NEW YORK (Standard & Poor's) June 2, 2008--Standard & Poor's Ratings Services today noted that the recent offering of about $145 million of common stock by Westar Energy Inc. (BBB-/Stable/--) will help to maintain capital structure balance during the company's heavy construction program, but will not affect current ratings. An over-allotment option, if exercised, will bring the total common stock issuance to roughly $168 million. Accelerating capital expenditures concentrate on installation of generating units, improvements to transmission and distribution facilities, and environmental compliance. The proceeds will be used to repay short-term debt that was incurred to fund construction outlays and for general corporate purposes. A common equity sale and associated deleveraging was expected by Standard & Poor's and already factored...
Companies mentioned in this report are: Westar Energy Inc.
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