Evergy, Inc.EVRG
Evergy, Inc. Debt Disclosure
LONG-TERM DEBT
The Evergy Companies' long-term debt is detailed in the following tables.
December 31, 2019 | Issuing Entity | Year Due | Evergy | Evergy Kansas Central | Evergy Metro | ||||||||||
Mortgage Bonds | (millions) | ||||||||||||||
5.10% Series | Evergy Kansas Central, Inc. | 2020 | $ | 250.0 | $ | 250.0 | $ | — | |||||||
3.25% Series | Evergy Kansas Central, Inc. | 2025 | 250.0 | 250.0 | — | ||||||||||
2.55% Series | Evergy Kansas Central, Inc. | 2026 | 350.0 | 350.0 | — | ||||||||||
3.10% Series | Evergy Kansas Central, Inc. | 2027 | 300.0 | 300.0 | — | ||||||||||
4.125% Series | Evergy Kansas Central, Inc. | 2042 | 550.0 | 550.0 | — | ||||||||||
4.10% Series | Evergy Kansas Central, Inc. | 2043 | 430.0 | 430.0 | — | ||||||||||
4.625% Series | Evergy Kansas Central, Inc. | 2043 | 250.0 | 250.0 | — | ||||||||||
4.25% Series | Evergy Kansas Central, Inc. | 2045 | 300.0 | 300.0 | — | ||||||||||
3.25% Series | Evergy Kansas Central, Inc. | 2049 | 300.0 | 300.0 | |||||||||||
6.15% Series | Evergy Kansas South, Inc. | 2023 | 50.0 | 50.0 | — | ||||||||||
6.53% Series | Evergy Kansas South, Inc. | 2037 | 175.0 | 175.0 | — | ||||||||||
6.64% Series | Evergy Kansas South, Inc. | 2038 | 100.0 | 100.0 | — | ||||||||||
4.30% Series | Evergy Kansas South, Inc. | 2044 | 250.0 | 250.0 | — | ||||||||||
2.95% EIRR bonds | Evergy Metro, Inc. | 2023 | 79.5 | — | 79.5 | ||||||||||
4.125% Series | Evergy Metro, Inc. | 2049 | 400.0 | — | 400.0 | ||||||||||
9.44% Series | Evergy Missouri West, Inc. | 2020-2021 | 2.3 | — | — | ||||||||||
Pollution Control Bonds | |||||||||||||||
1.39% Series(b) | Evergy Kansas Central, Inc. | 2032 | 45.0 | 45.0 | — | ||||||||||
1.39% Series(b) | Evergy Kansas Central, Inc. | 2032 | 30.5 | 30.5 | — | ||||||||||
1.39% Series(b) | Evergy Kansas South, Inc. | 2027 | 21.9 | 21.9 | — | ||||||||||
2.50% Series | Evergy Kansas South, Inc. | 2031 | 50.0 | 50.0 | — | ||||||||||
1.39% Series(b) | Evergy Kansas South, Inc. | 2032 | 14.5 | 14.5 | — | ||||||||||
1.39% Series(b) | Evergy Kansas South, Inc. | 2032 | 10.0 | 10.0 | — | ||||||||||
1.432% Series 2007A and 2007B(b) | Evergy Metro, Inc. | 2035 | 146.5 | — | 146.5 | ||||||||||
2.75% Series 2008 | Evergy Metro, Inc. | 2038 | 23.4 | — | 23.4 | ||||||||||
Senior Notes | |||||||||||||||
3.15% Series(g) | Evergy Metro, Inc. | 2023 | 300.0 | — | 300.0 | ||||||||||
3.65% Series(g) | Evergy Metro, Inc. | 2025 | 350.0 | — | 350.0 | ||||||||||
6.05% Series (5.78% rate)(a)(g) | Evergy Metro, Inc. | 2035 | 250.0 | — | 250.0 | ||||||||||
5.30% Series(g) | Evergy Metro, Inc. | 2041 | 400.0 | — | 400.0 | ||||||||||
4.20% Series(g) | Evergy Metro, Inc. | 2047 | 300.0 | — | 300.0 | ||||||||||
4.20% Series(g) | Evergy Metro, Inc. | 2048 | 300.0 | — | 300.0 | ||||||||||
8.27% Series | Evergy Missouri West, Inc. | 2021 | 80.9 | — | — | ||||||||||
3.49% Series A | Evergy Missouri West, Inc. | 2025 | 36.0 | — | — | ||||||||||
4.06% Series B | Evergy Missouri West, Inc. | 2033 | 60.0 | — | — | ||||||||||
4.74% Series C | Evergy Missouri West, Inc. | 2043 | 150.0 | — | — | ||||||||||
3.74% Series | Evergy Missouri West, Inc. | 2022 | 100.0 | — | — | ||||||||||
4.85% Series | Evergy, Inc.(f) | 2021 | 350.0 | — | — | ||||||||||
5.292% Series | Evergy, Inc.(f) | 2022 | 287.5 | — | — | ||||||||||
2.45% Series | Evergy, Inc. | 2024 | 800.0 | — | — | ||||||||||
2.90% Series (3.77% rate)(a) | Evergy, Inc. | 2029 | 800.0 | — | — | ||||||||||
Medium Term Notes | |||||||||||||||
7.33% Series | Evergy Missouri West, Inc. | 2023 | 3.0 | — | — | ||||||||||
7.17% Series | Evergy Missouri West, Inc. | 2023 | 7.0 | — | — | ||||||||||
Fair value adjustment(e) | 125.5 | — | — | ||||||||||||
Current maturities | (251.1 | ) | (250.0 | ) | — | ||||||||||
Unamortized debt discount and debt issuance costs | (80.7 | ) | (40.8 | ) | (24.4 | ) | |||||||||
Total excluding current maturities(d) | $ | 8,746.7 | $ | 3,436.1 | $ | 2,525.0 | |||||||||
December 31, 2018 | Issuing Entity | Year Due | Evergy | Evergy Kansas Central | Evergy Metro | ||||||||||
Mortgage Bonds | (millions) | ||||||||||||||
5.10% Series | Evergy Kansas Central, Inc. | 2020 | $ | 250.0 | $ | 250.0 | $ | — | |||||||
3.25% Series | Evergy Kansas Central, Inc. | 2025 | 250.0 | 250.0 | — | ||||||||||
2.55% Series | Evergy Kansas Central, Inc. | 2026 | 350.0 | 350.0 | — | ||||||||||
3.10% Series | Evergy Kansas Central, Inc. | 2027 | 300.0 | 300.0 | — | ||||||||||
4.125% Series | Evergy Kansas Central, Inc. | 2042 | 550.0 | 550.0 | — | ||||||||||
4.10% Series | Evergy Kansas Central, Inc. | 2043 | 430.0 | 430.0 | — | ||||||||||
4.625% Series | Evergy Kansas Central, Inc. | 2043 | 250.0 | 250.0 | — | ||||||||||
4.25% Series | Evergy Kansas Central, Inc. | 2045 | 300.0 | 300.0 | — | ||||||||||
6.70% Series | Evergy Kansas South, Inc. | 2019 | 300.0 | 300.0 | — | ||||||||||
6.15% Series | Evergy Kansas South, Inc. | 2023 | 50.0 | 50.0 | — | ||||||||||
6.53% Series | Evergy Kansas South, Inc. | 2037 | 175.0 | 175.0 | — | ||||||||||
6.64% Series | Evergy Kansas South, Inc. | 2038 | 100.0 | 100.0 | — | ||||||||||
4.30% Series | Evergy Kansas South, Inc. | 2044 | 250.0 | 250.0 | — | ||||||||||
2.95% EIRR bonds | Evergy Metro, Inc. | 2023 | 79.5 | — | 79.5 | ||||||||||
7.15% Series 2009A (8.59% rate)(a) | Evergy Metro, Inc. | 2019 | 400.0 | — | 400.0 | ||||||||||
9.44% Series | Evergy Missouri West, Inc. | 2019-2021 | 3.4 | — | — | ||||||||||
Pollution Control Bonds | |||||||||||||||
2.46% Series(b) | Evergy Kansas Central, Inc. | 2032 | 45.0 | 45.0 | — | ||||||||||
2.46% Series(b) | Evergy Kansas Central, Inc. | 2032 | 30.5 | 30.5 | — | ||||||||||
2.46% Series(b) | Evergy Kansas South, Inc. | 2027 | 21.9 | 21.9 | — | ||||||||||
2.50% Series | Evergy Kansas South, Inc. | 2031 | 50.0 | 50.0 | — | ||||||||||
2.46% Series(b) | Evergy Kansas South, Inc. | 2032 | 14.5 | 14.5 | — | ||||||||||
2.46% Series(b) | Evergy Kansas South, Inc. | 2032 | 10.0 | 10.0 | — | ||||||||||
1.865% Series 2007A and 2007B(b) | Evergy Metro, Inc. | 2035 | 146.5 | — | 146.5 | ||||||||||
2.75% Series 2008 | Evergy Metro, Inc. | 2038 | 23.4 | — | 23.4 | ||||||||||
Senior Notes | |||||||||||||||
3.15% Series | Evergy Metro, Inc. | 2023 | 300.0 | — | 300.0 | ||||||||||
3.65% Series | Evergy Metro, Inc. | 2025 | 350.0 | — | 350.0 | ||||||||||
6.05% Series (5.78% rate)(a) | Evergy Metro, Inc. | 2035 | 250.0 | — | 250.0 | ||||||||||
5.30% Series | Evergy Metro, Inc. | 2041 | 400.0 | — | 400.0 | ||||||||||
4.20% Series | Evergy Metro, Inc. | 2047 | 300.0 | — | 300.0 | ||||||||||
4.20% Series | Evergy Metro, Inc. | 2048 | 300.0 | — | 300.0 | ||||||||||
8.27% Series | Evergy Missouri West, Inc. | 2021 | 80.9 | — | — | ||||||||||
3.49% Series A | Evergy Missouri West, Inc. | 2025 | 36.0 | — | — | ||||||||||
4.06% Series B | Evergy Missouri West, Inc. | 2033 | 60.0 | — | — | ||||||||||
4.74% Series C | Evergy Missouri West, Inc. | 2043 | 150.0 | — | — | ||||||||||
4.85% Series | Evergy, Inc.(f) | 2021 | 350.0 | — | — | ||||||||||
5.292% Series | Evergy, Inc.(f) | 2022 | 287.5 | — | — | ||||||||||
Medium Term Notes | |||||||||||||||
7.33% Series | Evergy Missouri West, Inc. | 2023 | 3.0 | — | — | ||||||||||
7.17% Series | Evergy Missouri West, Inc. | 2023 | 7.0 | — | — | ||||||||||
Fair value adjustment(e) | 144.8 | — | — | ||||||||||||
Current maturities (c) | (705.4 | ) | (300.0 | ) | (400.0 | ) | |||||||||
Unamortized debt discount and debt issuance costs | (57.2 | ) | (37.1 | ) | (19.3 | ) | |||||||||
Total excluding current maturities(d) | $ | 6,636.3 | $ | 3,389.8 | $ | 2,130.1 | |||||||||
(a) | Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments. |
(b) | Variable rate. |
(c) | Evergy's current maturities total as of December 31, 2018, includes $4.3 million of fair value adjustments recorded in connection with purchase accounting for the merger transaction. |
(d) | At December 31, 2019 and 2018, 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 Evergy Metro. |
(e) | Represents the fair value adjustments recorded at Evergy consolidated related to the long-term debt of Great Plains Energy, Evergy Metro and Evergy Missouri West in connection with purchase accounting for the merger transaction. This amount is not part of future principal payments and will amortize over the remaining life of the associated debt instruments. |
(f) | Originally issued by Great Plains Energy but assumed by Evergy, Inc. as part of the merger transaction. |
(g) | Effectively secured pursuant to the General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as supplemented (Evergy Metro Mortgage Indenture) through the issuance of collateral mortgage bonds issued to the trustee for the unsecured senior notes in March 2019. |
The following table summarizes Evergy's and Evergy Kansas Central's long-term debt of VIEs.
December 31 | ||||||||||||
2019 | 2018 | |||||||||||
(millions) | ||||||||||||
2.398% due 2021 | $ | 51.1 | $ | 81.4 | ||||||||
Current maturities | (32.3 | ) | (30.3 | ) | ||||||||
Total excluding current maturities | $ | 18.8 | $ | 51.1 | ||||||||
Mortgage Bonds
The Evergy Kansas Central and Evergy Kansas South mortgages each contain provisions restricting the amount of first mortgage bonds (FMBs) that could be issued by each entity. Evergy Kansas Central and Evergy Kansas South must be in compliance with such restrictions prior to the issuance of additional first mortgage bonds or other secured indebtedness. The amount of Evergy Kansas Central FMBs authorized by its Mortgage and Deed of Trust, dated July 1, 1939, as supplemented, is subject to certain limitations as described below. The amount of Evergy Kansas South FMBs authorized by the Evergy Kansas South Mortgage and Deed of Trust, dated April 1, 1940, as supplemented and amended, is limited to a maximum of $3.5 billion, unless amended further. FMBs are secured by utility assets. Amounts of additional FMBs that may be issued are subject to property, earnings and certain restrictive provisions, except in connection with certain refundings, of each mortgage. As of December 31, 2019, approximately $305.4 million and $2,828.6 million principal amounts of additional Evergy Kansas Central FMBs or Evergy Kansas South FMBs, respectively, could be issued under the most restrictive provisions of their mortgages.
Evergy Metro has issued mortgage bonds under the Evergy Metro Mortgage Indenture, which creates a mortgage lien on substantially all of Evergy Metro's utility plant. Additional Evergy Metro bonds may be issued on the basis of 75% of property additions or retired bonds. As of December 31, 2019, approximately $4,923.3 million principal amount of additional Evergy Metro mortgage bonds could be issued under the most restrictive provisions in the mortgage.
Evergy Missouri West has issued mortgage bonds under the General Mortgage Indenture and Deed of Trust dated April 1, 1946, as supplemented, which creates a mortgage lien on a portion of Evergy Missouri West's utility plant.
In March 2019, Evergy Metro issued collateral mortgage bonds secured by the Evergy Metro Mortgage Indenture to serve as collateral for Evergy Metro's obligations under the following outstanding unsecured senior notes:
• | $300.0 million of 3.15% Series, maturing in 2023; |
• | $350.0 million of 3.65% Series, maturing in 2025; |
• | $250.0 million of 6.05% Series, maturing in 2035; |
• | $400.0 million of 5.30% Series, maturing in 2041; |
• | $300.0 million of 4.20% Series, maturing in 2047; and |
• | $300.0 million of 4.20% Series, maturing in 2048. |
The collateral mortgage bonds were issued to the applicable trustee for the unsecured senior notes, are only payable if Evergy Metro defaults on the underlying unsecured senior notes and do not increase the amount of outstanding debt for Evergy Metro.
As a result of the above transactions, Evergy Metro's outstanding senior notes have effectively become secured by the mortgage lien of the Evergy Metro Mortgage Indenture and rank equally and ratably with all of Evergy Metro's mortgage bonds, regardless of series, from time to time issued and outstanding under the Evergy Metro Mortgage Indenture.
Also in March 2019, Evergy Metro issued, at a discount, $400.0 million of 4.125% Mortgage Bonds, maturing in 2049. Evergy Metro also repaid its $400.0 million of 7.15% Mortgage Bonds at maturity in April 2019.
In June 2019, Evergy Kansas South repaid its $300.0 million of 6.70% FMBs at maturity.
In August 2019, Evergy Kansas Central issued, at a discount, $300.0 million of 3.25% FMBs, maturing in 2049.
Senior Notes
Under the terms of the note purchase agreement for Evergy Missouri West's Series A, B and C Senior Notes, Evergy Missouri West is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the agreement, not greater than 0.65 to 1.00. In addition, Evergy Missouri West's priority debt, as defined in the agreement, cannot exceed 15% of consolidated tangible net worth, as defined in the agreement. At December 31, 2019, Evergy Missouri West was in compliance with these covenants.
In March 2019, Evergy Missouri West issued $100.0 million of 3.74% Senior Notes, maturing in 2022, under a note purchase agreement.
In September 2019, Evergy issued, at a discount, $800.0 million of 2.45% Senior Notes, maturing in 2024 and $800.0 million of 2.90% Senior Notes, maturing in 2029.
Scheduled Maturities
Evergy's, Evergy Kansas Central's and Evergy Metro's long-term debt maturities and the long-term debt maturities of VIEs for the next five years are detailed in the following table.
2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Evergy(a) | $ | 251.1 | $ | 432.0 | $ | 387.5 | $ | 439.5 | $ | 800.0 | ||||||||||
Evergy Kansas Central(a) | 250.0 | — | — | 50.0 | — | |||||||||||||||
Evergy Metro | — | — | — | 379.5 | — | |||||||||||||||
VIEs | 32.3 | 18.8 | — | — | — | |||||||||||||||
(a) Excludes long-term debt maturities of VIEs.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2019 | Mar 2, 2020 | Showing above |
| 2018 | Feb 22, 2019 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.