XML 59 R29.htm IDEA: XBRL DOCUMENT v3.24.0.1
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
In June 2023, the Evergy Companies extended the expiration date of their $2.5 billion master credit facility from 2026 to 2027. 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 December 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 December 31, 2023 and 2022.
Amounts Drawn
Master Credit FacilityCommercial PaperLetters of CreditCash BorrowingsAvailable BorrowingsWeighted Average Interest Rate on Short-Term Borrowings
December 31, 2023(millions)
Evergy, Inc.$300.0 $— $0.7 $— $299.3 —%
Evergy Kansas Central750.0 230.4 1.0 — 518.6 5.56%
Evergy Metro750.0 423.3 — — 326.7 5.58%
Evergy Missouri West700.0 298.1 — — 401.9 5.66%
Evergy$2,500.0 $951.8 $1.7 $— $1,546.5 
December 31, 2022
Evergy, Inc.$450.0 $— $0.7 $— $449.3 —%
Evergy Kansas Central1,000.0 772.1 — — 227.9 4.91%
Evergy Metro350.0 111.0 — — 239.0 5.02%
Evergy Missouri West700.0 449.2 — — 250.8 4.84%
Evergy$2,500.0 $1,332.3 $0.7 $— $1,167.0 
In February 2022, Evergy, Inc. entered into a $500.0 million unsecured Term Loan Credit Agreement (Term Loan Facility) with an original expiration date in February 2023. In February 2023, Evergy, Inc. amended the $500.0 million Term Loan Facility to expire in 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. Evergy's borrowings under the Term Loan Facility were used for, among other things, working capital, capital expenditures and general corporate purposes. In December 2023, Evergy repaid its $500.0 million Term Loan Facility with a portion of the proceeds from Evergy's issuance of $1.4 billion of 4.50% Convertible Notes (Convertible Notes). See Note 12 for additional information on the Convertible Notes.