By Lisa Kerner
Charlotte, N.C., Dec. 2 – Empire District Electric Co. issued $60 million of 4.27% first mortgage bonds due 2044 on Monday.
The placement was completed under a previously announced Oct. 15 bond purchase agreement.
The bonds mature on Dec. 1, 2044, according to a form 8-K filed with the Securities and Exchange Commission.
Interest is payable semiannually on June 1 and Dec. 1, beginning on June 1, 2015.
Proceeds will be used to refinance existing short-term debt and for general corporate purposes.
Empire may redeem the bonds at any time prior to maturity at par plus a make whole premium, together with accrued and unpaid interest, if any, to the redemption date, the filing stated.
The notes have a make-whole call at Treasuries plus 50 basis points.
As previously reported, 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.
|
| Issue: | First mortgage bonds
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| Amount: | $60 million
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| Maturity: | Dec. 1, 2044
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| Coupon: | 4.27%
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| Call: | Make-whole at Treasuries plus 50 bps
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| Announcement date: | Oct. 15
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| Settlement date: | 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.; CMFG Life Insurance Co.
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