By Devika Patel
Knoxville, Tenn., Feb. 26 – Kansas City Power & Light Co. priced $300 million 4.2% 30-year notes (Baa1/BBB+) on Monday at 105 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.913 to yield 4.205%.
BofA Merrill Lynch, J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used to repay at maturity $350 million of the company’s 6.375% notes due 2018.
The electric utility is based in Kansas City, Mo.
| Issuer: | Kansas City Power & Light Co.
|
| Amount: | $300 million
|
| Description: | Notes
|
| Maturity: | March 15, 2048
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC
|
| Co-managers: | MFR Securities, Inc. and Williams Capital Group LP
|
| Coupon: | 4.2%
|
| Price: | 99.913
|
| Yield: | 4.205%
|
| Spread: | 105 bps over Treasuries
|
| Call feature: | Make-whole call at Treasuries plus 20 bps until Sept. 15, 2047, then a par call
|
| Trade date: | Feb. 26
|
| Settlement date: | March 1
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
