New Issue: Allete prices $75 million 6.02% 15-year first mortgage bonds in private offering

By Andrea Heisinger

Omaha, March 24 - Allete, Inc. priced $75 million of 6.02% 15-year first mortgage bonds in a private offering, according to an 8-K Securities and Exchange Commission filing.

Proceeds will be used for utility capital expenditures and general corporate purposes.

The electric company is based in Duluth, Minn.

Issuer:	Allete, Inc.
Issue:	First mortgage bonds
Amount:	$75 million
Maturity:	2023
Coupon:	6.02%
Trade date:	March 20
Settlement date:	On or before May 14
Distribution:	Rule 144A

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