BULLETIN: Westar Energy's Expected Common Stock Issuance Is Supportive of Credit Quality Mar 04
- ID: 2040750
- March 2004
- Standard & Poors
NEW YORK (Standard & Poor's) March 10, 2004--Standard & Poor's Ratings Services said today that Westar Energy Inc.'s (BB+/Positive/--) expected common stock issuance will enhance the company's frail financial profile. Westar has filed a Rule 415 shelf registration to offer up to 14 million shares for a total potential offering of approximately $280 million at current trading levels of $20 per share. The shelf filing also encompasses $900 million of debt securities. The proceeds from future common stock and debt issuances will be used to repay outstanding debt. The positive outlook on Westar incorporates Standard & Poor's expectation for credit improvement through balance sheet improving initiatives, such as common stock sales. The extent of financial improvement will hinge importantly on...
Companies mentioned in this report are: Westar Energy Inc.
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Research type: News
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