secwatch.observer — SEC 8-K summary
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Issuer:     Otter Tail Corp (OTTR)
CIK:        0001466593
Form:       8-K
Filed at:   2024-12-16T23:59:59+00:00
Accession:  0001466593-24-000147
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Otter Tail enters new $170M corp revolver & $220M OTP revolver, both due Dec 2029
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- Unsecured $170M Otter Tail Corp revolver (expandable to $290M), replacing Oct 2022 facility, expires Dec 11, 2029.
- Unsecured $220M Otter Tail Power revolver (expandable to $300M), replacing Oct 2022 facility, expires Dec 11, 2029.
- No amounts outstanding on parent revolver; $31.1M drawn on OTP revolver plus $8.8M in LOCs as of Dec 11, 2024.
- Interest rate based on benchmark plus margin tied to borrower's credit rating; max leverage covenant: interest-bearing debt to total capitalization ≤0.65.
- Both facilities provide for letters of credit (parent $40M, OTP $50M) and general corporate purposes including capex.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1466593/000146659324000147/0001466593-24-000147-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1466593/000146659324000147/ottr-20241211.htm
  HTML page:      https://secwatch.observer/filing/0001466593-24-000147

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