By Andrea Heisinger
Omaha, May 12 - Kansas Gas & Electric Co. priced $150 million of first mortgage bonds in two tranches, according to market sources and a 10-Q filed with the Securities and Exchange Commission.
More terms were available Monday for the bonds, which were priced in a private placement on May 1.
The issue consisted of a $50 million tranche of 6.15% 15-year bonds priced to yield Treasuries plus 245 basis points and a $100 million tranche of 6.64% 30-year bonds priced to yield Treasuries plus 220 bps.
Bookrunners were BNP Paribas Securities and Barclays Capital Inc.
Proceeds will be used to repay borrowings under a revolving credit facility, for working capital and for general corporate purposes.
The utility and subsidiary of Westar Energy, Inc. is based in Topeka, Kan.
| Issuer: | Kansas Gas & Electric Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $150 million
|
| Bookrunners: | BNP Paribas Securities, Barclays Capital Inc.
|
| Distribution: | Private placement
|
| Trade date: | May 1
|
| Settlement date: | May 15
|
|
|
| 15-year tranche
|
| Amount: | $50 million
|
| Maturity: | May 15, 2023
|
| Coupon: | 6.15%
|
| Spread: | Treasuries plus 245 bps
|
|
|
| 30-year tranche
|
| Amount: | $100 million
|
| Maturity: | May 15, 2038
|
| Coupon: | 6.64%
|
| Spread: | Treasuries plus 220 bps
|
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