UtiliCorp issues $250 million of unsecured, 30-year notes

KANSAS CITY, Mo., March 1, 2002 — UtiliCorp United announced today it has sold through underwriters $250 million in unsecured, 30-year notes at a coupon rate of 7.875 percent.

Net proceeds of the sale will be used to reduce receivables sold in connection with an accounts receivable sale program, to reduce short-term debt and for general corporate purposes.

UtiliCorp’s managing underwriters were led by Morgan Stanley with co-managers Merrill Lynch & Co., Salomon Smith Barney, UBS Warburg LLC and Credit Suisse First Boston Corporation.

Based in Kansas City, UtiliCorp United is an international electric and gas company with energy customers and operations across the U.S. and in Canada, the United Kingdom, New Zealand, and Australia. Its Aquila subsidiary is one of the largest wholesalers of electricity and natural gas in North America. Aquila also provides wholesale energy services in the U.K. and has a presence in Scandinavia and Germany. At December 31, 2001, UtiliCorp had total assets of approximately $12.0 billion and 12-month sales of $40.4 billion. Additional information is available at www.utilicorp.com.

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