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Long-Term Debt
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Long-Term Debt
10. LONG-TERM DEBT
Great Plains Energy's and KCP&L's long-term debt is detailed in the following table.
 
 
 
March 31
 
December 31
 
Year Due
 
2017
 
2016
KCP&L
 
 
 
(millions)
General Mortgage Bonds
 
 
 
 
 
 
 
 
2.47% EIRR bonds(a)
2017-2023
 
 
$
110.5

 
 
 
$
110.5

7.15% Series 2009A (8.59% rate)(b)
2019
 
 
400.0

 
 
 
400.0

Senior Notes
 
 
 
 

 
 
 
 

5.85% Series (5.72% rate)(b)
2017
 
 
250.0

 
 
 
250.0

6.375% Series (7.49% rate)(b)
2018
 
 
350.0

 
 
 
350.0

3.15% Series
2023
 
 
300.0

 
 
 
300.0

3.65% Series
2025
 
 
350.0

 
 
 
350.0

6.05% Series (5.78% rate)(b)
2035
 
 
250.0

 
 
 
250.0

5.30% Series
2041
 
 
400.0

 
 
 
400.0

EIRR Bonds
 
 
 
 
 
 
 
 
0.773% Series 2007A and 2007B(c)
2035
 
 
146.5

 
 
 
146.5

2.875% Series 2008
2038
 
 
23.4

 
 
 
23.4

Current maturities
 
 
 
(631.0
)
 
 
 
(281.0
)
Unamortized discount and debt issuance costs
 
 
 
(14.9
)
 
 
 
(15.4
)
Total KCP&L excluding current maturities(d)
 
 
 
1,934.5

 
 
 
2,284.0

Other Great Plains Energy
 
 
 
 

 
 
 
 

GMO First Mortgage Bonds 9.44% Series
2018-2021
 
 
4.6

 
 
 
5.7

GMO Senior Notes
 
 
 
 
 
 
 
 
8.27% Series
2021
 
 
80.9

 
 
 
80.9

3.49% Series A
2025
 
 
125.0

 
 
 
125.0

4.06% Series B
2033
 
 
75.0

 
 
 
75.0

4.74% Series C
2043
 
 
150.0

 
 
 
150.0

GMO Medium Term Notes
 
 
 
 

 
 
 
 

7.33% Series
2023
 
 
3.0

 
 
 
3.0

7.17% Series
2023
 
 
7.0

 
 
 
7.0

Great Plains Energy Senior Notes
 
 
 
 
 
 
 
 
6.875% Series (7.33% rate)(b)
2017
 
 
100.0

 
 
 
100.0

2.50% Series
2020
 
 
750.0

 
 
 

4.85% Series
2021
 
 
350.0

 
 
 
350.0

5.292% Series
2022
 
 
287.5

 
 
 
287.5

3.15% Series
2022
 
 
1,150.0

 
 
 

3.90% Series
2027
 
 
1,400.0

 
 
 

4.85% Series
2047
 
 
1,000.0

 
 
 

Current maturities
 
 
 
(101.1
)
 
 
 
(101.1
)
Unamortized discount and premium, net and debt issuance costs
 
 
 
(40.5
)
 
 
 
(1.8
)
Total Great Plains Energy excluding current maturities(d)
 
 
 
$
7,275.9

 
 
 
$
3,365.2

(a) 
Weighted-average interest rates at March 31, 2017
(b) 
Rate after amortizing gains/losses recognized in other comprehensive income (OCI) on settlements of interest rate hedging instruments
(c) 
Variable rate
(d) 
At March 31, 2017, and December 31, 2016, does not include $50.0 million and $21.9 million of secured Series 2005 Environmental Improvement Revenue Refunding (EIRR) bonds because the bonds were repurchased in September 2015 and are held by KCP&L
Great Plains Energy Senior Notes
In March 2017, Great Plains Energy issued, at a discount, the following series of unsecured senior notes:
$750.0 million of 2.50% Notes, maturing in 2020;
$1,150.0 million of 3.15% Notes, maturing in 2022;
$1,400.0 million of 3.90% Notes, maturing in 2027; and
$1,000.0 million of 4.85% Notes, maturing in 2047.
Great Plains Energy plans to use proceeds from the offering to finance a portion of the cash consideration for the anticipated acquisition of Westar. In the event that the anticipated acquisition of Westar does not close by November 30, 2017, or in the event that the Merger Agreement is earlier terminated, then Great Plains Energy would be required to redeem all of the $4.3 billion unsecured senior notes. Additionally, if at any time prior to November 30, 2017, Great Plains Energy determines in its reasonable judgment that the anticipated acquisition of Westar will not close prior to November 30, 2017, then Great Plains Energy could at its sole option (but is not required to) redeem the unsecured senior notes. The redemption price in each case would be 101% of the aggregate principle amount of the senior notes.