Business Services Industry
Aquila Announces Closing of Common Stock and Convertible Senior Notes
Business Wire, August 24, 2004
KANSAS CITY, Mo. -- Aquila, Inc. (NYSE:ILA) announced today that it has completed the sale of 46 million shares of common stock and 13.8 million premium income equity securities (PIES). The public offering price of the common stock was $2.55 a share. The PIES carry a coupon of 6.75 percent and mandatorily convert into common stock no later than September 15, 2007. Gross proceeds to Aquila for the combined offerings, after underwriting discounts, were $447.4 million. The proceeds include the exercise of the underwriter's over-allotment option and will be used to retire long-term debt and other liabilities.
Based in Kansas City, Mo., Aquila operates electricity and natural gas distribution utilities serving customers in Colorado, Iowa, Kansas, Michigan, Minnesota, Missouri and Nebraska. The company also owns and operates power generation assets. More information is available at www.aquila.com.
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