By Cristal Cody
Eureka Springs, Ark., June 13 – Westar Energy, Inc. sold $350 million of 2.55% 10-year green first mortgage bonds (A2/A) with a spread of 95 basis points over Treasuries on Monday, according to a market source.
BNP Paribas Securities Corp., J.P. Morgan Securities LLC and MUFG were the bookrunners.
The deal priced at the right end of talk which had been set at Treasuries plus 100 bps, plus or minus 5 bps.
Proceeds will be used for renewable energy generation projects, including the Western Plains Wind Farm in Kansas, and to refund short-term debt and/or to be held as cash and cash equivalents, according to a 424B5 filed with the Securities and Exchange Commission.
Westar Energy is a Topeka, Kan.-based electric utility.
| Issuer: | Westar Energy, Inc.
|
| Amount: | $350 million
|
| Maturity: | July 1, 2026
|
| Securities: | Green first mortgage bonds
|
| Bookrunners: | BNP Paribas Securities Corp., J.P. Morgan Securities LLC and MUFG
|
| Coupon: | 2.55%
|
| Spread: | Treasuries plus 95 bps
|
| Pricing date: | June 13
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 100 bps, plus or minus 5 bps
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
