Evergy down on $1.1 bln convertible debt deal plans

Evergy

04/12/2023 12:32

** Evergy Inc's  EVRG.O  stock down 1.5% at $51.00 premarket
as electric utility looks to raise capital
    ** Kansas City, Missouri-based co says offering privately
$1.1 bln 4-yr convertible bonds
    ** Co to use net proceeds to repay $500 mln outstanding
under term loan, repay portion of commercial paper borrowings
    ** Evergy has about $11.9 bln market cap, per LSEG
    ** Co last month reported Q3 adj profit beat of $1.88/sh on
lower operating costs, and reduced top end of 2023 adj EPS
forecast by 10 cents to $3.55-$3.65
    ** EVRG shares down 17.8% YTD through Fri close vs S&P 500
utilities index's  .SPLRCU  10.6% decline

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))