Westar Energy repays almost $280 million of term loan debt

By Sara Rosenberg

New York, Jan. 12 - Westar Energy Inc. said it repaid $279.7 million of its term loan during the fourth quarter 2003.

In all, with the use of net proceeds from the November sale of the company's remaining ONEOK investment and cash from operations, the term loan balance has been reduced to about $114 million, according to a company news release.

Furthermore, the company signed a definitive agreement to sell its approximately 88% equity interest in Protection One Inc. and to transfer its rights and obligations as the lender under Protection One's senior credit facility.

As a result of the Protection One transaction, which is expected to close in the first quarter 2004, the company anticipates equity issuance of $75 million to $250 million in 2004. At a minimum, the equity issuance is designed to meet the company's target of at least a 40% common equity ratio and overall credit quality consistent with investment-grade ratings by Dec. 31, 2004, the news release added.

Westar is a Topeka, Kan., electric utility.

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