In March, we issued $250 million of 30-year First Mortgage Bonds at 4-1/8%, the lowest rate for us in more than 50 years. The low cost of this issue allowed us to retire $70 million of higher cost loan term debt. We have also announced the plan call of $150 million, 6.1% series First Mortgage Bonds.
We plan to utilize our low cost commercial paper to initially fund the call, which is scheduled for next week. In addition to funding CapEx we will continue to evaluate refinancing where make sense consistent with our target long-term capitalization.
Speaking of CapEx, here is an update on some of our larger projects. Plant mostly completed the upgrade of air quality equivalent for the largest unit at Lawrence Energy Center. This portion of the project represents about two-thirds of the total $300 million project cost.
The upgrade for small unit remains on schedule for competition by year end. The installation of an SCR Jeffrey remains on schedule and on budget at $240 million. Our most significant single project underway LaCygne station, while still early in the project if remains on schedule and on budget.Turning to transmission, we placed our Wichita to Oklahoma 345 kV line into service last month ahead of schedule and more than $20 million below budget. The balance of our transmission investment is progressing according to plan. We will not include in our CapEx estimate, our Prairie Wind joint venture project is progressing nicely. We require almost half of the rights away and we will start clearly get this month. Line construction is scheduled to begin later this year with the planned completion on late 2014. In a release last night, we affirmed 2012 earnings guidance of $1.85 to $2 per share. Guidance is conditioned on the typical factors including such things as weather, the economy, COLI proceeds and so far this year, we have received about two-thirds of the full-year estimate and other factors we can’t control all of which we detailed in our supplemental materials. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV