exv1w1
Exhibit 1.1
EXECUTION VERSION
Kansas City Power & Light Company
$400,000,000
5.30% Notes due 2041
UNDERWRITING AGREEMENT
dated September 15, 2011
Barclays Capital Inc.
RBS Securities Inc.
Wells Fargo Securities, LLC
Underwriting Agreement
September 15, 2011
Barclays Capital Inc.
RBS Securities Inc.
Wells Fargo Securities, LLC
As Representatives of the several Underwriters
c/o BARCLAYS CAPITAL INC.
745 Seventh Avenue
New York, New York 10019
c/o RBS SECURITIES INC.
600 Washington Boulevard
Stamford, Connecticut 06901
and
c/o WELLS FARGO SECURITIES, LLC
301 S. College Street
Charlotte, NC 28202
Ladies and Gentlemen:
Kansas City Power & Light Company, a Missouri corporation (the Company), proposes to issue
and sell to the several underwriters named in Schedule A (the Underwriters), acting severally and
not jointly, the respective amounts set forth in such Schedule A of $400,000,000 aggregate
principal amount of the Companys 5.30% Notes due 2041 (the Senior Notes). Barclays Capital
Inc., RBS Securities Inc. and Wells Fargo Securities, LLC have agreed to act as representatives of
the several Underwriters (in such capacity, the Representatives) in connection with the offering
and sale of the Senior Notes.
The Senior Notes will be issued pursuant to a senior indenture, as supplemented (the Base
Indenture), dated as of May 1, 2007 between the Company and The Bank of New York Mellon Trust
Company, N.A. (successor to BNY Midwest Trust Company) as trustee (the Trustee). Certain terms
of the Senior Notes will be established pursuant to a supplemental indenture (the Supplemental
Indenture) in accordance with Article Thirteen of the Base Indenture (together with the Base
Indenture, the Indenture). The Senior Notes will be issued in book-entry form in the name of
Cede & Co., as nominee of The Depository Trust Company (the Depositary), pursuant to a Blanket
Letter of Representations, to be dated on or before the Closing Date (as defined in Section 2(b)
below) (the DTC Agreement), among the Company, the Trustee and the Depositary.
1
The Company has prepared and filed with the Securities and Exchange Commission (the
Commission) a registration statement on Form S-3 (File No. 333-159131-01), to be used in
connection with the public offering and sale of debt securities, including the Senior Notes, of the
Company. Such registration statement, including the financial statements, exhibits and schedules
thereto, in the form in which it became effective under the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder (collectively, the Securities Act), including
any required information deemed to be a part of the registration statement at the time of
effectiveness pursuant to Rule 430B under the Securities Act, is called the Registration
Statement. The term Base Prospectus shall mean the base prospectus dated May 11, 2009 relating
to the Senior Notes. The term Preliminary Prospectus shall mean any preliminary prospectus
supplement relating to the Senior Notes, together with the Base Prospectus, that is first filed
with the Commission pursuant to Rule 424(b). The term Prospectus shall mean the final prospectus
supplement relating to the Senior Notes, together with the Base Prospectus, that is first filed
pursuant to Rule 424(b) after the date and time that this Agreement is executed (the Execution
Time) and delivered by the parties hereto. Any reference herein to the Registration Statement,
any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents
that are or are deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3
under the Securities Act prior to 3:30 p.m. (Eastern time) on September 15, 2011 (the Initial Sale
Time). All references in this Agreement to the Registration Statement, any Preliminary
Prospectus, the Prospectus, or any amendments or supplements to any of the foregoing, shall include
any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and
Retrieval System (EDGAR).
All references in this Agreement to financial statements and schedules and other information
which is contained, included or stated (or other references of like import) in the
Registration Statement, the Prospectus or any Preliminary Prospectus shall be deemed to mean and
include all such financial statements and schedules and other information which is or is deemed to
be incorporated by reference in the Registration Statement, the Prospectus or any Preliminary
Prospectus, as the case may be, prior to the Initial Sale Time; and all references in this
Agreement to amendments or supplements to the Registration Statement, the Prospectus or any
Preliminary Prospectus shall be deemed to include the filing of any document under the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder
(collectively, the Exchange Act), which is or is deemed to be incorporated by reference in the
Registration Statement, the Prospectus or any Preliminary Prospectus, as the case may be, after the
Initial Sale Time.
The Company hereby confirms its agreements with the Underwriters as follows:
Section 1. Representations and Warranties of the Company.
The Company hereby represents, warrants and covenants to each Underwriter as of the date hereof, as
of the Initial Sale Time and as of the Closing Date (as defined herein) (in each case, a
Representation Date), as follows:
a) Well-Known Seasoned Issuer. (i) At the time of filing the Registration Statement, (ii) at
the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3)
of the Securities Act (whether such amendment was by post-effective amendment,
2
incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of
prospectus), (iii) at the time the Company or any person acting on its behalf (within the meaning,
for this clause only, of Rule 163(c) of the Securities Act) made any offer relating to the Senior
Notes in reliance on the exemption of Rule 163 of the Securities Act, and (iv) as of the Execution
Time (with such date being used as the determination date for purposes of this clause (iv)), the
Company was and is a well-known seasoned issuer as defined in Rule 405 of the Securities Act.
The Registration Statement is an automatic shelf registration statement, as defined in Rule 405
of the Securities Act, the Company has not received from the Commission any notice pursuant to Rule
401(g)(2) of the Securities Act objecting to use of the automatic shelf registration statement form
and the Company has not otherwise ceased to be eligible to use the automatic shelf registration
statement form.
b) Compliance with Registration Requirements. The Company meets the requirements for use of
Form S-3 under the Securities Act and the Senior Notes have been duly registered under the
Securities Act pursuant to the Registration Statement. The Registration Statement and any
post-effective amendments thereto have become effective under the Securities Act and no stop order
suspending the effectiveness of the Registration Statement has been issued under the Securities Act
and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the
Company, are contemplated or threatened by the Commission, and any request on the part of the
Commission for additional information has been complied with. The Registration Statement was
initially filed with the Commission on May 11, 2009. In addition, the Indenture has been duly
qualified under the Trust Indenture Act of 1939, as amended, and the rules and regulations
promulgated thereunder (the Trust Indenture Act).
At the respective times the Registration Statement and any post-effective amendments thereto
became effective and at each Representation Date, the Registration Statement and any amendments
thereto (i) complied and will comply in all material respects with the requirements of the
Securities Act and the Trust Indenture Act, and (ii) did not and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading. Neither the Prospectus nor any amendments
or supplements thereto, at the time the Prospectus or any such amendment or supplement was issued
and at the Closing Date, included or will include an untrue statement of a material fact or omitted
or will omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading. Notwithstanding the
foregoing, the representations and warranties in this subsection shall not apply to (i) that part
of the Registration Statement which constitutes the Statement of Eligibility on Form T-1 of the
Trustee under the Trust Indenture Act or (ii) statements in or omissions from the Registration
Statement or any post-effective amendment or the Prospectus or any amendments or supplements
thereto made in reliance upon and in conformity with information furnished to the Company in
writing by any of the Underwriters through the Representatives expressly for use therein, it being
understood and agreed that the only such information furnished by any Underwriter consists of the
information described as such in Section 7(b) hereof.
Each Preliminary Prospectus and the Prospectus, at the time each was filed with the
Commission, complied in all material respects with the Securities Act, and each Preliminary
Prospectus and the Prospectus delivered to the Underwriters for use in connection with the
3
offering of the Senior Notes will, at the time of such delivery, be identical to any electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent
permitted by Regulation S-T.
c) Disclosure Package. The term Disclosure Package shall mean (i) the Preliminary
Prospectus dated September 15, 2011 (ii) each Issuer Free Writing Prospectus (as defined below), if
any, identified in Annex I hereto (each, an Issuer General Use Free Writing Prospectus) and (iii)
any other free writing prospectus that the parties hereto shall hereafter expressly agree in
writing to treat as part of the Disclosure Package. The term Issuer Free Writing Prospectus
means any issuer free writing prospectus, as defined in Rule 433 of the Securities Act (Rule
433), relating to the Senior Notes that (i) is required to be filed with the Commission by the
Company or (ii) is a road show that is a written communication within the meaning of Rule
433(d)(8)(i), whether or not required to be filed with the Commission, in each case in the form
filed or required to be filed with the Commission or, if not required to be filed, in the form
retained in the Companys records pursuant to Rule 433(g). At the Initial Sale Time, neither (x)
the Disclosure Package nor (y) any Issuer Free Writing Prospectus, when considered with the
Disclosure Package, included any untrue statement of a material fact or omitted to state any
material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The preceding sentence does not apply to statements in
or omissions from the Disclosure Package or Issuer Free Writing Prospectus based upon and in
conformity with written information furnished to the Company by any Underwriter through the
Representatives specifically for use therein, it being understood and agreed that the only such
information furnished by or on behalf of any Underwriter consists of the information described as
such in Section 7(b) hereof.
d) Incorporated Documents. The documents incorporated or deemed to be incorporated by
reference in the Registration Statement, any Preliminary Prospectus and the Prospectus (i) at the
time they were or hereafter are filed with the Commission, complied or will comply in all material
respects with the requirements of the Exchange Act and (ii) when read together with the other
information in the Disclosure Package, at the Initial Sale Time, and when read together with the
other information in the Prospectus, at the date of the Prospectus and at the Closing Date, did not
or will not include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading.
e) Not an Ineligible Issuer. (i) At the earliest time after the filing of the Registration
Statement that the Company or another offering participant makes a bona fide offer (within the
meaning of Rule 164(h)(2) of the Securities Act) of the Senior Notes and (ii) as of the Execution
Time (with such date being used as the determination date for purposes of this clause (ii)), the
Company was not or is not an Ineligible Issuer (as defined in Rule 405 of the Securities Act),
without taking account of any determination by the Commission pursuant to Rule 405 of the
Securities Act that it is not necessary that the Company be considered an Ineligible Issuer.
f) Issuer Free Writing Prospectuses. Each Issuer Free Writing Prospectus, as of its issue
date and at all subsequent times through the completion of the public offering and sale of Senior
Notes or until any earlier date that the Company notified or notifies the Representatives as
described in the next sentence, did not, does not and will not include any information that
4
conflicted, conflicts or will conflict with the information contained in the Registration
Statement, any Preliminary Prospectus or the Prospectus. If at any time following issuance of an
Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of
which such Issuer Free Writing Prospectus conflicted or would conflict with the information
contained in the Registration Statement, any Preliminary Prospectus or the Prospectus, the Company
has promptly notified or will promptly notify the Representatives and has promptly amended or
supplemented or will promptly amend or supplement, at its own expense, such Issuer Free Writing
Prospectus to eliminate or correct such conflict. The foregoing two sentences do not apply to
statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity
with written information furnished to the Company by any Underwriter through the Representatives
specifically for use therein, it being understood and agreed that the only such information
furnished by any Underwriter consists of the information described as such in Section 7(b) hereof.
No electronic roadshow has been prepared or used by the Company in connection with the offering of
the Senior Notes.
g) No Applicable Registration or Other Similar Rights. There are no persons with registration
or other similar rights to have any equity or debt securities registered for sale under the
Registration Statement or included in the offering contemplated by this Agreement, except for such
rights as have been duly waived.
h) Due Incorporation and Qualification. The Company has been duly incorporated and is validly
existing as a corporation in good standing under the laws of the state of Missouri with corporate
power and authority to own, lease and operate its properties and to conduct its business as
described in the Disclosure Package and the Prospectus and to enter into and perform its
obligations under this Agreement, the Indenture and the Senior Notes and to perform its obligations
under the Indenture; and the Company is duly qualified as a foreign corporation to transact
business and is in good standing in each jurisdiction in which such qualification is required,
whether by reason of the ownership or leasing of property or the conduct of business, except where
the failure to so qualify and be in good standing would not result in a Material Adverse Change (as
defined herein).
i) Subsidiaries. Each significant subsidiary (as such term is defined in Rule 1-02 of
Regulation S-X) of the Company (each, a Subsidiary and together, the Subsidiaries) has been
duly incorporated and is validly existing as a corporation in good standing under the laws of its
jurisdiction of incorporation, has corporate power and authority to own, lease and operate its
properties and to conduct its business as described in the Disclosure Package and the Prospectus
and is duly qualified as a foreign corporation to transact business and is in good standing in each
jurisdiction in which such qualification is required, whether by reason of the ownership or leasing
of property or the conduct of business, except where the failure so to qualify or to be in good
standing would not result in a Material Adverse Change; except as otherwise disclosed in the
Disclosure Package and the Prospectus, all of the issued and outstanding shares of capital stock
owned directly or indirectly by the Company of each such Subsidiary have been duly authorized and
validly issued, are fully paid and non-assessable and are owned by the Company, directly or through
subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim
or equity; and none of the outstanding shares of capital stock of any Subsidiary was issued in
violation of the preemptive or similar rights of any securityholder of such Subsidiary. The
Company has no significant subsidiaries.
5
j) Capitalization. The authorized, issued and outstanding capital stock of the Company is as
set forth in the Disclosure Package and the Prospectus in the column entitled Actual under the
caption Capitalization and Short-Term Debt. The shares of issued and outstanding capital stock
of the Company have been duly authorized and validly issued and are fully paid and non-assessable;
none of the outstanding shares of capital stock of the Company was issued in violation of the
preemptive or other similar rights of any securityholder of the Company.
k) Accountants. The accountants who issued their reports on the financial statements of the
Company included or incorporated by reference in the Disclosure Package and the Prospectus are an
independent registered public accounting firm within the meaning of the Securities Act.
l) Financial Statements. The financial statements and any supporting schedules of the Company
included or incorporated by reference in the Registration Statement, the Disclosure Package and the
Prospectus present fairly, in all material respects, the financial position of the Company as of
the dates indicated and the results of its operations and cash flows for the periods specified;
except as stated therein, said financial statements have been prepared in conformity with generally
accepted accounting principles in the United States (GAAP) applied on a consistent basis; and any
supporting schedules included in the Registration Statement present fairly, in all material
respects, the information required to be stated therein. The selected financial data and the
summary financial information included or incorporated by reference in the Disclosure Package and
the Prospectus present fairly, in accordance with GAAP, the information shown therein and have been
compiled on a basis consistent with that of the audited financial statements included or
incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus.
m) Authorization of the Underwriting Agreement. This Agreement has been duly authorized,
executed and delivered by the Company.
n) Authorization of the Indenture. The Indenture has been duly qualified under the Trust
Indenture Act and has been duly authorized, executed and delivered by the Company and constitutes a
valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or affecting enforcement of creditors rights generally and
except as enforcement thereof is subject to general principles of equity (regardless of whether
enforcement is considered in a proceeding in equity or at law).
o) Authorization of the Senior Notes. The Senior Notes to be purchased by the Underwriters
from the Company are in the form contemplated by the Indenture, have been duly authorized for
issuance and sale pursuant to this Agreement and the Indenture and, at the Closing Date, will have
been duly executed by the Company and, when authenticated in the manner provided for in the
Indenture and delivered against payment of the purchase price therefor, be validly issued and
delivered and will constitute valid and binding obligations of the Company, enforceable in
accordance with their terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or affecting enforcement of
creditors rights generally and except as enforcement thereof is subject to general
6
principles of equity (regardless of whether enforcement is considered in a proceeding in
equity or at law) and will be entitled to the benefits of the Indenture.
p) Description of the Senior Notes and the Indenture. The Senior Notes and the Indenture
conform in all material respects to the descriptions thereof contained in the Disclosure Package
and the Prospectus.
q) Material Changes or Material Transactions. Since the respective dates as of which
information is given in the Registration Statement, the Disclosure Package and the Prospectus,
except as may otherwise be stated therein or contemplated thereby, (a) there has been no material
adverse change in the condition, financial or otherwise, or in the earnings, business affairs or
business prospects of the Company and its subsidiaries considered as one enterprise, whether or not
arising in the ordinary course of business (a Material Adverse Change) and (b) there have been no
transactions entered into by the Company and its subsidiaries considered as one enterprise other
than those in the ordinary course of business which are material with respect to the Company and
its subsidiaries considered as one enterprise.
r) No Defaults. Neither the Company nor any of the Subsidiaries is in violation of its
articles of incorporation, charter or by-laws. Except as would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Change, neither the Company nor
any of the Subsidiaries is in default in the performance or observance of any obligation,
agreement, covenant or condition contained in any contract, indenture, mortgage, loan agreement,
note, lease or other instrument to which the Company or any of the Subsidiaries is a party or by
which it or any of them may be bound, or to which any of the property or assets of the Company or
any of the Subsidiaries is subject (each, an Agreement or Instrument and, collectively, the
Agreements and Instruments). The execution and delivery of this Agreement, the Indenture and the
Senior Notes and the consummation of the transactions contemplated herein, therein and in the
Indenture have been duly authorized by all necessary corporate action and do not and will not
conflict with or constitute a breach of, or default under, or result in the creation or imposition
of any lien, charge or encumbrance upon any property or assets of the Company or any Subsidiary
pursuant to, any material Agreements and Instruments, nor will such action result in any violation
of the provisions of the articles of incorporation, charter or by-laws, of the Company or any of
the Subsidiaries or any applicable law, administrative regulation or administrative or court order
or decree.
s) Regulatory Approvals. The Company has made all necessary filings and obtained all
necessary consents, orders or approvals in connection with the issuance and sale of the Senior
Notes or will have done so by the time the Senior Notes shall be issued and sold, and no consent,
approval, authorization, order or decree of any other court or governmental agency or body is
required for the consummation by the Company of the transactions contemplated by this Agreement,
except such as may be required under state securities laws.
t) Legal Proceedings; Contracts. Except as may be set forth, incorporated or deemed
incorporated by reference in the Disclosure Package and the Prospectus, there is no action, suit or
proceeding before or by any court or governmental agency or body, domestic or foreign, now pending,
or, to the knowledge of the Company, threatened against or affecting, the Company or its
subsidiaries which would reasonably be expected to result in any Material
7
Adverse Change, or might materially and adversely affect its properties or assets or would
reasonably be expected to materially and adversely affect the consummation of the transactions
contemplated by this Agreement; and there are no contracts or documents which are required to be
filed as exhibits to the Registration Statement by the Securities Act which have not been so filed.
u) Franchises. The Company and the Subsidiaries hold, to the extent required, valid and
subsisting franchises, licenses and permits authorizing them to carry on the regulated utility
businesses in which they are engaged in the territories from which substantially all of the
Companys consolidated gross operating revenue is derived, except where the failure to hold such
franchises, licenses and permits would not result in a Material Adverse Change.
v) Environmental Laws. Except as described, incorporated or deemed incorporated by reference
in the Disclosure Package and the Prospectus, and except as would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Change, (A) neither the Company
nor any of the Subsidiaries is in violation of any federal, state, local or foreign statute, law,
rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative
interpretation thereof, including any judicial or administrative order, consent, decree or
judgment, relating to pollution or protection of human health, the environment (including, without
limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or
wildlife, including, without limitation, laws and regulations relating to the release or threatened
release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances,
petroleum or petroleum products, asbestos-containing materials or mold (collectively, Hazardous
Materials) or to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials (collectively, Environmental Laws), (B) the Company
and the Subsidiaries have all permits, authorizations and approvals required under any applicable
Environmental Laws and are each in compliance with their requirements, (C) there are no pending or,
to the knowledge of the Company, threatened administrative, regulatory or judicial actions, suits,
demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or
proceedings relating to any Environmental Law against the Company or any of the Subsidiaries and
(D) there are no events or circumstances that would reasonably be expected to form the basis of an
order for clean-up or remediation, or an action, suit or proceeding by any private party or
governmental body or agency, against or affecting the Company or any of the Subsidiaries relating
to Hazardous Materials or any Environmental Laws.
w) Investment Company Act. The Company is not and, upon the issuance and sale of the Senior
Notes as contemplated herein and the application of the net proceeds thereof as described in the
Disclosure Package and the Prospectus, will not be, required to register as an investment company
under the Investment Company Act of 1940, as amended.
x) ERISA. The Company and the Subsidiaries are in compliance in all material respects with
all presently applicable provisions of the Employee Retirement Income Security Act of 1974, as
amended, including the regulations and published interpretations thereunder (ERISA); no
reportable event (as defined in ERISA) has occurred with respect to any pension plan (as
defined in ERISA) for which the Company or any of the Subsidiaries would have any material
liability; the Company and the Subsidiaries have not incurred and do not
8
expect to incur any material liability under (i) Title IV of ERISA with respect to the
termination of, or withdrawal from, any pension plan or (ii) Section 412 or 4971 of the Internal
Revenue Code of 1986, as amended, including the regulations and published interpretations
thereunder (the Code); and each pension plan for which the Company or any of the Subsidiaries
would have any liability that is intended to be qualified under Section 401(a) of the Code is so
qualified in all material respects and nothing has occurred, whether by action or by failure to
act, which would cause the loss of such qualification.
y) Insurance. The Company and each of the Subsidiaries carry, or are covered by, insurance in
such amounts and covering such risks as is adequate for the conduct of their respective businesses
and the value of their respective properties.
z) Taxes. The Company and each of the Subsidiaries have filed all federal, state and local
income and franchise tax returns required to be filed through the date hereof and have paid all
taxes due thereon, except such as are being contested in good faith by appropriate proceedings, and
no tax deficiency has been determined adversely to the Company or any of the Subsidiaries which has
had, nor does the Company have any knowledge of any tax deficiency which, if determined adversely
to the Company or any of the Subsidiaries, would reasonably be expected to result in, a Material
Adverse Change.
aa) Internal Controls. Each of the Company and the Subsidiaries (A) make and keep accurate
books and records and (B) maintain internal accounting controls which provide reasonable assurance
that (i) transactions are executed in accordance with managements authorization, (ii) transactions
are recorded as necessary to permit preparation of its financial statements and to maintain
accountability for its assets, (iii) access to its assets is permitted only in accordance with
managements authorization and (iv) the reported accountability for its assets is compared with
existing assets at reasonable intervals. Except as described in the Disclosure Package and the
Prospectus, since the end of the Companys most recent audited fiscal year, there has been (I) no
material weakness in the Companys internal control over financial reporting (whether or not
remediated) and (II) no change in the Companys internal control over financial reporting that has
materially affected, or is reasonably likely to materially affect, the Companys internal control
over financial reporting.
bb) Sarbanes-Oxley. The Company is in compliance, in all material respects, with all
applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated
in connection therewith, including Section 402 related to loans, and the requirement that the
Company and its consolidated subsidiaries maintain the following, among other, controls and
procedures:
(i) a system of internal accounting controls as contemplated in Section
13(b)(2)(B) of the Exchange Act;
(ii) disclosure controls and procedures as such term is defined in Rule
13a-15(e) under the Exchange Act; and
(iii) internal control over financial reporting as such term is defined in
Rule 13a-15(f) under the Exchange Act.
9
cc) Pending Proceedings and Examinations. The Registration Statement is not the subject of a
pending proceeding or examination under Section 8(d) or 8(e) of the Securities Act, and the Company
is not the subject of a pending proceeding under Section 8A of the Securities Act in connection
with the offering of the Senior Notes.
dd) Ratings. The Senior Notes will be rated as described in the Final Term Sheet (as defined
below).
Any certificate signed by any director or officer of the Company and delivered to the
Underwriters or to counsel for the Underwriters shall be deemed a representation and warranty by
the Company to the Underwriters as to the matters covered thereby on the date of such certificate
and, unless subsequently amended or supplemented, at each Representation Date subsequent thereto.
Section 2. Purchase, Sale and Delivery of the Senior Notes.
a) The Senior Notes. The Company agrees to issue and sell to the several Underwriters,
severally and not jointly, all of the Senior Notes upon the terms herein set forth. On the basis
of the representations, warranties and agreements herein contained, and upon the terms but subject
to the conditions herein set forth, the Underwriters agree, severally and not jointly, to purchase
from the Company the aggregate principal amount of Senior Notes set forth opposite their names on
Schedule A, plus any additional principal amount of Senior Notes which such Underwriter may become
obligated to purchase pursuant to Section 9 hereof, at a purchase price of 98.483% of the principal
amount of the Senior Notes, payable on the Closing Date.
b) The Closing Date. Delivery of certificates for the Senior Notes in global form to be
purchased by the Underwriters and payment therefor shall be made at the offices of Davis Polk &
Wardwell LLP, 1600 El Camino Real, Menlo Park, California (or such other place as may be agreed to
by the Company and the Representatives) at 9:00 a.m., New York City time, on September 20, 2011, or
such other time and date as the Underwriters and the Company shall mutually agree (the time and
date of such closing are called the Closing Date).
c) Public Offering of the Senior Notes. The Representatives hereby advise the Company that
the Underwriters intend to offer for sale to the public, as described in the Disclosure Package and
the Prospectus, their respective portions of the Senior Notes as soon after this Agreement has been
executed as the Representatives, in their sole judgment, have determined is advisable and
practicable.
d) Payment for the Senior Notes. Payment for the Senior Notes shall be made at the Closing
Date by wire transfer of immediately available funds to the order of the Company.
It is understood that the Representatives have been authorized, for their own accounts and for
the accounts of the several Underwriters, to accept delivery of and receipt for, and make payment
of the purchase price for, the Senior Notes that the Underwriters have agreed to purchase. The
Representatives may (but shall not be obligated to) make payment for any Senior Notes to be
purchased by any Underwriter whose funds shall not have been received by the
10
Representatives by the Closing Date for the account of such Underwriter, but any such payment
shall not relieve such Underwriter from any of its obligations under this Agreement.
e) Delivery of the Senior Notes. The Company shall deliver, or cause to be delivered, to the
Representatives for the accounts of the several Underwriters through the facilities of the
Depositary certificates for the Senior Notes at the Closing Date, against the irrevocable release
of a wire transfer of immediately available funds for the amount of the purchase price therefor.
The certificates for the Senior Notes shall be definitive global certificates in book entry form
for clearance through the Depositary. Time shall be of the essence, and delivery at the time and
place specified in this Agreement is a further condition to the obligations of the Underwriters.
Section 3. Covenants of the Company.
The Company covenants and agrees with each Underwriter as follows:
a) Compliance with Securities Regulations and Commission Requests. The Company, subject to
Section 3(b) hereof, will comply with the requirements of Rule 430B under the Securities Act, and
will promptly notify the Representatives, and confirm the notice in writing, of (i) the
effectiveness during the Prospectus Delivery Period (as defined below) of any post-effective
amendment to the Registration Statement or the filing of any supplement or amendment to any
Preliminary Prospectus or the Prospectus, (ii) the receipt of any comments from the Commission
during the Prospectus Delivery Period, (iii) any request by the Commission for any amendment to the
Registration Statement or any amendment or supplement to any Preliminary Prospectus or the
Prospectus or for additional information, and (iv) the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or of any order preventing or suspending
the use of any Preliminary Prospectus or the Prospectus, or of the suspension of the qualification
of the Senior Notes for offering or sale in any jurisdiction, or of the initiation or threatening
of any proceedings for any of such purposes. The Company will promptly effect the filings
necessary pursuant to Rule 424 and will take such steps as it deems necessary to ascertain promptly
whether any Preliminary Prospectus and the Prospectus transmitted for filing under Rule 424 was
received for filing by the Commission and, in the event that it was not, it will promptly file such
document. The Company will use every reasonable effort to prevent the issuance of any stop order
and, if any stop order is issued, to obtain the lifting thereof at the earliest possible moment.
b) Representatives Review of Proposed Amendments and Supplements. During the period
beginning on the date of this Agreement and ending on the later of the Closing Date or such date,
as in the opinion of counsel for the Underwriters, a prospectus relating to the Senior Notes is no
longer required by law to be delivered in connection with sales of the Senior Notes by an
Underwriter or dealer, including in circumstances where such requirement may be satisfied pursuant
to Rule 172 under the Securities Act (the Prospectus Delivery Period), prior to amending or
supplementing the Registration Statement, the Disclosure Package or the Prospectus (including any
amendment or supplement through incorporation by reference of any report filed under the Exchange
Act), the Company shall furnish, within a reasonable time prior to filing such amendment or
supplement, to the Representatives for review a copy of each such proposed amendment or supplement,
and the Company shall not file or use any such proposed amendment
11
or supplement (except for any amendment or supplement filed under the Exchange Act after the
Closing Date) to which the Representatives or counsel for the Underwriters shall reasonably object.
c) Delivery of Registration Statements. If requested, the Company will furnish or deliver to
the Representatives and counsel for the Underwriters, without charge, copies of the Registration
Statement as originally filed and of each amendment thereto (including exhibits filed therewith or
incorporated by reference therein and documents incorporated or deemed to be incorporated by
reference therein) and copies of all consents and certificates of experts, and will also deliver to
the Representatives, without charge, a conformed copy of the Registration Statement as originally
filed and of each amendment thereto (without exhibits) for each of the Underwriters. The
Registration Statement and each amendment thereto furnished to the Underwriters will be identical
to any electronically transmitted copies thereof filed with the Commission pursuant to EDGAR,
except to the extent permitted by Regulation S-T.
d) Delivery of Prospectuses. The Company will deliver to each Underwriter, without charge, as
many copies of each Preliminary Prospectus as such Underwriter may reasonably request, and the
Company hereby consents to the use of such copies for purposes permitted by the Securities Act.
The Company will furnish to each Underwriter, without charge, during the Prospectus Delivery
Period, such number of copies of the Prospectus as such Underwriter may reasonably request. Each
Preliminary Prospectus and the Prospectus and any amendments or supplements thereto furnished to
the Underwriters will be identical to any electronically transmitted copies thereof filed with the
Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.
e) Continued Compliance with Securities Laws. The Company will comply with the Securities Act
and the Exchange Act so as to permit the completion of the distribution of the Senior Notes as
contemplated in this Agreement and the Prospectus. If, at any time during the Prospectus Delivery
Period, any event shall occur or condition shall exist as a result of which it is necessary to
amend the Registration Statement in order that the Registration Statement will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading or to amend or supplement the Disclosure
Package or the Prospectus in order that the Disclosure Package or the Prospectus, as the case may
be, will not include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances existing at
the Initial Sale Time or at the time it is delivered or conveyed to a purchaser, not misleading, or
if it shall be necessary at any such time to amend the Registration Statement or amend or
supplement the Disclosure Package or the Prospectus in order to comply with the requirements of the
Securities Act, the Company will (1) notify the Representatives of any such event, development or
condition, (2) promptly prepare and file with the Commission, subject to Section 3(b) hereof, such
amendment or supplement (including by filing under the Exchange Act any document incorporated by
reference in the Disclosure Package or the Prospectus) as may be necessary to correct such
statement or omission or to make the Registration Statement, the Disclosure Package or the
Prospectus comply with such requirements, and (3) the Company will furnish to the Underwriters,
without charge, such number of copies of such amendment or supplement to the Disclosure Package or
the Prospectus as the Underwriters may reasonably request.
12
f) Blue Sky Compliance. The Company shall cooperate with the Representatives and counsel for
the Underwriters to qualify or register the Senior Notes for sale under (or obtain exemptions from
the application of) the state securities or blue sky laws of those jurisdictions designated by the
Representatives, shall comply with such laws and shall continue such qualifications, registrations
and exemptions in effect so long as required for the distribution of the Senior Notes. The Company
shall not be required to qualify to transact business or to take any action that would subject it
to general service of process in any such jurisdiction where it is not presently qualified or where
it would be subject to taxation as a foreign business. The Company will advise the Representatives
promptly of the suspension of the qualification or registration of (or any such exemption relating
to) the Senior Notes for offering, sale or trading in any jurisdiction or any initiation or threat
of any proceeding for any such purpose, and in the event of the issuance of any order suspending
such qualification, registration or exemption, the Company shall use every reasonable effort to
obtain the withdrawal thereof at the earliest possible moment.
g) Use of Proceeds. The Company shall apply the net proceeds from the sale of the Senior
Notes sold by it in the manner described under the caption Use of Proceeds in each of the
Disclosure Package and the Prospectus.
h) Depositary. The Company will cooperate with the Underwriters and use every reasonable
effort to permit the Senior Notes to be eligible for clearance and settlement through the
facilities of the Depositary.
i) Periodic Reporting Obligations. During the Prospectus Delivery Period and subject to
Section 3(b) hereof, the Company shall file, on a timely basis, with the Commission all reports and
documents required to be filed under the Exchange Act.
j) Agreement Not to Offer or Sell Additional Securities. During the period commencing on the
date hereof and ending on the Closing Date, the Company will not, without the prior written consent
of the Representatives (which consent may be withheld at the sole discretion of the
Representatives), directly or indirectly, sell, offer, contract or grant any option to sell,
transfer or establish an open put equivalent position within the meaning of Rule 16a-1(h) under
the Exchange Act, or otherwise dispose of or transfer, or announce the offering of, or file any
registration statement under the Securities Act in respect of, any debt securities of the Company
similar to the Senior Notes or securities exchangeable for or convertible into debt securities
similar to the Senior Notes, other than as contemplated by this Agreement with respect to the
Senior Notes.
k) Final Term Sheet. The Company will prepare a final term sheet containing only a
description of the Senior Notes, in substantially the form previously agreed to by the Company and
the Representatives, and will file such term sheet pursuant to Rule 433(d) under the Securities Act
within the time required by such rule (such term sheet, the Final Term Sheet). The Final Term
Sheet is an Issuer Free Writing Prospectus for purposes of this Agreement.
l) Permitted Free Writing Prospectuses. The Company represents that it has not made, and
agrees that, unless it obtains the prior written consent of the Representatives, and each
Underwriter, severally and not jointly, represents that it has not made, and agrees with the
13
Company that, unless it obtains the prior written consent of the Company, it will not make,
any offer relating to the Senior Notes that would constitute an issuer free writing prospectus or
that would otherwise constitute a free writing prospectus (as those terms are defined in Rule 405
of the Securities Act) required to be filed by the Company with the Commission or retained by the
Company under Rule 433 of the Securities Act; provided that the prior written consent of the
Representatives shall be deemed to have been given in respect of the Issuer General Use Free
Writing Prospectuses included in Annex I hereto. Any such free writing prospectus consented to by
the Representatives is hereinafter referred to as a Permitted Free Writing Prospectus. The
Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free
Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has complied and will comply, as
the case may be, with the requirements of Rules 164 and 433 of the Securities Act applicable to any
Permitted Free Writing Prospectus, including in respect of timely filing with the Commission,
legending and record keeping.
m) Notice of Inability to Use Automatic Shelf Registration Statement Form. If at any time
during the Prospectus Delivery Period the Company receives from the Commission a notice pursuant to
Rule 401(g)(2) or otherwise ceases to be eligible to use the automatic shelf registration statement
form, the Company will i. promptly notify the Representatives, ii. promptly file a new registration
statement or post-effective amendment on the proper form relating to the Senior Notes, in a form
satisfactory to the Representatives, iii. use its best efforts to cause such registration statement
or post-effective amendment to be declared effective and iv. promptly notify the Representatives of
such effectiveness. The Company will take all other action necessary or appropriate to permit the
public offering and sale of the Senior Notes to continue as contemplated in the registration
statement that was the subject of the Rule 401(g)(2) notice or for which the Company has otherwise
become ineligible. References herein to the Registration Statement shall include such new
registration statement or post-effective amendment, as the case may be.
n) Registration Statement Renewal Deadline. If immediately prior to the third anniversary
(the Renewal Deadline) of the initial effective date of the Registration Statement, any of the
Senior Notes remain unsold by the Underwriters, the Company will prior to the Renewal Deadline
file, if it has not already done so and is eligible to do so, a new automatic shelf registration
statement relating to the Senior Notes, in a form satisfactory to the Representatives. If the
Company is no longer eligible to file an automatic shelf registration statement, the Company will
prior to the Renewal Deadline, if it has not already done so, file a new shelf registration
statement relating to the Senior Notes, in a form satisfactory to the Representatives, and will use
its best efforts to cause such registration statement to be declared effective within 60 days after
the Renewal Deadline. The Company will take all other action necessary or appropriate to permit
the public offering and sale of the Senior Notes to continue as contemplated in the expired
registration statement relating to the Senior Notes. References herein to the Registration
Statement shall include such new automatic shelf registration statement or such new shelf
registration statement, as the case may be.
o) Filing Fees. The Company agrees to pay the required Commission filing fees relating to the
Senior Notes within the time required by Rule 456(b)(1) of the Securities Act without regard to the
proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of the Securities Act.
14
p) No Manipulation of Price. The Company will not take, directly or indirectly, any action
designed to cause or result in, or that has constituted or might reasonably be expected to
constitute, under the Exchange Act or otherwise, the stabilization or manipulation of the price of
any securities of the Company to facilitate the sale or resale of the Senior Notes.
q) Earning Statement. The Company will make generally available to the Companys security
holders and to the Representatives as soon as practicable an earning statement covering a period of
at least twelve months beginning with the first fiscal quarter of the Company occurring after the
date of this Agreement that will satisfy the provisions of Section 11(a) of the Securities Act.
The Representatives, on behalf of the several Underwriters, may, in their sole discretion,
waive in writing the performance by the Company of any one or more of the foregoing covenants or
extend the time for their performance.
Section 4. Payment of Expenses. The Company agrees to pay all costs, fees
and expenses incurred in connection with the performance of its obligations hereunder and in
connection with the transactions contemplated hereby, including without limitation (i) all expenses
incident to the issuance and delivery of the Senior Notes (including all printing and engraving
costs), (ii) all necessary issue, transfer and other stamp taxes in connection with the issuance
and sale of the Senior Notes to the Underwriters, (iii) all fees and expenses of the Companys
counsel, independent public or certified public accountants and other advisors to the Company, (iv)
all costs and expenses incurred in connection with the preparation, printing, filing, shipping and
distribution of the Registration Statement (including financial statements, exhibits, schedules,
consents and certificates of experts), each Issuer Free Writing Prospectus, each Preliminary
Prospectus and the Prospectus, and all amendments and supplements thereto, and this Agreement, the
Indenture, the DTC Agreement and the Senior Notes, (v) all filing fees, reasonable attorneys fees
and expenses incurred by the Company or the Underwriters in connection with qualifying or
registering (or obtaining exemptions from the qualification or registration of) all or any part of
the Senior Notes for offer and sale under the state securities or blue sky laws, and, if requested
by the Representatives, preparing a Blue Sky Survey or memorandum, and any supplements thereto,
advising the Underwriters of such qualifications, registrations and exemptions, (vi) the filing
fees incident to, and the reasonable fees and disbursements of counsel to the Underwriters in
connection with, the review, if any, by the Financial Industry Regulatory Authority, Inc. (FINRA)
of the terms of the sale of the Senior Notes, (vii) the fees and expenses of the Trustee, including
the reasonable fees and disbursements of counsel for the Trustee in connection with the Indenture
and the Senior Notes, (viii) any fees payable in connection with the rating of the Senior Notes
with the ratings agencies, (ix) all fees and expenses (including reasonable fees and expenses of
counsel) of the Company in connection with approval of the Senior Notes by the Depositary for
book-entry transfer, (x) all other fees, costs and expenses referred to in Item 14 of Part II of
the Registration Statement, (xi) all reasonable out-of-pocket expenses incurred by the
Representatives with respect to any roadshow, including expenses relating to slide production,
internet roadshow taping and travel, and (xii) all other fees, costs and expenses incurred in
connection with the performance of its obligations hereunder for which provision is not otherwise
made in this Section 4. Except as provided in this Section 4, Section 6, Section 7 and Section 8
hereof, the
15
Underwriters shall pay their own expenses, including the fees and disbursements of their
counsel.
Section 5. Conditions of the Obligations of the Underwriters. The
obligations of the several Underwriters to purchase and pay for the Senior Notes as provided herein
on the Closing Date shall be subject to the accuracy of the representations and warranties on the
part of the Company set forth in Section 1 hereof as of each Representation Date as though then
made and to the timely performance by the Company of its covenants and other obligations hereunder,
and to each of the following additional conditions:
a) Effectiveness of Registration Statement. The Registration Statement shall remain effective
under the Securities Act and no stop order suspending the effectiveness of the Registration
Statement shall have been issued under the Securities Act and no proceedings for that purpose shall
have been instituted or be pending or threatened by the Commission, any request on the part of the
Commission for additional information shall have been complied with to the reasonable satisfaction
of counsel to the Underwriters and the Company shall not have received from the Commission any
notice pursuant to Rule 401(g)(2) of the Securities Act objecting to use of the automatic shelf
registration statement form.
b) Filings under Rule 424 and Rule 433. For the period from the Execution Time to the Closing
Date:
(i) the Company shall have filed any Preliminary Prospectus not previously
filed and the Prospectus with the Commission (including the information required by
Rule 430B under the Securities Act) in the manner and within the time period
required by Rule 424(b) under the Securities Act; or the Company shall have filed a
post-effective amendment to the Registration Statement containing the information
required by such Rule 430B, and such post-effective amendment shall have become
effective; and
(ii) the Final Term Sheet, and any other material required to be filed by the
Company pursuant to Rule 433(d) under the Securities Act, shall have been filed with
the Commission within the applicable time periods prescribed for such filings under
such Rule 433.
c) Accountants Comfort Letter. On the date hereof, the Representatives shall have received
from Deloitte & Touche LLP, independent public or certified public accountants for the Company, a
letter dated the date hereof addressed to the Underwriters, in form and substance satisfactory to
the Representatives with respect to the audited and unaudited consolidated financial statements and
certain financial information of the Company included or incorporated in the Registration
Statement, any Preliminary Prospectus and the Prospectus.
d) Bring-down Comfort Letter. On the Closing Date, the Representatives shall have received
from Deloitte & Touche LLP, independent public or certified public accountants for the Company, a
letter dated such date, in form and substance satisfactory to the Representatives, to the effect
that they reaffirm the statements made in the letter furnished by them pursuant to
16
subsection (c) of this Section 5, except that the specified date referred to therein for the
carrying out of procedures shall be no more than three business days prior to the Closing Date.
e) No Material Adverse Change or Ratings Agency Change. For the period from the Execution
Time to the Closing Date:
(i) in the judgment of the Representatives, there shall not have occurred any Material
Adverse Change, except as reflected in or contemplated by the Disclosure Package; and
(ii) there shall not have occurred any downgrading, nor shall any notice have been
given of any intended or potential downgrading or of any review for a possible change that
does not indicate the direction of the possible change, in the rating accorded any
securities of the Company or any of the Subsidiaries by any nationally recognized
statistical rating organization as such term as defined in Section 3(a)(62) of the Exchange
Act.
f) Opinion of Counsel for the Company. On the Closing Date, the Representatives shall have
received the favorable opinions of (i) Dewey & LeBoeuf LLP, counsel for the Company, dated as of
such Closing Date, the form of which is attached as Exhibit A-1, and (ii) Heather A. Humphrey,
General Counsel and Vice President Human Resources of Great Plains Energy Incorporated, dated as
of such Closing Date, the form of which is attached as Exhibit A-2.
g) Opinion of Counsel for the Underwriters. On the Closing Date, the Representatives shall
have received the favorable opinion of Davis Polk & Wardwell LLP, counsel for the Underwriters,
dated as of such Closing Date, with respect to such matters as may be reasonably requested by the
Underwriters.
h) Officers Certificate. On the Closing Date, the Representatives shall have received a
written certificate executed by the Chief Executive Officer, President or a Vice President of the
Company and the Chief Financial Officer or Chief Accounting Officer of the Company, dated as of
such Closing Date, to the effect that, to the best of their knowledge after reasonable
investigation:
(i) the Company has received no stop order suspending the effectiveness of the
Registration Statement, and no proceedings for such purpose have been instituted or
threatened by the Commission;
(ii) the Company has not received from the Commission any notice pursuant to Rule
401(g)(2) of the Securities Act objecting to use of the automatic shelf registration
statement form;
(iii) there has not occurred any downgrading, and the Company has not received any
notice of any intended or potential downgrading or of any review for a possible change that
does not indicate the direction of the possible change, in the rating accorded any
securities of the Company or any of the Subsidiaries by any nationally recognized
17
statistical rating organization as such term as defined in Section 3(a)(62) of the
Exchange Act;
(iii) for the period from the Execution Time to the Closing Date, there has not
occurred any Material Adverse Change;
(iv) the representations, warranties and covenants of the Company set forth in Section
1 of this Agreement are true and correct with the same force and effect as though expressly
made on and as of such Closing Date; and
(v) the Company has complied with all the agreements hereunder and satisfied all the
conditions on its part to be performed or satisfied hereunder at or prior to such Closing
Date.
i) Additional Documents. On or before the Closing Date, the Representatives and counsel for
the Underwriters shall have received such information, documents and opinions as they may
reasonably require for the purposes of enabling them to pass upon the issuance and sale of the
Senior Notes as contemplated herein, or in order to evidence the accuracy of any of the
representations and warranties, or the satisfaction of any of the conditions or agreements, herein
contained.
If any condition specified in this Section 5 is not satisfied when and as required to be
satisfied, this Agreement may be terminated by the Representatives by notice to the Company at any
time on or prior to the Closing Date, which termination shall be without liability on the part of
any party to any other party, except that Section 4, Section 7, Section 8 and Section 16 hereof
shall at all times be effective and shall survive such termination.
Section 6. Reimbursement of Underwriters Expenses. If this Agreement is
terminated by the Representatives pursuant to Section 5 or Section 10(i), the Company agrees to
reimburse the Representatives and the other Underwriters, severally, upon demand for all
out-of-pocket expenses that shall have been reasonably incurred by the Representatives and the
Underwriters in connection with the proposed purchase and the offering and sale of the Senior
Notes, including but not limited to fees and disbursements of counsel, printing expenses, travel
expenses, postage, facsimile and telephone charges.
Section 7. Indemnification.
(a) Indemnification of the Underwriters. The Company agrees to indemnify and hold harmless
each Underwriter, its directors, officers, employees and agents, and each person, if any, who
controls any Underwriter within the meaning of the Securities Act and the Exchange Act against any
loss, claim, damage, liability or expense, as incurred, to which such Underwriter, director,
officer, employee, agent or controlling person may become subject, insofar as such loss, claim,
damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or
is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement, or any amendment or supplement thereto, including any information
deemed to be a part thereof pursuant to Rule 430B under the Securities Act, or the omission or
alleged omission therefrom of a material fact required to be stated therein or necessary to make
the statements therein not misleading; or (ii) any untrue statement or alleged
18
untrue statement of a material fact included in any Preliminary Prospectus, any Issuer Free
Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or the omission or
alleged omission therefrom of a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; and to reimburse each
Underwriter, its officers, directors, employees, agents and controlling persons for any and all
expenses (including the reasonable fees and disbursements of counsel chosen by the Representatives)
as such expenses are reasonably incurred by such Underwriter, officer, director, employee, agent or
controlling person in connection with investigating, defending, settling, compromising or paying
any such loss, claim, damage, liability, expense or action; provided, however, that the foregoing
indemnity agreement shall not apply to any loss, claim, damage, liability or expense to the extent,
but only to the extent, arising out of or based upon any untrue statement or alleged untrue
statement or omission or alleged omission made in reliance upon and in conformity with written
information furnished to the Company by any Underwriter through the Representatives expressly for
use in the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus
or the Prospectus (or any amendment or supplement thereto), it being understood and agreed that the
only such information consists of the information described in subsection (b) below. The indemnity
agreement set forth in this Section 7(a) shall be in addition to any liabilities that the Company
may otherwise have.
(b) Indemnification of the Company, its Directors and Officers. Each Underwriter agrees,
severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers
who signed the Registration Statement and each person, if any, who controls the Company within the
meaning of the Securities Act or the Exchange Act, against any loss, claim, damage, liability or
expense, as incurred, to which the Company, or any such director, officer or controlling person may
become subject, insofar as such loss, claim, damage, liability or expense (or actions in respect
thereof as contemplated below) arises out of or is based upon (i) any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement, or any amendment or
supplement thereto, or the omission or alleged omission therefrom of a material fact required to be
stated therein or necessary to make the statements therein not misleading; or (ii) any untrue
statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus,
any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or
the omission or alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading,
in each case to the extent, and only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in the Registration Statement, such Preliminary
Prospectus, such Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement
thereto), in reliance upon and in conformity with written information furnished to the Company by
any Underwriter through the Representatives expressly for use therein; and to reimburse the
Company, such director, officer or controlling person for any and all expenses (including the
reasonable fees and disbursements of counsel chosen by the Company) as such expenses are reasonably
incurred by the Company, such director, officer or controlling person in connection with
investigating, defending, settling, compromising or paying any such loss, claim, damage, liability,
expense or action. The Company hereby acknowledges that the only information that the Underwriters
have furnished to the Company expressly for use in the Registration Statement, any Preliminary
Prospectus, any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement
thereto) are the statements set forth in the third paragraph, the third sentence of the seventh
paragraph and the
19
eighth paragraph under the caption Underwriting in the Prospectus. The indemnity agreement
set forth in this Section 7(b) shall be in addition to any liabilities that each Underwriter may
otherwise have.
(c) Notifications and Other Indemnification Procedures. Promptly after receipt by an
indemnified party under this Section 7 of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against an indemnifying party
under this Section 7, notify the indemnifying party in writing of the commencement thereof; but the
failure to so notify the indemnifying party (i) will not relieve it from liability under paragraph
(a) or (b) above unless and to the extent it did not otherwise learn of such action and such
failure results in the forfeiture by the indemnifying party of substantial rights and defenses and
(ii) will not, in any event, relieve the indemnifying party from any liability other than the
indemnification obligation provided in paragraph (a) or (b) above. In case any such action is
brought against any indemnified party and such indemnified party seeks or intends to seek indemnity
from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the
extent that it shall elect, jointly with all other indemnifying parties similarly notified, by
written notice delivered to the indemnified party promptly after receiving the aforesaid notice
from such indemnified party, to assume the defense thereof with counsel satisfactory to such
indemnified party; provided, however, such indemnified party shall have the right to employ its own
counsel in any such action and to participate in the defense thereof, but the fees and expenses of
such counsel shall be at the expense of such indemnified party, unless: (i) the employment of such
counsel has been specifically authorized by the indemnifying party; (ii) the indemnifying party has
failed promptly to assume the defense and employ counsel reasonably satisfactory to the indemnified
party; or (iii) the named parties to any such action (including any impleaded parties) include both
such indemnified party and the indemnifying party or any affiliate of the indemnifying party, and
such indemnified party shall have reasonably concluded that either (x) there may be one or more
legal defenses available to it which are different from or additional to those available to the
indemnifying party or such affiliate of the indemnifying party or (y) a conflict may exist between
such indemnified party and the indemnifying party or such affiliate of the indemnifying party (it
being understood, however, that the indemnifying party shall not, in connection with any one such
action or separate but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the fees and expenses of more
than one separate firm of attorneys (in addition to a single firm of local counsel) for all such
indemnified parties, which firm shall be designated in writing by (i) the Representatives, in the
case of indemnification pursuant to Section 7(a) hereof, or (ii) the Company, in the case of
indemnification pursuant to Section 7(b) hereof, and that all such reasonable fees and expenses
shall be reimbursed as they are incurred).
(d) Settlements. The indemnifying party under this Section 7 shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such consent
or if there is a final judgment for the plaintiff, the indemnifying party agrees to indemnify the
indemnified party against any loss, claim, damage, liability or expense by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by Section 7(c) hereof, the indemnifying party agrees that it
shall be liable for any settlement of any proceeding effected without its written consent if
(i) such settlement is entered into more than 45 days after receipt by such indemnifying party of
the
20
aforesaid request, (ii) such indemnifying party shall have received notice of the terms of
such settlement at least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed the indemnified party in accordance with such request
prior to the date of such settlement. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement, compromise or consent to the entry of
judgment in any pending or threatened action, suit or proceeding in respect of which any
indemnified party is or could have been a party and indemnity was or could have been sought
hereunder by such indemnified party, unless such settlement, compromise or consent (i) includes an
unconditional release of such indemnified party from all liability on claims that are the subject
matter of such action, suit or proceeding and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.
Section 8. Contribution. If the indemnification provided for in Section 7
hereof is for any reason unavailable to or otherwise insufficient to hold harmless an indemnified
party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then
each indemnifying party shall contribute to the aggregate amount paid or payable by such
indemnified party, as incurred, as a result of any losses, claims, damages, liabilities or expenses
referred to therein (i) in such proportion as is appropriate to reflect the relative benefits
received by the Company, on the one hand, and the Underwriters, on the other hand, from the
offering of the Senior Notes pursuant to this Agreement or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also the relative fault
of the Company, on the one hand, and the Underwriters, on the other hand, in connection with the
statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as
well as any other relevant equitable considerations. The relative benefits received by the
Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering
of the Senior Notes pursuant to this Agreement shall be deemed to be in the same respective
proportions as the total net proceeds from the offering of the Senior Notes pursuant to this
Agreement (before deducting expenses) received by the Company, and the total underwriting discount
received by the Underwriters, in each case as set forth on the front cover page of the Prospectus
bear to the aggregate initial public offering price of the Senior Notes as set forth on such cover.
The relative fault of the Company, on the one hand, and the Underwriters, on the other hand, shall
be determined by reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to
information supplied by the Company, on the one hand, or the Underwriters, on the other hand, and
the parties relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include, subject to the limitations set forth in
Section 7(c) hereof, any legal or other fees or expenses reasonably incurred by such party in
connection with investigating or defending any action or claim. The provisions set forth in
Section 7(c) hereof with respect to notice of commencement of any action shall apply if a claim for
contribution is to be made under this Section 8; provided, however, that no additional notice shall
be required with respect to any action for which notice has been given under Section 7(c) hereof
for purposes of indemnification.
21
The Company and the Underwriters agree that it would not be just and equitable if contribution
pursuant to this Section 8 were determined by pro rata allocation (even if the Underwriters were
treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in this Section 8.
Notwithstanding the provisions of this Section 8, no Underwriter shall be required to
contribute any amount in excess of the underwriting discount received by such Underwriter in
connection with the Senior Notes underwritten by it and distributed to the public. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Underwriters obligations to contribute pursuant to this Section 8 are
several, and not joint, in proportion to their respective underwriting commitments as set forth
opposite their names in Schedule A. For purposes of this Section 8, each director, officer,
employee and agent of an Underwriter and each person, if any, who controls an Underwriter within
the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution
as such Underwriter, and each director of the Company, each officer of the Company who signed the
Registration Statement and each person, if any, who controls the Company within the meaning of the
Securities Act and the Exchange Act shall have the same rights to contribution as the Company.
Section 9. Default of One or More of the Several Underwriters. If, on the
Closing Date, any one or more of the several Underwriters shall fail or refuse to purchase Senior
Notes that it or they have agreed to purchase hereunder on such date (the Defaulted Securities),
then the Representatives shall have the right, within 36 hours thereafter, to make arrangements for
one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not
less than all, of the aggregate principal amount of the Defaulted Securities in such amounts as may
be agreed upon and upon the terms herein set forth. If, however, the Underwriters shall not have
completed such arrangements within such 36-hour period, and if the aggregate principal amount of
the Defaulted Securities does not exceed 10% of the aggregate principal amount of Senior Notes to
be purchased on such date, the non-defaulting Underwriters shall be obligated, severally, in the
proportion to the aggregate principal amount of the Senior Notes set forth opposite their
respective names on Schedule A to the aggregate principal amount of such Senior Notes set forth
opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be
specified by the Representatives with the consent of the non-defaulting Underwriters, to purchase
such Senior Notes which such defaulting Underwriter or Underwriters agreed but failed or refused to
purchase on such date. If, on the Closing Date, any one or more of the Underwriters shall fail or
refuse to purchase such Senior Notes and the aggregate principal amount of such Senior Notes with
respect to which such default occurs exceeds 10% of the aggregate principal amount of Senior Notes
to be purchased on such date, and arrangements satisfactory to the Representatives and the Company
for the purchase of such Senior Notes are not made within 48 hours after such default, this
Agreement shall terminate without liability of any party to any other party except that the
provisions of Section 4, Section 7, Section 8 and Section 16 hereof shall at all times be effective
and shall survive such termination. In any such case, either the Representatives or the Company
shall have the right to postpone the Closing Date, but in no event for longer than seven days in
order that the required changes, if any, to the Registration Statement, each Issuer Free Writing
Prospectus, each Preliminary Prospectus or the Prospectus or any other documents or arrangements
may be effected.
22
As used in this Agreement, the term Underwriter shall be deemed to include any person
substituted for a defaulting Underwriter under this Section 9. Any action taken under this Section
9 shall not relieve any defaulting Underwriter from liability in respect of any default of such
Underwriter under this Agreement.
Section 10. Termination of this Agreement. Prior to the Closing Date, this
Agreement may be terminated by the Representatives by notice given to the Company if at any time
(i) trading or quotation in any of the Companys securities shall have been suspended or materially
limited by the New York Stock Exchange or the Commission, or trading in securities generally on the
NASDAQ Global Market or the New York Stock Exchange shall have been suspended or materially
limited, or minimum or maximum prices shall have been generally established on either of such stock
exchanges by the Commission or the FINRA; (ii) a general banking moratorium shall have been
declared by any of federal or New York authorities; (iii) there shall have occurred any outbreak or
escalation of national or international hostilities or any crisis or calamity, or any material
adverse change in the United States or international financial markets, or any change or
development involving a prospective substantial change in United States or international
political, financial or economic conditions, as in the judgment of the Representatives makes it
impracticable or inadvisable to proceed with the offering, sale or delivery of the Senior Notes in
the manner and on the terms described in the Disclosure Package or the Prospectus or to enforce
contracts for the sale of securities; (iv) in the judgment of the Representatives, there shall have
occurred any Material Adverse Change; or (v) there shall have occurred a material disruption in
commercial banking or securities settlement or clearance services in the United States. Any
termination pursuant to this Section 10 shall be without liability on the part of (a) the Company
to any Underwriter, except that the Company shall be obligated to reimburse the expenses of the
Representatives and the Underwriters pursuant to Section 4 and Section 6 hereof, (b) any
Underwriter to the Company, or (c) any party hereto to any other party except that the provisions
of Section 7, Section 8 and Section 16 hereof shall at all times be effective and shall survive
such termination.
Section 11. No Fiduciary Duty. No Advisory or Fiduciary Responsibility.
The Company acknowledges and agrees that: (i) the purchase and sale of the Senior Notes pursuant to
this Agreement, including the determination of the public offering price of the Senior Notes and
any related discounts and commissions, is an arms-length commercial transaction between the
Company, on the one hand, and the several Underwriters, on the other hand; (ii) in connection with
the offering contemplated hereby and the process leading to such transaction each Underwriter is
and has been acting solely as a principal and is not the financial advisor, agent or fiduciary of
the Company or its affiliates, stockholders, creditors or employees or any other party; (iii) no
Underwriter has assumed or will assume an advisory, agency or fiduciary responsibility in favor of
the Company with respect to the offering contemplated hereby or the process leading thereto
(irrespective of whether such Underwriter has advised or is currently advising the Company on other
matters) and no Underwriter has any obligation to the Company with respect to the offering
contemplated hereby except the obligations expressly set forth in this Agreement; (iv) the several
Underwriters and their respective affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of the Company; and (v) the Underwriters have not provided
any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby
and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent
it deemed appropriate.
23
The Company hereby waives and releases, to the fullest extent permitted by law, any claims
that the Company may have against the several Underwriters with respect to any breach or alleged
breach of agency or fiduciary duty.
Section 12. Representations and Indemnities to Survive Delivery. The
respective indemnities, agreements, representations, warranties and other statements of the
Company, of its officers and of the several Underwriters set forth in or made pursuant to this
Agreement (i) will remain operative and in full force and effect, regardless of (A) any
investigation, or statement as to the results thereof, made by or on behalf of any Underwriter, the
officers or employees of any Underwriter, or any person controlling the Underwriter, or the
Company, the officers or employees of the Company, or any person controlling the Company, as the
case may be or (B) acceptance of the Senior Notes and payment for them hereunder and (ii) will
survive delivery of and payment for the Senior Notes sold hereunder and any termination of this
Agreement.
Section 13. Notices. All communications hereunder shall be in writing and
shall be mailed, hand delivered or faxed and confirmed to the parties hereto as follows:
If to the Representatives:
Barclays Capital Inc.
745 Seventh Avenue
New York, New York 10019
Facsimile: (646) 834-8133
Attention: Syndicate Registration
RBS Securities Inc.
600 Washington Boulevard
Stamford, Connecticut 06901
Facsimile: (203) 873-4534
Attention: Debt Capital Markets Syndicate
and
Wells Fargo Securities, LLC
301 S. College Street, 6th Floor
Charlotte, NC 28202
Facsimile: (704) 383-9165
Attention: Transaction Management
with a copy to:
Davis Polk & Wardwell LLP
1600 El Camino Real
Menlo Park, California 94025
Facsimile: (650) 752-3607
Attention: Julia Cowles
24
If to the Company:
Kansas City Power & Light Company
1200 Main Street
Kansas City, Missouri 64105
Facsimile: (816) 556-2200
Attention: Jaileah X. Huddleston
with a copy to:
Dewey & LeBoeuf LLP
1301 Avenue of Americas
New York, New York 10019
Facsimile: (212) 259-6333
Attention: Peter OBrien
Any party hereto may change the address for receipt of communications by giving written notice
to the others.
Section 14. Successors. This Agreement will inure to the benefit of and be
binding upon the parties hereto, including any substitute Underwriters pursuant to Section 9
hereof, and to the benefit of the directors, officers, employees, agents and controlling persons
referred to in Sections 7 and 8 hereof, and in each case their respective successors and assigns,
and no other person will have any right or obligation hereunder. The term successors and assigns
shall not include any purchaser of the Senior Notes as such from any of the Underwriters merely by
reason of such purchase.
Section 15. Partial Unenforceability. The invalidity or unenforceability of
any Section, paragraph or provision of this Agreement shall not affect the validity or
enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or
provision of this Agreement is for any reason determined to be invalid or unenforceable, there
shall be deemed to be made such minor changes (and only such minor changes) as are necessary to
make it valid and enforceable.
Section 16. Governing Law Provisions. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE.
Section 17. General Provisions. This Agreement constitutes the entire
agreement of the parties to this Agreement and supersedes all prior written or oral and all
contemporaneous oral agreements, understandings and negotiations with respect to the subject matter
hereof. This Agreement may be executed in two or more counterparts, each one of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. This Agreement may not be amended or modified unless in writing by all of the parties
hereto, and no condition herein (express or implied) may be waived unless waived in writing by each
party
25
whom the condition is meant to benefit. The Section headings herein are for the convenience
of the parties only and shall not affect the construction or interpretation of this Agreement.
Each of the parties hereto acknowledges that it is a sophisticated business person who was
adequately represented by counsel during negotiations regarding the provisions hereof, including,
without limitation, the indemnification provisions of Section 7 hereof and the contribution
provisions of Section 8 hereof, and is fully informed regarding said provisions. Each of the
parties hereto further acknowledges that the provisions of Sections 7 and 8 hereof fairly allocate
the risks in light of the ability of the parties to investigate the Company, its affairs and its
business in order to assure that adequate disclosure has been made in the Registration Statement,
the Disclosure Package and the Prospectus (and any amendments and supplements thereto), as required
by the Securities Act and the Exchange Act.
26
If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to the Company the enclosed copies hereof, whereupon this instrument, along with all
counterparts hereof, shall become a binding agreement in accordance with its terms.
|
|
|
|
|
|
Very truly yours,
KANSAS CITY POWER & LIGHT COMPANY
|
|
|
By: |
/s/ James C. Shay
|
|
|
|
Name: |
James C. Shay |
|
|
|
Title: |
Senior Vice President Finance and
Strategic Development and Chief Financial
Officer |
|
27
The foregoing Underwriting Agreement is hereby confirmed and accepted by the Representatives
as of the date first above written.
BARCLAYS CAPITAL INC.
RBS SECURITIES INC.
WELLS FARGO SECURITIES, LLC
Acting as Representatives of the
several Underwriters named in
the attached Schedule A.
|
|
|
|
|
|
|
|
|
By: |
Barclays Capital Inc.
|
|
|
|
|
|
By: |
/s/ Yukari Saegusa
|
|
|
|
Name: |
Yukari Saegusa |
|
|
|
Title: |
Managing Director |
|
|
|
|
|
By: |
RBS Securities Inc.
|
|
|
|
|
|
By: |
/s/ Okwudiri Onyedum
|
|
|
|
Name: |
Okwudiri Onyedum |
|
|
|
Title: |
Director |
|
|
|
|
|
By: |
Wells Fargo Securities, LLC
|
|
|
|
|
|
By: |
/s/ Carolyn Hurley
|
|
|
|
Name: |
Carolyn Hurley |
|
|
|
Title: |
Director |
|
28
SCHEDULE A
|
|
|
|
|
|
|
Aggregate |
|
|
|
Principal |
|
|
|
Amount of |
|
|
|
Senior Notes |
|
|
|
to be |
|
Underwriters |
|
Purchased |
|
Barclays Capital Inc. |
|
$ |
96,000,000 |
|
RBS Securities Inc. |
|
$ |
96,000,000 |
|
Wells Fargo Securities, LLC |
|
$ |
96,000,000 |
|
Scotia Capital (USA) Inc. |
|
$ |
48,000,000 |
|
BNY Mellon Capital Markets, LLC |
|
$ |
32,000,000 |
|
KeyBanc Capital Markets Inc. |
|
$ |
32,000,000 |
|
Total |
|
$ |
400,000,000 |
|
i
ANNEX I
LIST OF ISSUER GENERAL USE FREE WRITING PROSPECTUSES
1. Final Term Sheet dated September 15, 2011
i
EXHIBIT A-1
Form of Opinion of Issuers Counsel
1. The Registration Statement has become effective under the Securities Act; each of the
Preliminary Prospectus and the Prospectus has been filed pursuant to Rule 424(b) in accordance with
Rule 424(b); the Final Term Sheet [and each other Issuer Free Writing Prospectus required to be
filed with the Commission]1 has been filed pursuant to Rule 433 in accordance
with Rule 433; and, to our knowledge, no stop order suspending the effectiveness of the
Registration Statement is in effect nor are any proceedings for such purpose pending before or
threatened by the Commission.
2. The Registration Statement (other than the financial statements, financial data,
statistical data and supporting schedules included therein or omitted therefrom and other than the
documents incorporated by reference therein, as to none of which we express any opinion pursuant to
this paragraph 2), as of the date of the Underwriting Agreement, the Preliminary Prospectus (other
than the financial statements, financial data, statistical data and supporting schedules included
therein or omitted therefrom and other than the documents incorporated by reference therein, as to
none of which we express any opinion pursuant to this paragraph 2), at the Initial Sale Time, and
the Prospectus (other than the financial statements, financial data, statistical data and
supporting schedules included therein or omitted therefrom and other than the documents
incorporated by reference therein, as to none of which we express any opinion pursuant to this
paragraph 2), as of the date of the Prospectus Supplement and as of the date hereof, appear on
their face to have complied as to form in all material respects with the requirements of the Trust
Indenture Act of 1939, as amended (the Trust Indenture Act), the Securities Act and the rules and
regulations of the Commission promulgated thereunder.
3. The documents incorporated by reference in the Preliminary Prospectus and the Prospectus
(other than the financial statements, financial data, statistical data and supporting schedules
included therein or omitted therefrom, as to which we express no opinion), at the respective times
such documents were filed with the Commission, appear on their face to have complied as to form in
all material respects with the applicable requirements of the Exchange Act and the rules and
regulations of the Commission promulgated thereunder.
4. The Indenture has been duly qualified under the Trust Indenture Act and constitutes a
legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, except to the extent enforceability may be limited by bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or other similar laws of general applicability
relating to or affecting the enforcement of creditors rights and by the effect of general
principles of equity (regardless of whether enforceability is considered in a proceeding in equity
or at law).
5. The execution, delivery and performance by the Company of the Underwriting Agreement, the
Indenture and the Senior Notes and the consummation by the Company of the
|
|
|
1 |
|
If any, to be specifically referenced. |
A-1-1
transactions contemplated thereby (including the issuance and sale of the Senior Notes and the
use of the proceeds from the sale of the Senior Notes as described in the Disclosure Package (as
defined in Annex A hereto) and in the Prospectus under the caption Use of Proceeds) and
compliance by the Company with its obligations under the Underwriting Agreement, the Indenture and
the Senior Notes do not and will not violate any provision of New York law that, in our experience
and without independent investigation, is normally applicable to transactions of the type
contemplated by the Underwriting Agreement and the Indenture (provided no opinion is expressed with
respect to state securities or blue sky laws).
6. The Senior Notes, when duly authorized and executed by the Company, authenticated by the
Trustee in accordance with the terms of the Indenture and delivered against payment therefor
pursuant to the terms of the Underwriting Agreement, will constitute a legal, valid and binding
obligation of the Company, entitled to the benefits of the Indenture and enforceable against the
Company in accordance with the terms of the Senior Notes, except to the extent enforceability may
be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other
similar laws of general applicability relating to or affecting the enforcement of creditors rights
and by the effect of general principles of equity (regardless of whether enforceability is
considered in a proceeding in equity or at law).
7. No consent, approval, qualification, authorization or order of, or registration or filing
with, any court or other governmental or regulatory authority or agency is required under
Applicable Laws for the execution and delivery by the Company of, or the performance of the
Companys obligations under, the Underwriting Agreement or the Indenture, or for the issue and sale
of the Senior Notes. As used in this paragraph 7, the term Applicable Laws means the laws of the
State of New York and the federal laws of the United States of America that, in our experience and
without independent investigation, are normally applicable to transactions of the type contemplated
by the Underwriting Agreement and the Indenture (provided that the term Applicable Laws shall not
include federal or state securities or blue sky laws, including, without limitation, the Securities
Act, the Exchange Act, the Trust Indenture Act and the Investment Company Act of 1940, as amended
(the Investment Company Act), and respective rules and regulations thereunder).
8. The statements set forth in the Disclosure Package and the Prospectus under the headings
Description of Notes and Description of the Notes (insofar as such statements purport to
summarize certain provisions of the Senior Notes and the Indenture) fairly summarize in all
material respects the matters therein described.
9. The statements set forth in the Disclosure Package and the Prospectus under the headings
Plan of Distribution and Underwriting (insofar as such statements purport to summarize certain
provisions of the Underwriting Agreement) fairly, accurately and completely summarize in all
material respects the matters therein described.
10. The statements set forth in the Disclosure Package and the Prospectus under the heading
Material U.S. Federal Income Tax Considerations For Non-U.S. Holders, insofar as they purport to
constitute summaries of matters of United States federal income tax law, constitute accurate and
complete summaries, in all material respects, subject to the qualifications set forth therein.
A-1-2
11. The Company is not, and after receipt of payment for the Senior Notes and application of
the proceeds therefrom as described in the Prospectus, will not be, required to register as an
investment company within the meaning of the Investment Company Act.
12. No facts came to the attention of such counsel that gave such counsel reason to believe
that (i) any part of the Registration Statement, as of the date of the Underwriting Agreement,
contained any untrue statement of a material fact or omitted to state any material fact required to
be stated therein or necessary to make the statements therein not misleading, (ii) the Disclosure
Package, as of the Initial Sale Time, contained any untrue statement of a material fact or omitted
to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or (iii) the Prospectus contained, as of
the date of the Underwriting Agreement, or contains, on the date hereof, any untrue statement of a
material fact or omitted, as of the date of the Underwriting Agreement, or omits, on the date
hereof, to state any material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, except that in each case such
counsel may express no opinion or belief with respect to the financial statements, financial data,
statistical data and supporting schedules included or incorporated or deemed to be incorporated by
reference therein or omitted therefrom.
A-1-3
ANNEX A
DISCLOSURE PACKAGE
1. The Preliminary Prospectus.
2. The Final Term Sheet.
For purposes of determining the Disclosure Package, the information contained in the
foregoing documents shall be considered together.
A-1-4
EXHIBIT A-2
Form of Opinion of Heather A. Humphrey, General Counsel and Vice President Human Resources
(a) The Company is a validly organized and existing corporation in good standing under the
laws of the State of Missouri and is duly qualified as a foreign corporation to do business in the
State of Kansas with corporate power and authority to own, lease and operate its properties and to
conduct its business as set forth in the Disclosure Package and the Prospectus and to enter into
and perform its obligations under the Underwriting Agreement.
(b) The Underwriting Agreement has been duly authorized, executed and delivered by the
Company.
(c) The Indenture has been duly authorized, executed and delivered by the Company.
(d) The Senior Notes have been duly authorized, executed and delivered by the Company.
(e) Each Subsidiary has been duly organized or formed and is validly existing as a corporation
in good standing under the laws of the jurisdiction of its incorporation or formation, has the
corporate power and authority to own, lease and operate its properties and to conduct its business
as described in the Disclosure Package and the Prospectus and is duly qualified as a foreign
corporation to transact business and is in good standing in each jurisdiction in which such
qualification is required, whether by reason of the ownership or leasing of property or the conduct
of business, except where the failure so to qualify or to be in good standing would not result in a
Material Adverse Change; except as otherwise disclosed in the Disclosure Package and the
Prospectus, all of the issued and outstanding capital stock owned directly or indirectly by the
Company of each Subsidiary have been duly authorized and validly issued, are (in the case of
capital stock) fully paid and non-assessable and, to the best of such counsels knowledge, such
shares of capital stock owned by the Company, are owned by the Company, directly or through
subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance or
claim; and none of the outstanding shares of capital stock of any Subsidiary was issued in
violation of preemptive or similar rights of any securityholder of such Subsidiary.
(f) No approval, authorization, consent, certificate or order of any state or federal
commission or regulatory authority (other than (i) as may be required under securities or blue sky
laws of the various states, as to which such counsel need express no opinion, and (ii) as may have
already been obtained or made and shall be in full force and effect on the date hereof) is
necessary with respect to the issue and sale of the Senior Notes as contemplated in the
Underwriting Agreement and the Indenture.
(g) The Company and the Subsidiaries hold, to the extent required, valid and subsisting
franchises, licenses and permits authorizing them to carry on the regulated utility businesses in
which they are engaged, in the territories from which substantially all of their consolidated gross
operating revenue is derived, except where the failure to hold such franchises, licenses and
permits would not reasonably be expected to result in a Material Adverse Change.
B-1
(h) To the best of such counsels knowledge, there are no legal or governmental proceedings
pending or threatened which are required to be disclosed in the Disclosure Package and the
Prospectus, other than those disclosed therein, and all pending legal or governmental proceedings
to which the Company or any of its subsidiaries is a party or of which any of their property is the
subject which are not described in the Disclosure Package and the Prospectus, including ordinary
routine litigation incidental to the business of the Company, are, considered in the aggregate, not
material to the consolidated financial condition of the Company and its subsidiaries, taken as a
whole.
(i) To the best of such counsels knowledge, the Company is not in violation of its Restated
Articles of Consolidation, as amended, or in default in the performance or observance of any
material obligation, agreement, covenant or condition contained in any material Agreement or
Instrument.
(j) The execution, delivery and performance of the Underwriting Agreement, the Indenture and
the Senior Notes and the consummation of the transactions contemplated therein (including the
issuance and sale of the Senior Notes, and the use of the proceeds received by the Company from the
sale of the Senior Notes as described in the Disclosure Package and the Prospectus under the
caption Use Of Proceeds) and compliance by the Company with its obligations under the
Underwriting Agreement, the Indenture and the Senior Notes do not and will not conflict with or
constitute a breach of, or default under, or result in the creation or imposition of any lien,
charge or encumbrance upon any property or assets of the Company or any Subsidiary pursuant to any
material Agreement or Instrument, or any law, administrative regulation or administrative or court
order or decree known to such counsel to be applicable to the Company of any court or governmental
agency, authority or body or any arbitrator having jurisdiction over the Company; nor will such
action result in any violation of the provisions of the Restated Articles of Consolidation, as
amended, or by-laws of the Company.
(k) To the best of such counsels knowledge, there are no contracts, indentures, mortgages,
loan agreements, notes, leases or other instruments or documents required to be described or
referred to in the Disclosure Package or the Prospectus or to be filed as exhibits to the
Registration Statement other than those described or referred to therein or filed or incorporated
by reference as exhibits to the Registration Statement, the descriptions thereof or references
thereto are correct in all material respects, and no default exists in the due performance or
observance of any material obligation, agreement, covenant or condition contained in any Agreement
or Instrument described, referred to, filed or incorporated by reference therein.
|
|
In rendering such opinion, such counsel may state that he or she expresses no opinion as to the
laws of any jurisdiction other than the laws of the States of Missouri and Kansas and the
federal laws of the United States of America. Such opinion shall not state that it is to be
governed or qualified by, or that it is otherwise subject to, any treatise, written policy or
other document relating to legal opinions, including, without limitation, the Legal Opinion
Accord of the ABA Section of Business Law (1991). |
B-2