Great Plains Energy, units amend revolvers, extending term to 2016

By Susanna Moon

Chicago, Dec. 14 - Great Plains Energy Inc. and subsidiary KCP&L Greater Missouri Operations Co. (GMO) amended their credit agreements with Bank of America, NA as administrative agent on Friday, pushing out the term of the revolving credit facilities to Dec. 9, 2016, according to an 8-K filing with the Securities and Exchange Commission.

The agreements may be extended twice by one year with lender approval and provide for revolving loans and standby letters of credit of up to $200 million for Great Plains Energy and $450 million for GMO at any one time.

The standby letters of credit and swingline loan sublimits are $50 million and $25 million, respectively.

As long as there is no default or unmatured default, Great Plains Energy and GMO may transfer and retransfer up to $200 million of unused lender commitments between the two credit agreements, as long as the total lender commitments under the Great Plains Energy and GMO credit agreements do not exceed $400 million and $650 million, respectively.

Great Plains Energy and Kansas City Power & Light Co. may also transfer and retransfer up to $200 million of unused lender commitments between the two credit agreements, as long as the total lender commitments under the Great Plains Energy and Kansas City Power & Light credit agreements do not exceed $400 million and $800 million, respectively.

Interest on the loans will be Libor plus a spread based on the company's credit ratings.

Great Plains Energy and GMO are each required to maintain a consolidated debt to consolidated capitalization ratio of no more than 0.65 times.

Union Bank, NA and Wells Fargo Bank, NA are the syndication agents, and Bank of America, NA, Wells Fargo Bank, Bank of Tokyo-Mitsubishi UFJ, Ltd., Union Bank, Barclays Bank plc, BNP Paribas, Goldman Sachs Bank USA, JPMorgan Chase Bank, NA, Bank of Nova Scotia, Royal Bank of Scotland plc, U.S. Bank NA, SunTrust Bank, KeyBank NA, Bank of New York Mellon, UMB Bank, NA and Commerce Bank are lenders. Great Plains Energy is guarantor of GMO's obligations under the credit agreement.

Kansas City Power amends

In addition, Kansas City Power & Light amended its credit agreement on Friday with Bank of America as administrative agent and Union Bank and Wells Fargo Bank as syndication agents. Bank of America, Wells Fargo Bank, Bank of Tokyo-Mitsubishi UFJ, Union Bank, Barclays Bank, BNP Paribas, Goldman Sachs Bank USA, JPMorgan Chase Bank, Bank of Nova Scotia, Royal Bank of Scotland, U.S. Bank, SunTrust Bank, KeyBank, Bank of New York Mellon, UMB Bank and Commerce Bank are lenders.

Under the new terms, the agreement was extended to Dec. 9, 2016, pricing was revised and some lenders were replaced.

The agreement may be extended twice by one year with lender approval and provides for revolving loans and standby letters of credit of up to $600 million.

There are standby letters of credit and swingline loan sublimits of $75 million and $25 million, respectively.

Great Plains is a Kansas City, Mo., holding company for electric utilities Kansas City Power & Light and KCP&L Greater Missouri.

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