By Wendy Van Sickle
Columbus, Ohio, Nov. 8 – Evergy Kansas Central, Inc. priced $300 million of 5.9% 10-year first mortgage bonds (expected: A2/A) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The bonds priced at 99.888 to yield 5.915%, or with a spread of 140 basis points over Treasuries.
There are optional make-whole and par call provisions.
BNY Mellon Capital Markets, LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC and Truist Securities, Inc. are the joint bookrunners.
Proceeds will be used to repay debt under the company’s commercial paper program and for general corporate purposes. The company had $660.2 million outstanding with interest rates ranging from 5.5% to 5.58% under its commercial paper program as of Sept. 30.
The electric utility company is based in Topeka, Kan.
| Issuer: | Evergy Kansas Central, Inc.
|
| Amount: | $300 million
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| Issue: | First mortgage bonds
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| Maturity: | Nov. 15, 2033
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| Bookrunners: | BNY Mellon Capital Markets, LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC and Truist Securities, Inc.
|
| Co-managers: | Academy Securities, Inc. and Loop Capital Markets LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | In-house counsel and Hunton Andrews Kurth LLP
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| Counsel to underwriters: | Bracewell LLP
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| Coupon: | 5.9%
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| Price: | 99.888
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| Yield: | 5.915%
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| Spread: | Treasuries plus 140 bps
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| Call options: | Make-whole call at Treasuries plus 25 bps until Aug. 15, 2033; par call after that
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| Trade date: | Nov. 8
|
| Settlement date: | Nov. 15
|
| Expected ratings: | Moody’s: A2
|
| S&P: A
|
| Cusip: | 30036FAC5
|
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