RULE 424(b)(3)
File No. 333-17285
PRICING SUPPLEMENT NO. 1 DATED MARCH 15, 2000
(To Prospectus dated December 19, 1996)
KANSAS CITY POWER & LIGHT COMPANY
Unsecured Medium-Term Notes
Due From Nine Months to Thirty Years From Date of Issue
_______________________
Form of Offered Notes:
Check blank opposite applicable sentence:
x The Offered Notes will be in global book-entry form.
_____ The Offered Notes will be in certificated form.
Issue Price (as a percentage of Original Issue
Principal Amount): 100 %
Principal Amount: $200,000,000
Original Issue Date: March 20, 2000
Maturity Date: March 20, 2002
If Offered Notes have a Fixed Rate:
Interest Rate: ____%
Interest Payment Dates: ____
____
Record Dates: ____
____
<PAGE>
If Offered Notes have a Floating Rate:
Base Rate: LIBOR
Initial Interest Rate: Determined as described below
Maximum Interest Rate: N/A %
Minimum Interest Rate: N/A %
Interest Reset Dates: March 20, 2000, and thereafter the
third Wednesday of March, June,
September and December
Interest Reset Period: Quarterly
Interest Payment Dates: The third Wednesday of March, June,
September and December, commencing
June 21, 2000
Record Dates: 15 calendar days prior to the Interest
Payment Dates
Interest Payment Period: Quarterly
Spread (+/-): + .15%
Spread Multiplier: N/A
Calculation Date: N/A
LIBOR Interest Second London Banking Day preceding
Determination Dates: Interest Reset Date
Index Maturity: 3 months
Redemption: N/A
Check blank opposite applicable sentence:
X The Offered Notes cannot be redeemed prior to maturity.
_____ The Offered Notes may be redeemed prior to maturity.
Terms of Redemption:
Par Date: _________________ Initial Redemption Date: __________
Limitation Date: __________ Initial Percentage: ______________%
Reduction Percentage: _____%
Additional Terms: _________
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<PAGE>
THE COMPANY
Kansas City Power & Light Company (KCPL) is a publicly-held,
regulated electric utility incorporated in Missouri in 1922 and
headquartered in downtown Kansas City, Missouri. KCPL engages in
the generation, transmission, distribution and sale of
electricity to approximately 463,000 customers located in all or
portions of 31 counties in western Missouri and eastern Kansas.
About two-thirds of KCPL's retail sales are to Missouri customers
and the remainder to Kansas customers. Customers include
approximately 407,000 residences, 53,000 commercial firms, and
3,000 industrials, municipalities and other electric utilities.
Retail electric revenues in Missouri and Kansas accounted for
approximately 93% of KCPL's total electric revenues in 1999.
Wholesale firm power, bulk power sales and miscellaneous electric
revenues accounted for the remainder of utility revenues.
KCPL also owns an unregulated subsidiary, KLT Inc., formed in
1992, KLT holds interests in telecommunications, oil and gas
development and production, energy services and affordable
housing limited partnerships.
KCPL is proactively seeking to restructure the company in advance
of retail access legislation into three separate businesses --
generation, transmission and distribution and unregulated
activities. Retail access legislation is not expected to pass in
the states of Missouri and Kansas in the year 2000. Thus, KCPL
cannot predict the ultimate outcome of any such legislation.
The address of the Company's principal executive office is 1201
Walnut, Kansas City, Missouri 64106 (Telephone: (816) 556-2200).
SUMMARY FINANCIAL INFORMATION
Income Statement Information
Year Ended December 31,
--------------------------
1997 1998 1999
---- ---- ----
(Thousands)
Operating revenues $895,943 $938,941 $897,393
Operating income $162,722 $184,165 $143,949
Net Income $76,560 $120,722 $81,915
Ratios
Year Ended December 31,
------------------------------
1995 1996 1997 1998 1999
---- ---- ---- ---- ----
Ratios of Earnings to Fixed 3.94 3.06 2.03 2.87 2.07
Charges
Capitalization Summary
December 31, 1999
-----------------
(Thousands)
Long-term debt* $ 685,884
Company-obligated Mandatorily Redeemable 150,000
Preferred Securities
Preferred stock 39,062
Common equity 864,644
-----------
Total $ 1,739,590
===========
*Excluding current maturities of long-term debt included in current
liabilities.
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LIBOR with respect to the Notes shall mean:
(a) With respect to any LIBOR Interest Determination Date, LIBOR
will be the rate determined on the basis of the offered rates for
deposits of the Index Maturity specified in effect for three-
month deposits in U.S. dollars, for use commencing on the second
London Banking Day immediately following such Interest
Determination date, that appears on Telerate Page 3750 as of
11:00 a.m., London time, on such Libor LIBOR Interest
Determination Date. "Telerate Page 3750" means the display
designated as page "3750 on Bridge Telerate, Inc." (or such other
page as may replace the 3750 page on the service or such other
service or services as may be nominated by the British Bankers'
Association for the purpose of displaying London interbank
offered rates for U.S. dollar deposits). If no rate appears on
Telerate Page 3750, LIBOR in respect of such Interest
Determination Date will be determined as if the parties had
specified the rate described in (b) below.
(b) With respect to an Interest Determination Date on which
no rate appears on Telerate Page 3750, as described above, LIBOR
will be determined on the basis of the arithmetic mean, as
determined by the Calculation Agent, of the rates at
approximately 11:00 a.m., London time, on such LIBOR Interest
Determination Date at which three-month deposits in U.S. dollars
are offered to prime banks in the London interbank market by
three major banks in the London interbank market selected by the
Calculation Agent commencing on the second London Banking Day
immediately following such LIBOR Interest Determination Date and
in a principal amount equal to an amount of not less than $1
million that in the Calculation Agents judgement is
representative for a single transaction in such market at such
time. The Calculation Agent will request the principal London
office of each of such banks to provide a quotation of its rate.
If fewer than two quotations are provided, LIBOR for such LIBOR
Interest Determination Date will be the arithmetic mean of the
rates quoted at approximately 11:00 a.m., New York City time, on
such LIBOR Interest Determination Date by three major banks in
The City of New York, selected by the Calculation Agent for three-
month loans in U.S. dollars to leading European banks, commencing
on the second London Banking Day immediately following such LIBOR
Interest Determination Date and in a principal amount equal to an
amount of not less than $1 million that in the Calculation
Agent's judgment is representative for a single transaction in
such market at such time; provided, however, that if the banks
selected as aforesaid by the Calculation Agent are not quoting as
mentioned in this sentence, LIBOR will be the LIBOR determined on
the last preceding LIBOR Interest Determination Date.
Agency Transaction ( )*
or
Principal Transaction (X)*
__________________
If the Agency Transaction box is checked, the Offered Notes
are being offered directly by the Company through an Agent,
acting as Agent for the Company. If the Principal
Transaction box is checked, however, the Offered Notes have
been sold to an Agent as principal for resale to purchasers
upon terms described in the Prospectus. If the Principal
Transaction box is checked and the Offered Notes are being
offered by an Agent as principal, the Offered Notes were
purchased by an Agent from the Company at a price determined
as provided in the Prospectus unless otherwise stated in the
space which follows:
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UNDERWRITING
Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Morgan Stanley & Co. Incorporated and Banc of
America Securities LLC (the "Underwriters"), are acting as
principals in the sale of the Offered Notes.
Subject to the terms and conditions set forth in a Terms
Agreement dated March 15, 2000 (the "Terms Agreement"), between
the Company and the Underwriters, and Distribution Agreements
dated December 19, 1996, between the Company and Merrill Lynch &
Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche
Morgan Grenfell, Inc. and Morgan Stanley & Co. Incorporated, and
dated March 15, 2000 between the Company and Banc of America
Securities LLC, the Company has agreed to sell to each of the
Underwriters, and each of the Underwriters has severally agreed
to purchase, the principal amount of Offered Notes set forth
opposite its name below:
Principal Amount
Underwriter of the Offered Notes
----------- -----------
Merrill Lynch, Pierce, Fenner & Smith $67,000,000
Incorporated
Morgan Stanley & Co. Incorporated 67,000,000
Banc of America Securities LLC 66,000,000
------------
Total $200,000,000
Under the terms and conditions of the Terms Agreement, the
Underwriters are committed to take and pay for all of the Offered
Notes, if any are taken.
The Underwriters may effect transactions by selling the Offered
Notes to or through dealers, and such dealers may receive
compensation in the form of underwriting discounts, concessions
or commissions from the Underwriters and/or the purchasers of the
Offered Notes for whom they may act as agent. In connection with
the sale of the Offered Notes, the Underwriters may be deemed to
have received compensation from the Company in the form of
underwriting discounts, and the Underwriters may also receive
commissions from the purchasers of the Offered Notes for whom
they may act as agent. The Underwriters and any dealers that
participate with the Underwriters in the distribution of the
Offered Notes may be deemed to be underwriters, and any discounts
or commissions received by them and any profit on the resale of
the Offered Notes by them may be deemed to be underwriting
discounts or commissions.
The Offered Notes are a new issue of securities with no
established trading market. The Company currently has no
intention to list the Offered Noted on any securities exchange.
The Company has been advised by the Underwriters that they intend
to make a market in the Offered Notes but are not obligated to do
so and may discontinue any market making at any time without
notice. No assurance can be given as to the liquidity of the
trading market for the Offered Notes.
The Company has agreed to indemnify the Underwriters against
certain liabilities, including liabilities under the Securities
Act of 1933, as amended.
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