---
schema_version: "secwatch.filing_event.v1"
accession: "0001466593-24-000061"
form_type: "8-K"
ticker: "OTTR"
cik: "0001466593"
company_name: "Otter Tail Corp"
filed_at: "2024-04-02T23:59:59+00:00"
generated_at: "2026-06-04T03:28:14.177287+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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).

## SEC filing metadata
- accession: 0001466593-24-000061
- form_type: 8-K
- ticker: OTTR
- cik: 0001466593
- company_name: Otter Tail Corp
- filed_at: 2024-04-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1466593/000146659324000061/0001466593-24-000061-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1466593/000146659324000061/ottr-20240328.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001466593-24-000061
- JSON: https://secwatch.observer/filing/0001466593-24-000061.json
- Plain text: https://secwatch.observer/filing/0001466593-24-000061.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1466593/000146659324000061/0001466593-24-000061-index.htm
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1466593/000146659324000061/0001466593-24-000061-index.htm
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1466593/000146659324000061/0001466593-24-000061-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.