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BULLETIN: Westar Energy Announces Sale of $230 Million of Its ONEOK Stock Aug 03
Standard & Poors, Aug 2003
Abstract
NEW YORK (Standard & Poor's) Aug. 7, 2003--Standard & Poor's Ratings Services today said 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 has priced a secondary offering of 9.5 million shares of its ONEOK Inc. stock at a public price of $19 per share, which will result in gross proceeds to Westar of about $180.5 million. However, this transaction, which was anticipated by Standard & Poor's and already factored into current ratings, will enhance Westar's weak financial profile because net proceeds will be used to pay down debt. The transaction is expected to close on Aug. 11, 2003. When the offering...
Companies mentioned in this report are: Westar Energy Inc.
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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