By Lisa Kerner
Charlotte, N.C., May 30 - Empire District Electric Co. settled its private placement of $30 million of 3.73% series first mortgage bonds due May 30, 2033 and $120 million of its 4.32% series first mortgage bonds due May 30, 2043. The offering closed on May 30 as planned.
The company announced the bond purchase agreement on Oct. 30, 2012.
Proceeds will be used to redeem all $98 million of the company's 4.5% senior notes due 2013, which mature on June 15, 2013, as well as for general corporate purposes.
As previously reported, the bonds will be prepayable, at any time prior to maturity, at par plus a make-whole premium of Treasuries plus 50 basis points, together with accrued and unpaid interest, if any, to the prepayment date.
Interest on the bonds will be payable semiannually on May 30 and Nov. 30, beginning Nov. 30, 2013.
The bonds are not 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.
Empire District is a Joplin, Mo.-based utility company that provides electricity, natural gas and water to customers in Missouri, Kansas, Oklahoma and Arkansas.
| Issuer: | Empire District Electric Co.
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| Issue: | First mortgage bonds
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| Amount: | $150 million
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| Call: | Make-whole at Treasuries plus 50 bps
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| Distribution: | Private placement
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| Announced: | Oct. 30, 2012
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| Settlement date: | May 30
|
|
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| Bonds due 2033
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| Amount: | $30 million
|
| Maturity: | May 30, 2033
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| Coupon: | 3.73%
|
|
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| Bonds due 2043
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| Amount: | $120 million
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| Maturity: | May 30, 2043
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| Coupon: | 4.32%
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