ALLETE issues $250M in first mortgage bonds across four series to fund utility capex

ALLETE INC

Issued $50M at 5.37% due 2032, $75M at 5.69% due 2035, $50M at 5.79% due 2037, $75M at 6.34% due 2055.
Interest payable semi-annually starting Jan 15, 2026; make-whole prepayment option with par call near maturity.
Proceeds from the private placement will fund utility capital expenditures.
Bonds sold to institutional accredited investors under Section 4(a)(2) exemption.

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