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BULLETIN: Westar Energy's Common Stock Pricing After Cash Flow Restatement is Favorable Mar 04
Standard & Poors, March 2004
Abstract
NEW YORK (Standard & Poor's) March 26, 2004--Standard & Poor's Ratings Services today noted that immediately following the issuance of an amended 10-K for 2003 and restatment of cash flows for three years, Westar Energy Inc. (BB+/Positive/--) priced an offering of 10.5 million shares of its common stock at $20.65 per share for total gross proceeds of $216.8 million. The size of the offering is greater than the previously announced size of 9.25 million shares. Moreover, an additional $32.5 million in proceeds to Westar is possible if the underwriters exercise the overallotment option. The equity issuance was expected by Standard & Poor's and factored into the positive credit outlook. While upsizing of the offering brings Westar closer to achieving investment-grade...
Companies mentioned in this report are: Westar Energy Inc.
Action: Bulletin
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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