Evergy, Inc. (EVRG): debt financing — Evergy issues $1.4B in 4.5% convertible notes due 2027 at 22.5% premium

Evergy, Inc.

$1.4B aggregate principal (incl. $200M overallotment) sold privately to QIBs under Rule 144A.
Notes pay 4.5% semi-annual interest; mature Dec. 15, 2027; initial conversion price ~$61.80/share.
Up to 27.75M shares issuable if fully converted (approx. 12% dilution); company may settle in cash or stock.
Notes are senior unsecured, no subsidiary guarantees; no early redemption by issuer permitted.
Proceeds expected for general corporate purposes (use not explicitly stated in filing).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

Evergy, Inc. incurred convertible notes of $1,400,000,000 aggregate principal amount with initial purchasers at 4.50% maturing December 15, 2027.

Instrument: convertible notes
Principal: $1,400,000,000 aggregate principal amount
Counterparty: initial purchasers
Rate: 4.50%
Maturity: December 15, 2027
Event: incurrence

Exact text from the filing

On December 7, 2023, Evergy, Inc. (the “Company”) completed the sale of $1,400,000,000 aggregate principal amount of 4.50% Convertible Notes due 2027 (the “Notes”), which included an additional $200,000,000 aggregate principal amount of Notes purchased pursuant to the full exercise of the option granted to the Initial Purchasers (as defined herein) pursuant to the Purchase Agreement (as defined herein), in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

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Evergy, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-290705

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