Westar Energy to redeem $300 million 8.625% bonds via issue due 2045

By Susanna Moon

Chicago, Nov. 5 – Westar Energy, Inc. plans to redeem its $300 million principal amount of 8.625% first mortgage bonds due 2018 with proceeds of a new issue, according to a 424B5 filing with the Securities and Exchange Commission.

Financing for the redemption will come from proceeds of the company’s planned $300 million offering of first mortgage bonds due 2045.

The company also is planning to issue $250 million of first mortgage bonds due 2025, with proceeds slated to repay debt incurred under its commercial paper program for funds to finance its capital program.

As of Sept. 30, the company had $303.6 million of obligations of less than one year outstanding under its commercial paper program with interest rates ranging from 0.34% to 0.43%. The commercial paper is supported by the company’s revolving credit facilities.

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

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