KANSAS CITY, MO, June 21, 2004 - Kansas City Power & Light (NYSE: GXP) announced that on July 21, 2004, the company will redeem a series of preferred securities issued by a subsidiary financing trust.
The redemption covers the entire issue of 8.3% Trust Originated Preferred Securities issued by KCP&L Financing I with a face value of $150 million. As the preferred securities are being redeemed at par, security holders will receive $25 per preferred security, plus accrued and unpaid distributions to the redemption date. Distributions to be paid on June 30, 2004, to record holders as of June 29, 2004, will be paid in the normal manner in the amount of $0.51875 per security.
Call notices for this issue are being mailed today by JPMorgan Chase Bank, as trustee. The preferred securities trade on the New York Stock Exchange under the ticker KLTPrT, CUSIP No. 482432200.
Great Plains Energy Incorporated (NYSE:GXP), headquartered in Kansas City, Missouri, is the holding company for Kansas City Power & Light Company, a leading regulated provider of electricity in the Midwest; and Strategic Energy LLC, an energy management company providing load aggregation and power supply coordination. The company’s web site is www.greatplainsenergy.com.
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CERTAIN FORWARD-LOOKING INFORMATION -- Statements made in this release that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company is providing a number of important factors that could cause actual results to differ materially from the provided forward-looking information. These important factors include: future economic conditions in the regional, national and international markets, including but not limited to regional and national wholesale electricity markets; market perception of the energy industry and the Company; changes in business strategy, operations or development plans; effects of current or proposed state and federal legislative and regulatory actions or developments, including, but not limited to, deregulation, re-regulation and restructuring of the electric utility industry and constraints placed on the Company's actions by the Public Utility Holding Company Act of 1935; adverse changes in applicable laws, regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not limited to, air quality; financial market conditions and performance including, but not limited to, changes in interest rates and in availability and cost of capital and the effects on the Company’s pension plan assets and costs; ability to maintain current credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of terrorist acts; increased competition including, but not limited to, retail choice in the electric utility industry and the entry of new competitors; ability to carry out marketing and sales plans; weather conditions including weather-related damage; cost, availability and deliverability of fuel; ability to achieve generation planning goals and the occurrence of unplanned generation outages; delays in the anticipated in-service dates of additional generating capacity; nuclear operations; ability to enter new markets successfully and capitalize on growth opportunities in non-regulated businesses; performance of projects undertaken by the Company’s non-regulated businesses and the success of efforts to invest in and develop new opportunities; and other risks and uncertainties. This list of factors is not all-inclusive because it is not possible to predict all possible factors.
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Contacts
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Media: |
Tom Robinson, 816/556-2902 |
Investor Relations: |
Todd Kobayashi, 816/556-2904 |
