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KCP&L sells $400M of 4.125% mortgage bonds

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KCP&L sells $400M of 4.125% mortgage bonds

Kansas City Power & Light Co. sold $400 million of 4.125% series 2019 senior secured mortgage bonds due April 1, 2049.

The Evergy Inc. subsidiary plans to use proceeds to repay $400 million of outstanding 7.15% mortgage bonds series 2009A due 2019, according to a March 18 company filing.

Interest on the bonds is payable semiannually on April 1 and Oct. 1 of each year, beginning Oct. 1. The bonds have a spread to benchmark Treasury of 115 basis points and were expected to be rated A2 by Moody's and A by S&P Global Ratings.

BNP Paribas Securities Corp., BNY Mellon Capital Markets LLC, PNC Capital Markets LLC and SunTrust Robinson Humphrey Inc. acted as joint book-running managers. UMB Financial Services Inc., MFR Securities Inc. and The Williams Capital Group LP served as co-managers.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.