Evergy Announces Proposed Offering of $1.1B Convertible Notes Due 2027
Portfolio Pulse from Benzinga Newsdesk
Evergy, Inc. (NASDAQ:EVRG) plans to offer $1.1 billion in convertible notes due 2027 in a private placement to qualified institutional buyers. The company may also allow an additional purchase of up to $200 million of the notes within 13 days of the initial offering. The proceeds will be used to repay a $500 million term loan due 2024, reduce commercial paper borrowings, and for general corporate purposes.
December 04, 2023 | 11:46 am
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Evergy's offering of $1.1 billion in convertible notes may attract institutional investors and provide capital for debt repayment and corporate purposes, potentially strengthening the company's financial position.
The offering of convertible notes is a significant financial move that can provide liquidity and improve the company's debt profile by repaying existing obligations. This could be viewed positively by investors as it may strengthen the company's financial stability and flexibility. However, the impact on the stock price will also depend on market conditions and investor perception of the company's future prospects.
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