Great Plains Energy acquired Westar in a combined cash and stock transaction with an enterprise value of approximately $12.2 billion, including total equity value of approximately $8.6 billion and the assumption of $3.6 billion of Westar’s debt. Upon closing, Westar will become a wholly owned subsidiary of Great Plains Energy.

Great Plains Energy has secured approximately $8 billion of committed debt financing from Goldman Sachs Bank USA and Goldman Sachs Lending Partners for the full cash portion of the transaction consideration.

Great Plains Energy has also secured a $750 million mandatorily preferred convertible equity commitment from the Ontario Municipal Employees Retirement System (OMERS), to be funded at closing. Great Plains Energy plans to issue long-term financing consisting of a combination of equity, equity-linked securities and debt prior to closing of the transaction. This financing mix will allow Great Plains Energy to maintain its investment grade credit ratings.