Great Plains Energy has completed its previously announced public offering of equity units and its concurrent public offering of common stock. The Company previously announced that the underwriters of each offering fully exercised their option to purchase additional equity units and common stock to cover overallotments.
Total net proceeds from the offerings are approximately $431.8 million after expenses and underwriting discounts. The Company intends to use the net proceeds from both of these offerings to repay all or a portion of the short-term borrowings under its revolving credit facility and to make contributions of capital to Kansas City Power & Light Company ("KCP&L") and KCP&L Greater Missouri Operations Company ("GMO") for general corporate purposes, principally for repayment of all or a portion of KCP&L's outstanding commercial paper, and repayment of all or a portion of the short-term borrowings under GMO’s revolving credit facilities.
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