UTILICORP UNITED SELLS UNSECURED SENIOR NOTES
UTILICORP UNITED SELLS UNSECURED SENIOR NOTES KANSAS CITY, Mo., Nov. 19 /PRNewswire/ -- UtiliCorp United
(NYSE: UCU) announced it has sold $150 million of unsecured senior notes at a coupon rate of nine percent. The 30-year notes carry a 10-year, non-call restriction.
Net proceeds from the sale will be used to reduce short-term debt incurred for acquisitions and construction, and for general corporate purposes. On Sept. 30, UtiliCorp finalized the acquisition of the former Centel Electric companies in Colorado and Kansas, now WestPlains Energy in a transaction valued at $346 million. Also, on Sept. 23 UtiliCorp's Aquila Energy subsidiary purchased the remaining ownership interest in Clajon Holdings, LP, from a subsidiary of EnCap Financial Services, Inc. The Clajon transaction was valued at $39 million. The sale was negotiated through Goldman, Sachs & Co. acting as lead manager with Kidder Peabody & Co. and Smith Barney, Harris Upham & Co. as co-managers. Based in Kansas City, UtiliCorp provides gas and electric service to approximately one million customers in eight states and the province of British Columbia. The company also is engaged in various non- regulated utility and energy related enterprises. -0- 11/19/91 /CONTACT: Phil Hermanson of Utilicorp, 816-421-6600/ (UCU) CO: Utilicorp ST: Missouri IN: SU: KH -- MN009 -- 4918 11/19/91 11:36 EST
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|Date:||Nov 19, 1991|
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