Evergy Up-sizes, Prices Private Offering Of $1.2 Bln Convertible Notes

(RTTNews) - Evergy, Inc. (EVRG), an electric services provider, on Tuesday announced the pricing of its private offering of $1.2 billion aggregate principal amount of its convertible notes due 2027, reflecting an upsize of $100 million over the previously announced offering size.

Evergy has granted the initial purchasers an option to purchase up to an additional $200 million aggregate principal amount of the notes.

The sale of the notes to the initial purchasers is expected to settle on or about December 7, 2023, with around $1.180 billion in net proceeds.

The notes will bear interest at a rate of 4.50 percent a year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2024, and will mature on December 15, 2027, unless earlier repurchased or converted.

The company intends to use the net proceeds to repay the $500 million outstanding under the company's unsecured term loan facility due 2024, to repay a portion of its commercial paper borrowings, and for general corporate purposes.