By Andrea Heisinger
New York, Nov. 18 - Westar Energy, Inc. priced an upsized $300 million of 8.625% 10-year first mortgage bonds Tuesday to yield Treasuries plus 521.3 basis points, an informed source said.
The size was increased from $250 million.
The bonds (Baa2/BBB/BBB+) priced to yield 8.75%.
Bookrunners were J.P. Morgan Securities Inc. and Deutsche Bank Securities.
Proceeds will be used to repay debt under a third amended and restated credit agreement, with the remainder for working capital and general corporate purposes, including funding operations and acquiring capital equipment.
The electric company is based in Topeka, Kan.
| Issuer: | Westar Energy, Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | December 2018
|
| Bookrunners: | J.P. Morgan Securities Inc., Deutsche Bank Securities
|
| Coupon: | 8.625%
|
| Yield: | 8.75%
|
| Spread: | Treasuries plus 521.3 bps
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 25
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
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