Hunton Andrews Kurth LLP
Counsel to underwriters:	Bracewell LLP
Coupon:	5.4%
Price:	99.81
Yield:	5.425%
Spread:	Treasuries plus 110 bps
Call features:	Make-whole call at Treasuries plus 20 bps before Jan.1, 2034; par call after that
Trade date:	April 1
Settlement date:	April 5
Ratings:	Moody’s: A2
	S&P: A+
Distribution:	SEC registered
Cusip:	30037DAD7

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