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BULLETIN: Westar Energy Continues To Pursue Sale of ONEOK Stock Aug 02
Standard & Poors, Aug 2002
Abstract
Standard & Poor's Ratings Services noted today that Westar Energy Inc.'s intention (formerly Western Resources; BB+/Negative/--) to sell outright or sell an option to purchase all or some of ONEOK Inc. common and preferred stock it owns in privately negotiated transactions or sales into the public market will enable the company to restore balance to its highly leveraged capital structure. ONEOK recently notified Westar that it was not going to purchase the stock. Terms of a shareholder agreement allow Westar until Sept.30, 2003, to complete a stock sale. Although the sale would result in substantial tax payments, available proceeds of roughly $700 million to $800 million to repay debt would enhance the company's very weak financial condition. While a stock...
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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