By Andrea Heisinger
New York, June 8 - Kansas Gas & Electric Co. sold $300 million 6.7% 10-year first mortgage bonds Monday to yield Treasuries plus 287.5 basis points, an informed source said.
The Rule 144A bonds (Baa2/BBB/BBB+) priced at 99.819 to yield 6.725%. The bonds have a make-whole call at Treasuries plus 50 bps.
Bookrunners were Bank of New York Mellon Securities, Citigroup Global Markets Inc. and Credit Suisse Securities.
The utility subsidiary of Westar Energy is based in Wichita, Kan.
| Issuer: | Kansas Gas & Electric Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $300 million
|
| Maturity: | June 15, 2019
|
| Bookrunners: | Bank of New York Mellon, Citigroup Global Markets Inc., Credit Suisse Securities
|
| Coupon: | 6.7%
|
| Price: | 99.819
|
| Yield: | 6.725%
|
| Spread: | Treasuries plus 287.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | June 8
|
| Settlement date: | June 11
|
| Distribution: | Rule 144A
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
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