Published on 3/18/2019 in the Prospect News Investment Grade Daily.
New Issue: Kansas City Power prices $400 million 4.125% 30-year bonds at 115 bps over Treasuries
By Cristal Cody
Tupelo, Miss., March 18 – Kansas City Power & Light Co. sold $400 million of 4.125% 30-year mortgage bonds (A2/A) at a spread of 115 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission on Monday.
The bond priced at 99.454 to yield 4.157%.
BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC and SunTrust Robinson Humphrey Inc. were the bookrunners.
Proceeds will be used to repay at maturity the company’s $400 million of 7.15% series 2009A mortgage bonds due 2019.
The electric utility is based in Kansas City, Mo.
| Issuer: | Kansas City Power & Light Co.
|
| Amount: | $400 million
|
| Description: | Series 2019 mortgage bonds
|
| Maturity: | April 1, 2049
|
| Bookrunners: | BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC and SunTrust Robinson Humphrey Inc.
|
| Co-managers: | UMB Financial Services, Inc., MFR Securities, Inc. and Williams Capital Group, LP
|
| Coupon: | 4.125%
|
| Price: | 99.454
|
| Yield: | 4.157%
|
| Spread: | Treasuries plus 115 bps
|
| Call features: | Make-whole call before Oct. 1, 2048 at greater of par and Treasuries plus 20 bps; thereafter at par
|
| Trade date: | March 18
|
| Settlement date: | March 27
|
| Ratings: | Moody's: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
© 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.
