Westar Energy eyes add-on to 4.1% first mortgage bonds due 2043

By Cristal Cody

Tupelo, Miss., May 12 - Westar Energy, Inc. plans to price an add-on to its 4.1% bonds due April 1, 2043, according to a preliminary prospectus supplement with the Securities and Exchange Commission on Monday.

BofA Merrill Lynch, Citigroup Global Markets Inc. and US Bancorp are the bookrunners.

The company originally priced $250 million of the bonds on March 28, 2013 at 99.623 to yield 4.122%, or a spread of Treasuries plus 95 basis points.

Proceeds will be used to retire outstanding Kansas Gas and Electric Co. pollution control bonds, which include $108.6 million of 5.3% bonds due 2031, $50 million of 5% bonds due 2031 and $18.9 million of 5.3% bonds due 2031, and for working capital and general corporate purposes.

Westar Energy is a Topeka, Kansas-based based electric utility.

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