By Lisa Kerner
Charlotte, N.C., April 2 - Empire District Electric Co. settled $38 million of its $88 million private placement of 3.58% first mortgage bonds due April 2, 2027 on Monday.
The second settlement of $50 million is anticipated to occur on June 1, subject to customary closing conditions, according to an 8-K filing with the Securities and Exchange Commission.
The company received commitments for the notes on Feb. 29.
As previously reported, proceeds will be used to redeem all $74.8 million principal amount of Empire's 7% first mortgage bonds due 2024, all $5.2 million of its 5.2% first mortgage bonds, pollution control series, due 2013 and all $8 million of its 5.3% first mortgage bonds, pollution control series, due 2013.
The bonds have a make-whole call option.
The bonds have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The Joplin, Mo.-based utility company provides electricity, natural gas and water to customers in Missouri, Kansas, Oklahoma and Arkansas.
| Issuer: | Empire District Electric Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $88 million
|
| Maturity: | April 2, 2027
|
| Coupon: | 3.58%
|
| Call option: | Subject to payment of make-whole amount
|
| Pricing date: | Feb. 29
|
| Settlement dates: | April 2 for $38 million, June 1 for $50 million
|
| Distribution: | Private placement
|
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