Otter Tail Power issues $100M in senior notes at 5.49% and 5.98%

Otter Tail Corp

$50M 5.49% Series 2025A Notes due 2035 issued March 27; $50M 5.98% Series 2025B Notes due 2055 expected June 5.
Proceeds to fund capital expenditures, refinance existing debt, and for general corporate purposes.
Covenants limit Interest-bearing Debt to ≤65% of Total Capitalization and Priority Indebtedness to ≤20%.
Notes are unsecured senior obligations of Otter Tail Power Company, a wholly owned subsidiary.
Prepayment at 100% plus make-whole; change-of-control triggers offer to prepay.

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