Knife River Holding Co. closes $425M 7.75% notes offering for spinoff

MDU RESOURCES GROUP INC

Knife River Holding Co., a wholly owned subsidiary of MDU Resources, issued $425M of 7.750% senior notes due 2031.
Proceeds held in escrow until spinoff of Knife River Corp. conditions satisfied; then lent to Knife River to repay intercompany obligations.
Notes bear interest at 7.750% per annum, payable semiannually, mature May 1, 2031.
From and after spinoff, notes will be guaranteed by certain Knife River Holding Co. subsidiaries.
Escrow release requires officer's certificate that spinoff is expected within one business day; otherwise special mandatory redemption.

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