PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Tue, April 16, 10:44 AM
| This Slide: #302 of 620 |
Slide #302. Great Plains Energy Incorporated — Preferred Stock Offering
Company:
Great Plains Energy Incorporated (GXP)
Date announced:
9/27/2016
Shares Offered:
52,600,000
Date of Pricing:
9/27/2016
Price Per Share:
$26.45
Preferred Stock Offering Details:
Great Plains Energy Incorporated (NYSE:GXP) ("Great Plains Energy" or the "Company") announced today the commencement of concurrent underwritten public offerings of 52,600,000 shares of its common stock and 15,000,000 depositary shares, each representing a 1/20th ownership interest in a share of its Series B Mandatory Convertible Preferred Stock, without par value (the "Mandatory Convertible Preferred Stock"), with a liquidation preference of $1,000 per share of Mandatory Convertible Preferred Stock (equivalent to $50 per depositary share). In addition, Great Plains Energy will grant the underwriters in each respective offering a 30-day option to purchase up to 7,890,000 additional shares of common stock and up to 2,250,000 additional depositary shares. -updated 9/27- Great Plains Energy Incorporated (NYSE:GXP) ("Great Plains Energy" or the "Company") announced today the pricing of its previously announced concurrent underwritten public offerings of 52,600,000 shares of its common stock at a price of $26.45 per share and 15,000,000 depositary shares, each representing a 1/20th ownership interest in a share of its 7.00% Series B Mandatory Convertible Preferred Stock, without par value (the "Mandatory Convertible Preferred Stock"), with a liquidation preference of $1,000 per share of Mandatory Convertible Preferred Stock (equivalent to $50 per depositary share), at a price of $50 per depositary share. In addition, the underwriters in each respective offering have been granted a 30-day option to purchase up to 7,890,000 additional shares of common stock and up to 2,250,000 additional depositary shares.
Great Plains Energy is a public utility holding company. Co.'s wholly owned direct subsidiaries with operations are as follows: Kansas City Power & Light Co., a regulated electric utility that provides electricity to customers primarily in Missouri and Kansas; and KCP&L Greater Missouri Operations Co., a regulated electric utility that provides electricity to customers in Missouri and regulated steam service to certain customers in St. Joseph, MO. Co. also wholly owns GPE Transmission Holding Company, LLC (GPETHC), which owns 13.5% of Transource Energy, LLC, and focuses on developing electric transmission projects.
Preferreds: GXP.PRA, GXP.PRE, GXP.PRD
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Avg. Broker Rec.
 
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Buy (3.33 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
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