MGE ENERGY INC (MGEE): debt financing — MGE subsidiary issues $70M senior notes at 5.61%-5.91% to refinance maturing debt and fund capex

MGE ENERGY INC

$40M Series A 5.61% notes due 2034 and $30M Series B 5.91% notes due 2053 issued.
Proceeds to repay $30M of 3.09% senior notes maturing Sep 15, 2023 and fund capex.
Covenants include max 65% debt-to-capitalization and 20% limit on priority debt.
Series A closes Sep 13, 2023; Series B closes Dec 1, 2023; interest paid semi-annually.
Notes are unsecured, redeemable at make-whole premium, with change-in-control prepayment clause.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MGE ENERGY INC incurred senior notes of $40 million in principal amount of its 5.61% senior notes, Series A, due September 15, 2034 and $30 million in principal with the note purchasers named therein at 5.61% per annum maturing September 15, 2034.

Instrument: senior notes
Principal: $40 million in principal amount of its 5.61% senior notes, Series A, due September 15, 2034 and $30 million in principal
Counterparty: the note purchasers named therein
Rate: 5.61% per annum
Maturity: September 15, 2034
Event: incurrence

Exact text from the filing

MGE entered into the Note Purchase Agreement providing for the issuance of $40 million in principal amount of its 5.61% senior notes, Series A, due September 15, 2034, at a closing scheduled for September 13, 2023, and $30 million in principal amount of its 5.91% senior notes, Series B, due December 1, 2053, at a closing scheduled for December 1, 2023.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Instrument: senior notes
Principal: $40 million in principal amount of its 5.61% senior notes, Series A, due September 15, 2034 and $30 million in principal
Counterparty: the note purchasers named therein
Rate: 5.91% per annum
Maturity: December 1, 2053
Event: incurrence

Exact text from the filing

MGE entered into the Note Purchase Agreement providing for the issuance of $40 million in principal amount of its 5.61% senior notes, Series A, due September 15, 2034, at a closing scheduled for September 13, 2023, and $30 million in principal amount of its 5.91% senior notes, Series B, due December 1, 2053, at a closing scheduled for December 1, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MGE ENERGY INC entered into Note Purchase Agreement with note purchasers named therein valued at $40 million in principal amount of its 5.61% senior notes, Series A, due September 15, 2034 and $30 (effective 2023-08-31).

Action: entry
Agreement: notes offering
Counterparty: note purchasers named therein
Value: $40 million in principal amount of its 5.61% senior notes, Series A, due September 15, 2034 and $30
Effective: 2023-08-31

Exact text from the filing

Madison Gas and Electric Company (MGE), a wholly-owned subsidiary of MGE Energy, Inc., entered into a Note Purchase Agreement dated August 31, 2023 (the Note Purchase Agreement), with the note purchasers named therein, in which it committed to issue $40 million in principal amount of its 5.61% senior notes, Series A, due September 15, 2034 and $30 million in principal amount of its 5.91% senior notes, Series B, due December 1, 2053

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Source: SEC EDGAR

accession 0000950170-23-046611

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