By Lisa Kerner
Charlotte, N.C., Aug. 20 – Empire District Electric Co. closed its previously announced issue of $60 million of 3.59% series first mortgage bonds due Aug. 20, 2030, on Thursday.
Interest is payable semiannually on Feb. 20 and Aug. 20, beginning on Feb. 20, 2016, according to a news release.
Proceeds will be used to refinance existing short-term debt and for general corporate purposes.
Empire District may redeem the bonds at any time prior to maturity at par plus a make-whole premium, together with accrued interest to the redemption date.
The bonds were issued under a June 11 bond purchase agreement.
Empire District previously settled a $60 million issue of 30-year first mortgage bonds in December in a private placement. The bonds, sold under an Oct. 15 agreement, have a 4.27% coupon.
Proceeds were used to refinance short-term debt and for general corporate purposes.
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: | The Empire District Electric Co.
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| Issue: | Series first mortgage bonds
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| Amount: | $60 million
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| Coupon: | 3.59%
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| Maturity: | Aug. 20, 2030
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| Distribution: | Private placement
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