By Cristal Cody
Tupelo, Miss., June 13 – Kansas City Power & Light Co. sold $300 million of 4.2% 30-year notes (Baa1/BBB+) on Tuesday at 99.729 to yield 4.216%, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of Treasuries plus 135 basis points, on the tight side of guidance of Treasuries plus 135 bps to 140 bps.
BNP Paribas Securities Corp. and SunTrust Robinson Humphrey Inc. were the bookrunners.
Proceeds will be used to repay at maturity the company’s $250 million of 5.85% notes, to repay at maturity $31 million of its series 1992 EIRR bonds and for general corporate purposes.
The electric utility is based in Kansas City, Mo.
| Issuer: | Kansas City Power & Light Co.
|
| Amount: | $300 million
|
| Description: | Notes
|
| Maturity: | June 15, 2047
|
| Bookrunners: | BNP Paribas Securities Corp. and SunTrust Robinson Humphrey Inc.
|
| Senior co-managers: | BNY Mellon Capital Markets, LLC, Mizuho Securities USA LLC and U.S. Bancorp Investments, Inc.
|
| Co-managers: | MFR Securities, Inc. and Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 4.2%
|
| Price: | 99.729
|
| Yield: | 4.216%
|
| Spread: | Treasuries plus 135 bps
|
| Call features: | Make-whole call before Dec. 15, 2046 at greater of par and Treasuries plus 20 bps; thereafter at par
|
| Trade date: | June 13
|
| Settlement date: | June 15
|
| Ratings: | Moody's: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 135 bps-140 bps
|
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