debt
confidence high
sentiment neutral
materiality 0.50
Otter Tail subsidiary closes $90M of 3.77% senior notes due 2052
Otter Tail Corp
- OTP issued $90M Series 2022A Notes at 3.77% due May 20, 2052, completing a $230M private placement.
- Proceeds to refinance existing debt, fund capex, and for general corporate purposes.
- Series 2021A ($40M at 2.74% due 2031) and 2021B ($100M at 3.69% due 2051) were issued Nov 29, 2021.
- Note Purchase Agreement includes financial covenants: Interest-bearing Debt ≤60% of Total Capitalization, Priority Indebtedness ≤20%.