01—Abstract
Summary
Summary of the 8-K filed November 25, 2025. Cited figures are marked; the original filing is the authoritative source.
Evergy, Inc. and its subsidiary Evergy Kansas Central, Inc. filed this combined Current Report on Form 8-K under Item 8.01 (Other Events) and Item 9.01 (Financial Statements and Exhibits).
On November 25, 2025, Evergy Kansas Central entered into the Fifty-Fourth Supplemental Indenture with The Bank of New York Mellon Trust Company, N.A., as trustee, amending its Mortgage and Deed of Trust dated July 1, 1939. The filing states that the amendments were reserved in the original indenture and do not require consent from holders of first mortgage bonds, because no bonds issued before the applicable dates remain outstanding. The supplemental indenture makes several changes to the bond-issuance, release-of-property, and default provisions of the indenture.
It adds a release mechanism for mortgaged property when the fair value of the remaining trust estate equals or exceeds 10/7ths of outstanding first mortgage and prior lien bonds, and a fallback release for smaller property parcels capped at 1% of such bonds over any 12-month period. It also deletes several net earnings and financial tests, removes an independent engineer's certificate requirement, allows substitute first mortgage bonds rated at least as high as those they replace, removes a $100,000a final-judgment default trigger, adds nuclear fuel to property additions, permits variable rate bonds, and adds a governing law clause.
The filing states that because no first mortgage bonds issued before January 1, 1997 remain outstanding, a prior amendment lapsed and the bondable-property ratio reverted to 70%b from 60%. The description is qualified in full by Exhibit 4.1, which is incorporated by reference into Evergy Kansas Central's Form S-3 registration statement (No. 333-281614-02).
02—Key points
Key Highlights
- Evergy Kansas Central entered into the Fifty-Fourth Supplemental Indenture on November 25, 2025, amending its 1939 Mortgage and Deed of Trust with The Bank of New York Mellon Trust Company, N.A., as trustee.
- No bondholder consent was required, because the company had reserved the right to make these amendments and no first mortgage bonds issued before the applicable dates remain outstanding.
- The bondable-property ratio for new first mortgage bonds reverted to 70% of net bondable value from 60%, because no bonds issued before January 1, 1997 remain outstanding.
- New property release provisions allow release when trust estate fair value equals or exceeds 10/7ths of outstanding first mortgage and prior lien bonds, plus a fallback release for smaller parcels capped at 1% of such bonds in any 12-month period.
- Several net earnings and financial tests were deleted, including those for issuing bonds, merging, and certain property acquisitions, along with the independent engineer's certificate requirement.
- New flexibility includes substitute first mortgage bonds rated at least as high as those replaced, variable rate bonds, and nuclear fuel added to property additions.
- The $100,000 final-judgment default trigger was removed, and a governing law clause was added.
03—Questions
Frequently Asked Questions
Which entity is party to the amended indenture, and who is the trustee?
Evergy Kansas Central, Inc. is the party to the Fifty-Fourth Supplemental Indenture, and The Bank of New York Mellon Trust Company, N.A. serves as trustee, as successor to Harris Trust and Savings Bank.
Did bondholders need to approve these amendments?
The filing states that Evergy Kansas Central had reserved the right to make these amendments without the consent or action of holders of first mortgage bonds issued after January 1, 1997 or May 31, 2004, as applicable, and that no bonds issued before those dates remain outstanding.
What do the amendments change for future debt issuance?
The amendments delete the net earnings test for issuing additional first mortgage bonds, allow substitute bonds rated equal to or better than those replaced, permit variable rate bonds, and reinstate the 70% bondable-property ratio, which had reverted from 60%.
How does the amendment affect the release of mortgaged property?
Property may be released if the trust estate's fair value equals or exceeds 10/7ths of outstanding first mortgage and prior lien bonds. If that cannot be obtained, property with fair value below 1/2 of 1% of those bonds may be released, with aggregate releases capped at 1% of such bonds in any 12 consecutive calendar months.
Where can investors find the full terms of the amendments?
The description is qualified in its entirety by Exhibit 4.1, the Fifty-Fourth Supplemental Indenture dated November 25, 2025, which is incorporated by reference into Evergy Kansas Central's Form S-3 registration statement (No. 333-281614-02).
04—Continue