By Andrea Heisinger
New York, March 19 - Kansas City Power & Light Co. priced $400 million of 7.15% 10-year mortgage bonds Thursday to yield Treasuries plus 460 basis points, according to an FWP filing with the Securities and Exchange Commission.
The bonds (A3/BBB+/) priced at 99.892 to yield 7.165% with a make-whole call of Treasuries plus 50 bps.
Bookrunners were Banc of America Securities LLC, BNP Paribas Securities and J.P. Morgan Securities Inc.
The senior co-manager was Mitsubishi UFJ Securities, and the co-managers were Bank of New York Mellon Capital Markets and Wachovia Capital Markets LLC.
Proceeds will be used to repay a portion of outstanding commercial paper and for general corporate purposes.
The electric company and subsidiary of Great Plains Energy is based in Kansas City, Mo.
| Issuer: | Kansas City Power & Light Co.
|
| Issue: | Mortgage bonds
|
| Amount: | $400 million
|
| Maturity: | April 1, 2019
|
| Bookrunners: | Banc of America Securities LLC, BNP Paribas Securities, J.P. Morgan Securities Inc.
|
| Senior co-manager: | Mitsubishi UFJ Securities
|
| Co-managers: | Bank of New York Mellon Capital Markets, Wachovia Capital Markets LLC
|
| Coupon: | 7.15%
|
| Price: | 99.892
|
| Yield: | 7.165%
|
| Spread: | Treasuries plus 460 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | March 19
|
| Settlement date: | March 24
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
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