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BULLETIN: Westar Energy's Stock Issuance Is Supportive of Credit Quality Mar 04
Standard & Poors, March 2004
Abstract
NEW YORK (Standard & Poor's) March 17, 2004--Standard & Poor's Ratings Services said today that Westar Energy Inc.'s (BB+/Positive/--) announced common stock issuance will enhance the company's frail financial condition. Westar plans to offer 9.25 million shares of common stock (excluding an overallotment option of about 1.4 million shares granted to the underwriters) for a total potential offering of approximately $183 million at current trading levels of about $20 per share. The bulk of the proceeds will be used to repay outstanding debt. Improvement in the company's financial profile was anticipated by Standard & Poor's and has been factored into the positive rating outlook. Although this is a critical step in Westar's debt reduction strategy, additional credit-enhancing measures are needed...
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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