By Rebecca Melvin
New York, Sept. 5 – Evergy, Inc. priced $1.6 billion in dual tranches of notes due 2024 and 2029 (Baa2/BBB+) on Thursday, according to a final term sheet filed with the Securities and Exchange Commission.
The $800 million 2.45% notes due 2024 priced at 99.826 to yield 2.487%, or a spread of 105 basis points over U.S. Treasuries.
The $800 million of 2.9% notes due 2029 priced at 99.827 to yield 2.92%, or a spread over U.S. Treasuries of 135 bps.
The notes feature a make-whole call until one month prior to maturity for the 2024 notes and until three months prior to maturity for the 2029 notes, and then par calls after those dates.
BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be to repay the company’s $1 billion unsecured term loan due Sept. 15, 2019, to repurchase common stock and for general corporate purposes.
Evergy is an electric utility based in Kansas City, Mo.
| Issuer: | Evergy Inc.
|
| Issue: | Notes
|
| Amount: | $1.6 billion
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC
|
| Co-manager: | Samuel A. Ramirez & Co., Inc.
|
| Trade date: | Sept. 5
|
| Settlement date: | Sept. 9
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
|
|
| 2024 notes
|
| Amount: | $800 million
|
| Maturity: | Sept. 15, 2024
|
| Coupon: | 2.45%
|
| Price: | 99.826
|
| Yield: | 2.487%
|
| Spread: | 105 bps over Treasuries
|
|
|
| 2029 notes
|
| Amount: | $800 million
|
| Maturity: | Sept. 15, 2029
|
| Coupon: | 2.9%
|
| Price: | 99.827
|
| Yield: | 2.92%
|
| Spread: | 135 bps over Treasuries
|
| Make-whole call: | Prior to Aug. 14, 2024
|
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