Kansas City Power & Light Co. sold $300 million of its 4.2% senior unsecured notes due March 15, 2048, according to a free writing prospectus.
Interest on the notes is payable semiannually on March 15 and Sept. 15 of each year, starting Sept. 15. The notes have a spread to benchmark Treasury of 105 basis points and were expected to be rated Baa1 by Moody's and BBB+ by S&P Global Ratings.
The Great Plains Energy Inc. subsidiary plans to use net proceeds to repay at maturity $350 million of its outstanding 6.375% notes due 2018.
J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., MUFG Securities Americas Inc. and Wells Fargo Securities LLC acted as joint book-running managers.
MFR Securities Inc. and The Williams Capital Group LP served as co-managers.
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