Otter Tail Corp (OTTR): debt financing — Otter Tail Power Co. issues $120M in senior notes: 5.48% Series 2024A (2034) and 5.77% Series 2024B (2054)

Otter Tail Corp

$120M total: $60M Series 2024A at 5.48% due 2034, $60M Series 2024B at 5.77% due 2054.
Proceeds to fund capital expenditures, refinance existing debt, and general corporate purposes.
Covenant: Interest-bearing Debt ≤60% of Total Capitalization; Priority Indebtedness ≤20% of Total Capitalization.
Prepayment allowed with make-whole; no make-whole after Jan 1, 2034 (2024A) or after Oct 1, 2053 (2024B).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Otter Tail Corp incurred senior notes of $60,000,000 with purchasers named in Note Purchase Agreement at 5.48% maturing April 1, 2034.

Instrument: senior notes
Principal: $60,000,000
Counterparty: purchasers named in Note Purchase Agreement
Rate: 5.48%
Maturity: April 1, 2034
Event: incurrence

Exact text from the filing

pursuant to which the Company issued to the Purchasers, in a private placement transaction, $120,000,000 aggregate principal amount of the Company’s senior unsecured notes consisting of $60,000,000 in aggregate principal amount of its 5.48% Series 2024A Senior Unsecured Notes due April 1, 2034 (the “Series 2024A Notes”) and $60,000,000 in aggregate principal amount of its 5.77% Series 2024B Senior Unsecured Notes due April 1, 2054 (the “Series 2024B Notes”) (collectively, the “Notes”).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Otter Tail Corp incurred senior notes of $60,000,000 with purchasers named in Note Purchase Agreement at 5.77% maturing April 1, 2054.

Instrument: senior notes
Principal: $60,000,000
Counterparty: purchasers named in Note Purchase Agreement
Rate: 5.77%
Maturity: April 1, 2054
Event: incurrence

Exact text from the filing

pursuant to which the Company issued to the Purchasers, in a private placement transaction, $120,000,000 aggregate principal amount of the Company’s senior unsecured notes consisting of $60,000,000 in aggregate principal amount of its 5.48% Series 2024A Senior Unsecured Notes due April 1, 2034 (the “Series 2024A Notes”) and $60,000,000 in aggregate principal amount of its 5.77% Series 2024B Senior Unsecured Notes due April 1, 2054 (the “Series 2024B Notes”) (collectively, the “Notes”).

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

Otter Tail Corp entered into Note Purchase Agreement with the purchasers named therein valued at $120,000,000 aggregate principal amount (effective 2024-03-28).

Action: entry
Agreement: notes offering
Counterparty: the purchasers named therein
Value: $120,000,000 aggregate principal amount
Effective: 2024-03-28

Exact text from the filing

On March 28, 2024, Otter Tail Power Company (the “Company”), a wholly owned subsidiary of Otter Tail Corporation (“OTC”), entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with the purchasers named therein (the “Purchasers”), pursuant to which the Company issued to the Purchasers, in a private placement transaction, $120,000,000 aggregate principal amount of the Company’s senior unsecured notes

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Otter Tail Corp filing history →

Source: SEC EDGAR

accession 0001466593-24-000061

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