SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT

3 Months Ended

Mar. 31, 2023

SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT

SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDITEvergy's $2.5 billion master credit facility expires in 2026. Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West have borrowing capacity under the master credit facility with specific sublimits for each

borrower. These sublimits can be unilaterally adjusted by Evergy for each borrower provided the sublimits remain within minimum and maximum sublimits as specified in the facility. The applicable interest rates and commitment fees of the facility are subject to upward or downward adjustments, within certain limitations, if Evergy achieves, or fails to achieve, certain sustainability-linked targets based on two key performance indicator metrics: (i) Non-Emitting Generation Capacity and (ii) Diverse Supplier Spend (as defined in the facility).

A default by any borrower under the facility or one of its significant subsidiaries on other indebtedness totaling more than $100.0 million constitutes a default by that borrower under the facility. Under the terms of this facility, each of Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West is required to maintain a total indebtedness to total capitalization ratio, as defined in the facility, of not greater than 0.65 to 1.00 at all times. As of March 31, 2023, Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West were in compliance with this covenant.

The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 3) available to the Evergy Companies as of March 31, 2023 and December 31, 2022.


			Amounts Drawn
	Master Credit Facility		Commercial Paper		Letters of Credit		Cash Borrowings		Available Borrowings		Weighted Average Interest Rate on Short-Term Borrowings
March 31, 2023	(millions)
Evergy, Inc.	$	300.0	$	147.0	$	0.7	$	—	$	152.3	5.41%
Evergy Kansas Central	800.0		323.0		—		—		477.0		5.46%
Evergy Metro (a)	700.0		471.0		—		—		229.0		5.51%
Evergy Missouri West	700.0		605.5		—		—		94.5		5.42%
Evergy (a)	$	2,500.0	$	1,546.5	$	0.7	$	—	$	952.8

December 31, 2022
Evergy, Inc.	$	450.0	$	—	$	0.7	$	—	$	449.3	—%
Evergy Kansas Central	1,000.0		772.1		—		—		227.9		4.91%
Evergy Metro	350.0		111.0		—		—		239.0		5.02%
Evergy Missouri West	700.0		449.2		—		—		250.8		4.84%
Evergy	$	2,500.0	$	1,332.3	$	0.7	$	—	$	1,167.0

(a) As of March 31, 2023, $297.7 million of Evergy Metro's commercial paper balances were classified as long-term debt on Evergy's and Evergy Metro's consolidated balance sheets. See Note 7 for additional information.

In February 2023, Evergy, Inc. amended a $500.0 million unsecured Term Loan Credit Agreement (Term Loan Facility) that originally expired in February 2023 to extend the expiration date to February 2024. As a result of the amendment, Evergy, Inc. demonstrated its intent and ability to refinance the Term Loan Facility and reflected this $500.0 million borrowing within long-term debt, net, on Evergy's consolidated balance sheet as of December 31, 2022. As of March 31, 2023, Evergy had borrowed $500.0 million under the Term Loan Facility that is reflected within notes payable and commercial paper on Evergy's consolidated balance sheet. Evergy's borrowings under the Term Loan Facility were used for, among other things, working capital, capital expenditures and general corporate purposes.

The weighted average interest rate for borrowings under the Term Loan Facility as of March 31, 2023, was 5.93%. The Term Loan Facility contains customary covenants, including one that sets the ratio of maximum allowed total indebtedness to total capitalization of not greater than 0.65 to 1.00, for Evergy and its subsidiaries on a consolidated basis. As of March 31, 2023, Evergy was in compliance with this covenant.