Hunton Advises Evergy, Inc. on Inaugural At-the-Market Program to Sell up to $1.2 Billion of Common Stock
Hunton Andrews Kurth LLP advised Evergy, Inc. (“Evergy”) in connection with the establishment of its at-the-market (“ATM”) program to sell shares of Evergy’s common stock having an aggregate gross sales price of up to $1.2 billion from time to time through either the managers or the forward sellers, who will, at Evergy’s request, borrow shares of Evergy’s common stock from third parties. This transaction was Evergy’s inaugural ATM program with a forward component.
Evergy, a Missouri corporation, is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries: (i) Evergy Kansas Central, Inc. is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc.; (ii) Evergy Metro, Inc. is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas; (iii) Evergy Missouri West, Inc. is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri and (iv) Evergy Transmission Company, LLC owns 13.5% of Transource Energy, LLC, which is focused on the development of competitive electric transmission projects, with the remaining 86.5% owned by a subsidiary of American Electric Power Company, Inc.
The Hunton team included Peter K. O’Brien, Brendan P. Harney, Reuben H. Pearlman and Jingyi “Alice” Yao . Joseph B. Buonanno provided advice on the forward component. Robert McNamara, William Freeman, Caitlin Scipioni and Katherine Gallagher provided tax advice.
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