Great Plains Energy Incorporated Announces Dates For Remarketing Of Its Notes
Great Plains Energy Incorporated (NYSE: GXP) today announced that on
March 19, 2012 and, if necessary, on the following two business days
(together, the “Early Remarketing Period”), it expects to conduct a
Great Plains Energy Incorporated (NYSE: GXP) today announced that on March 19, 2012 and, if necessary, on the following two business days (together, the “Early Remarketing Period”), it expects to conduct a remarketing of its 10.00% Subordinated Notes due 2042 (the “Notes”) (CUSIP No. 391164 AC4), which are currently outstanding in the aggregate principal amount of $287,500,000. The Notes were originally issued as part of its Corporate Units (NYSE: GXPPRF) (CUSIP No. 391164 803) on May 18, 2009 (the “Corporate Units”) pursuant to a Purchase Contract and Pledge Agreement, dated as of May 18, 2009 (the “Purchase Contract and Pledge Agreement”). If the remarketing is successful during the Early Remarketing Period, the interest rate on the Notes will be reset to a rate (the “Reset Rate”) that will enable the Notes to be remarketed at a price equal to the sum of the Remarketing Treasury Portfolio Purchase Price and the Separate Notes Purchase Price and, at Great Plains Energy’s option, the applicable Remarketing Fee (all terms as defined in the Purchase Contract and Pledge Agreement). Great Plains Energy estimates that the range of the Remarketing Fee will be from 0.600% to 0.875% of the aggregate principal amount of Notes to be remarketed. Upon a successful remarketing and effective as of the Reset Effective Date (as defined below), the ranking of the Notes will change such that the Notes will rank equally with all of Great Plains Energy’s existing and future unsecured and unsubordinated obligations and the interest deferral provisions of the Notes will be removed. In addition, in connection with a successful remarketing, Great Plains Energy, at its option, may change the maturity dates of the Notes (to any date on or after June 15, 2014 and earlier than June 15, 2042), the optional redemption features of the Notes and the interest payment dates and events of default therefor. The Reset Rate, interest payment dates, any new maturity date, any optional redemption terms and any changes to the events of defaults will be established on the date of the successful remarketing and become effective on the third business day following the date of a successful remarketing (the “Reset Effective Date”).