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S&P: Westar stock sale favorable
Standard & Poor's noted Monday that Westar Energy Inc.'s (BB+/positive/--) common stock sale yielded the company net proceeds of $240.6 million, including the exercise of the over-allotment option by underwriters.
Westar will use the proceeds for debt reduction and general corporate purposes.
S&P said the common equity issuance and associated deleveraging was expected by S&P and factored into the company's positive outlook. Nevertheless, additional credit-enhancing initiatives will be needed to achieve a financial profile consistent with investment-grade quality.
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