By Lisa Kerner
Charlotte, N.C., Oct. 16 – Empire District Electric Co. entered into a bond purchase agreement on Wednesday to privately place $60 million of 4.27% first mortgage bonds due 2044.
Settlement is expected to occur on or about Dec. 1, according to a form 8-K filed with the Securities and Exchange Commission.
Assuming the settlement occurs on Dec. 1, the bonds will mature on Dec. 1, 2044 and interest will be payable semiannually on June 1 and Dec.1, beginning on June 1, 2015.
The bonds will be prepayable, at Empire’s option, at any time prior to maturity, at par plus a make-whole premium, together with accrued and unpaid interest, if any, to the prepayment date.
Proceeds will be used to refinance existing short-term debt and for general corporate purposes.
Purchasers include Teachers Insurance and Annuity Association of America; John Hancock Life Insurance Co. (U.S.A.); John Hancock Life & Health Insurance Co.; and CMFG Life Insurance Co.
Empire District Electric 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: | $60 million
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| Coupon: | 4.27%
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| Maturity: | Dec. 1, 2044
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| Pricing date: | Oct. 15
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| Settlement: | On or about Dec. 1
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| Distribution: | Private placement
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| Purchasers: | Teachers Insurance and Annuity Association of America; John Hancock Life Insurance Co. (U.S.A.); John Hancock Life & Health Insurance Co.; and CMFG Life Insurance Co.
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