Evergy ticks lower after upsized $1.2 bln convertible debt offering

Evergy

05/12/2023 13:41

** Evergy Inc's  EVRG.O  stock down 0.2% at $50.35 premarket
after electric utility secures capital raise
    ** Kansas City, Missouri-based firm announces pricing of
$1.2 bln 4.5% convertible bonds
    ** Offering size boosted from $1.1 bln
    ** Initial conversion price of $61.80 represents 22.5%
premium to stock's last close; EVRG fell 2.5% to $50.45 on Mon
    ** Co to use net proceeds to repay $500 mln outstanding
under term loan, repay portion of commercial paper borrowings
    ** Evergy has ~$11.6 bln market cap, per LSEG
    ** Through Mon, EVRG down 20% YTD while S&P 500 utilities
indexs  .SPLRCU  off 11%
    ** Co last month reported Q3 adj profit beat, and reduced
top end of 2023 adj EPS forecast by 10 cents to $3.55-$3.65

 (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))