By Sheri Kasprzak
New York, Feb. 27 - Westar Energy Inc. priced $250 million of 30-year first mortgage bonds Monday, according to a free writing prospectus filed with the Securities and Exchange Commission.
The 4.125% bonds (A3/BBB+/A-) priced at 99.914 to yield 4.13%, or Treasuries plus 110 basis points.
The bonds feature an optional redemption before Sept. 1, 2041 at a discount rate of Treasuries plus 20 bps or after Sept. 1, 2041 at par.
Bbookrunners for the deal were Barclays Capital Inc., Mitsubishi UFJ Securities (USA) Inc. and Wells Fargo Securities LLC.
The co-managers were UBS Securities LLC, BNY Mellon Capital Markets LLC, Bank of America Merrill Lynch, Samuel A. Ramirez & Co. Inc. and US Bancorp Investments Inc.
Proceeds will be used to finance the company's capital program.
| Issuer: | Westar Energy Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | March 1, 2042
|
| Bookrunners: | Barclays Capital Inc., Mitsubishi UFJ Securities (USA) Inc., Wells Fargo Securities LLC
|
| Co-managers: | UBS Securities LLC, BNY Mellon Capital Markets LLC, Bank of America Merrill Lynch, Samuel A. Ramirez & Co. Inc., US Bancorp Investments Inc.
|
| Coupon: | 4.125%
|
| Price: | 99.914
|
| Yield: | 4.13%
|
| Spread: | Treasuries plus 110 bps
|
| Call: | Optional redemption before Sept. 1, 2041 at a discount rate of Treasuries plus 20 bps or after Sept. 1, 2041 at par
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 1
|
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