Press release
Evergy Announces Partial Repurchase of 4.50% Convertible Notes due 2027
KANSAS CITY, Mo.--(BUSINESS WIRE)-- Evergy, Inc. (NASDAQ: EVRG) (“Evergy”) today announced that it has entered into separate, privately negotiated repurchase
About this update from Evergy, Inc.
[{"type":"text","content":" KANSAS CITY, Mo.--(BUSINESS WIRE)--\nEvergy, Inc. (NASDAQ: EVRG) (“Evergy”) today announced that it has entered into separate, privately negotiated repurchase agreements with certain holders of its 4.50% Convertible Notes due 2027 (the “Notes”) to repurchase for cash (the “Repurchases”) approximately $244.1 million aggregate principal amount of the Notes for a total repurchase cost (including accrued and unpaid interest) of approximately $302.5 million. The final aggregate cash repurchase price is subject to adjustment as a portion of the repurchase price will be based in part on the daily volume-weighted average price per share of Evergy’s common stock over an agreed measurement period beginning on, and including, January 7, 2026.\n\n\nThe Repurchases are expected to close shortly after completion of the measurement period, subject to the satisfaction of customary closing conditions. Following such closings, approximately $1,155.9 million aggregate principal amount of the Notes will remain outstanding.\n\n\nAs more fully described in Evergy’s Form 10-K for the fiscal year ended December 31, 2024, the Notes were initially convertible at a rate of 16.1809 shares of Evergy, Inc. common stock per $1,000 principal amount of Notes, which was equivalent to an initial conversion price of approximately $61.80 per share of Evergy, Inc. common stock.\n\n\nEvergy expects that holders of the Notes that sell their Notes to Evergy pursuant to the Repurchases may enter into or unwind various derivatives with respect to Evergy’s common stock and/or purchase or sell shares of Evergy’s common stock in the market to hedge their exposure in connection with these transactions. In particular, Evergy expects that many holders of the Notes may employ a convertible arbitrage strategy with respect to the Notes and as a result may have a short position with respect to Evergy’s common stock that they would close, through purchases of Evergy’s common stock and/or the entry into or unwind of economically equivalent derivatives transactions with respect to Evergy’s common stock, in connection with Evergy’s repurchase of their Notes for cash.\n\n\nThis news release shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in...