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BULLETIN: Westar Energy to Reduce Holdings in ONEOK Aug 03
Standard & Poors, Aug 2003
Abstract
NEW YORK (Standard & Poor's) Aug. 5, 2003--Standard & Poor's Ratings Services said today that the ratings on Westar Energy Inc. (BB+/Developing/--) and its subsidiary Kansas Gas & Electric Co. (BB+/Developing/--) would not be affected by the company's announcement that it plans a secondary offering of 9.5 million shares of its ONEOK Inc. stock holdings. However, this offering, which was anticipated by Standard & Poor's, is viewed as positive, because the after-tax proceeds will be used to reduce Westar's onerous debt burden. If the gross proceeds to Westar from the public offering are at least $150 million, ONEOK will purchase from Westar $50 million of ONEOK common shares at the public offering price. Based on the Aug. 4, 2003, $20.36...
Companies mentioned in this report are: Westar Energy Inc.,Kansas Gas & Electric Co.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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