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Westar Energy sells $300M in first mortgage bonds

Westar Energy Inc. on Aug. 19 issued and sold $300 million of 3.25% first mortgage bonds, due 2049, in an underwritten offering.

The notes have a spread to benchmark treasury of +117 basis points and are expected to be rated A2 (stable) by Moody's and A (stable) by S&P Global Ratings.

The Evergy Inc. subsidiary plans to use the net proceeds to repay debt under its commercial paper program, which was used to retire at maturity $300 million of Kansas Gas and Electric Co.'s 6.70% first mortgage bonds due 2019, according to a prospectus.

Barclays Capital Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc. acted as joint book-running managers. MFR Securities Inc. and Williams Capital Group LP acted as co-managers.