Otter Tail Power issues $140M of senior notes; remaining $90M due May 2022

Otter Tail Corp

Issued $40M 2.74% Series 2021A notes due Nov 2031 and $100M 3.69% Series 2021B notes due Nov 2051.
Proceeds will be used to refinance existing indebtedness.
Remaining $90M Series 2022A notes at 3.77% due May 2052 expected to close in May 2022.
Covenants limit interest-bearing debt to 60% of total capitalization and priority indebtedness to 20%.

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