MGE subsidiary issues $50M in senior notes (5.30% and 5.59%) due 2039 and 2054

MGE ENERGY INC

Madison Gas & Electric commits to $25M Series A at 5.30% due Dec 1, 2039, and $25M Series B at 5.59% due Dec 1, 2054.
Closing expected Dec 4, 2024; net proceeds to fund capital expenditures and corporate obligations.
Notes are unsecured; redeemable at par plus make-whole premium except near maturity.
Covenants include max 65% consolidated debt-to-capital and Priority Debt cap of 20% of consolidated assets.
Change-in-control put triggered if MGE loses investment-grade rating from two of S&P/Moody's after 30% voting stock acquisition.

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