SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 23, 2001
THE EMPIRE DISTRICT ELECTRIC COMPANY
(Exact name of registrant as specified in charter)
Kansas
(State or other jurisdiction of incorporation)
1-3368 44-0236370
(Commission File Number) (IRS Employer Identification Number)
602 Joplin Street, Joplin, Missouri 64801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (417) 625-5100
Not applicable
(Former name or former address, if changed since last report)
Item 5 Other Events
On February 22, 2001, Empire District Electric Trust I, a
wholly owned subsidiary of the Company, agreed to sell $50
million liquidation amount of 8 1/2% Trust Preferred Securities due
March 1, 2031, in a public underwritten offering lead by A.G.
Edwards & Sons, Inc. and Stifel, Nicolaus & Company,
Incorporated. The offering is scheduled to close March 1, 2001.
The Trust will use the proceeds from the sale of the Trust
Preferred Securities to purchase junior subordinated debentures
from the Company. The Company will add the net proceeds from the
sale to the Trust of its junior subordinated debentures to its
general funds and will repay short-term indebtedness.
The Trust Preferred Securities are being offered to the
public at 100% of the $25.00 liquidation amount per Preferred
Security. The Trust Preferred Securities are preliminary rated
BBB by Standard & Poor's and baa1 by Moody's.
In the prospectus supplement relating to the Trust Preferred
Securities, the Company disclosed the following information under
the heading "Recent Developments":
On November 3, 2000, Empire filed a request with the Missouri
Public Service Commission for a general annual increase in rates
of approximately $41.5 million for its Missouri electric
customers. This request is to allow Empire to recover expenses
resulting from significantly increased natural gas prices as well
as resulting from the construction of its new State Line Combined
Cycle Unit and other plant additions. The Missouri commission has
scheduled an evidentiary hearing for May 29, 2001 through June 8,
2001. Any rate increase approved as a result of this filing would
not become effective before late in the third quarter of 2001.
Because of the expected timing of the decision with respect to
this request, the continued high prices relative to historical
levels of natural gas and the increased labor expenses associated
with the construction of the State Line Combined Cycle Unit, on
February 16, 2001, Empire filed a request with the Missouri
commission for an interim rate increase of approximately $16.8
million for its Missouri electric customers. Empire is asking for
this increase to be collected between March 1, 2001 and September
30, 2001. Empire cannot predict the extent of any increases which
might be granted as a result of these filings. Empire
anticipates that, assuming normal weather conditions and
continued high natural gas prices, its earnings in 2001 are
likely to decline until it receives adequate and timely rate
relief as a result of the interim and permanent rate increases it
is seeking as described above.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
THE EMPIRE DISTRICT ELECTRIC COMPANY
By /s/ R. B. Fancher
Name: R. B. Fancher
Title: Vice President - Finance
Dated: February 23, 2001
Exhibit Index
Item 7. Financial Statements and Exhibits
(c) Exhibits. The following exhibit is filed herewith:
Exhibit
Number Description
8 Opinion regarding tax matters of
Cahill Gordon & Reindel.