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Long-Term Debt
6 Months Ended
Jun. 30, 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.
 
 
 
June 30
 
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

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

4.20% Series
2047
 
 
300.0

 
 
 

EIRR Bonds
 
 
 
 
 
 
 
 
0.863% Series 2007A and 2007B(c)
2035
 
 
146.5

 
 
 
146.5

2.875% Series 2008
2038
 
 
23.4

 
 
 
23.4

Current maturities
 
 
 
(381.0
)
 
 
 
(281.0
)
Unamortized discount and debt issuance costs
 
 
 
(17.8
)
 
 
 
(15.4
)
Total KCP&L excluding current maturities(d)
 
 
 
2,231.6

 
 
 
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
 
 
 
(41.8
)
 
 
 
(1.8
)
Total Great Plains Energy excluding current maturities(d)
 
 
 
$
7,571.7

 
 
 
$
3,365.2

(a) 
Weighted-average interest rates at June 30, 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 June 30, 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.
In July 2017, as a result of the Amended Merger Agreement, Great Plains Energy determined in its reasonable judgment that the acquisition of Westar would not close prior to November 30, 2017 and exercised its special optional redemption right to redeem each series of the senior notes issued in March 2017. The redemption price was equal to 101% of the principle amount of the senior notes, including accrued and unpaid interest, for a total redemption cost of $4,400.1 million. As a result of the redemption, Great Plains Energy will record a loss on extinguishment of debt of approximately $83 million in the third quarter of 2017.
KCP&L Senior Notes
In June 2017, KCP&L issued, at a discount, $300.0 million of 4.20% unsecured Senior Notes, maturing in 2047. KCP&L also repaid its $250.0 million of 5.85% unsecured Senior Notes at maturity in June 2017.
KCP&L General Mortgage Bonds
KCP&L repaid its $31.0 million secured Series 1992 EIRR bonds at maturity in July 2017.