Empire District Electric issues $60M in bonds

Empire District Electric Co. (NYSE: EDE) yesterday announced the issuance of $60 million in first-mortgage bonds.

Scheduled in a bond purchase agreement dated Oct. 15, the bonds with 4.27 percent interest are set to mature Dec. 1, 2044, according to a news release.

The Joplin-based utility company - which counts approximately 217,000 customers in Missouri, including Greene County, as well as Kansas, Oklahoma and Arkansas - plans to use the proceeds of the bond sales to refinance existing short-term debt and for general corporate purposes.

The Bank of New York Mellon Trust Co. is serving as principal trustee for the sale, with Kansas City-based UMB Bank on board as Missouri trustee, according to the release.

In the third quarter, Empire District posted roughly flat earnings of $23.9 million.

EDE shares were trading at $27.87 as of 9:30 a.m., compared to a 52-week range of $22.04 to $29.24.