Western Resources closes financing for $765 million

TOPEKA, Kan., May 14, 2002 — Western Resources on Friday announced the closing of two offerings of securities for $765 million.

Paul R. Geist, senior vice president and chief financial officer, said: “The closing of these offerings was an important step in the refinancing of approximately $1.5 billion of total indebtedness maturing prior to January 1, 2004. We believe these closings should remove any uncertainties about our ability to refinance this indebtedness.”

Western Resources completed an offering of $365 million of First Mortgage Bonds, 7-7/8 percent Series Due 2007 and an offering of $400 million of unsecured Senior Notes, 9-3/4 percent Series Due 2007.

The proceeds of these offerings were used to retire a term loan maturing March 17, 2003, with an outstanding principal balance of $547 million, to provide for the repayment at maturity of $100 million principal amount of first mortgage bonds due in August 2002 together with accrued interest, to reduce the outstanding balance of a revolving credit facility and to pay fees and expenses of the transactions.

Western Resources is a consumer services company with interests in monitored services and energy. The company has total assets of approximately $6.6 billion, including security company holdings through ownership of Protection One and Protection One Europe, which have more than 1.2 million security customers. Western Resources provides electric utility services as Westar Energy to about 640,000 customers in Kansas.

Through its ownership in ONEOK, Inc., a Tulsa-based natural gas company, Western Resources has a 44.7 percent interest in one of the largest natural gas distribution companies in the nation, serving more than 1.4 million customers.

For more information about Western Resources and its operating companies, visit us on the Internet at http://www.wr.com.

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