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Great Plains Energy Inc., 12.00% Equity Units due 6/15/2012
Ticker Symbol: GXP-F* CUSIP: 391164803 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/15/2012
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Great Plains Energy Inc., 12.00% Equity Units, stated amount $50 per unit, initially consisting of Corporate Units which include a stock purchase contract and a 1/20th or 5% interest in a 10% subordinated note with a principal amount of $1000. The stock purchase contract requires the holder to purchase for $50 a variable number of shares of Great Plains Energy Inc. (NYSE: GXP) common stock no later than 6/15/2012 and pays a contract adjustment rate of 2.00% per annum. The stock purchase settlement rate will be 2.9762 shares per unit if the then current market price is equal to or greater than $16.80 and 3.5714 shares per unit if the market price is equal to or less than $14.00. For market prices between those values the settlement rate will be $50 divided by the market value. Prior to the IPO of this security, the last reported sale price of the common stock on 5/12/2009 was $14.04 per share. The subordinated note is due 6/15/2042 and is subject to reset and remarketing on any remarketing day between 12/15/2011 and 5/15/2012. The Corporate Units pay quarterly distributions of 12.00% ($6.00) per annum on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which is the first day of the month in which the payment is due (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Prior to June 15, 2012, the company has the right to defer interest payments on the notes one or more times for one or more consecutive interest periods without giving rise to an event of default. Distributions paid by these securities are derived from interest paid on the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The subordinated notes are pledged as collateral to secure the holder's obligations under the stock purchase contract. The holder has the right at any time to convert the Corporate Units to Treasury Units by the substitution of a specified zero-coupon U.S. Treasury security for the subordinated notes and to later recreate Corporate Units. The notes will initially be subordinated to all of their existing and future Senior Indebtedness and will be effectively subordinated to all liabilities of their subsidiaries. See the IPO prospectus for extensive additional information on the equity units and their mandatory conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock
Exchange |
Cpn Rate
Ann Amt |
LiqPref
CallPrice |
Call Date
Matur Date |
Moodys/S&P
Dated |
Conversion
Shares@Price |
Distribution Dates |
15%
Tax Rate |
NYSE
Chart
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12.00%
$6
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$50.00
N/A
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6/15/2012
6/15/2012
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Ba1
BB+
6/18/2012
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2.9762@$16.80+
3.5714@$14.00-
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3/15, 6/15, 9/15 & 12/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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No
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Go to Parent Company's Record (GXP)
IPO - 5/13/2009 - 5.00 Million Units @ $50.00/unit.
Link to IPO Prospectus
Market Value $250.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1201 Walnut Street, Kansas City, MO 64106 |
| Main Phone Number |
816-556-2200 |
| Fax Number |
816-556-2992 |
| Investor Relations
Ellen Fairchild
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816-556-2083
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| Toll Free Phone Number |
800-245-5275 |
| CEO - Michael J. Chesser |
CFO - Terry Bassham |
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