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NiSource prices tender offers for $760.18 million of three note series
By Susanna Moon
Chicago, June 11 – NiSource Inc. said it priced the separate tender offers for its $255,117,000 of 6.8% notes due 2019, $325,113,000 of 5.45% notes due 2020 and $179,954,000 of 6.125% notes due 2022.
Pricing was set at 11 a.m. ET on June 11 for each $1,000 principal amount using a reference security plus a fixed spread as follows, according to a company announcement:
• $1,023.82 for the 6.8% notes, the 1.125% U.S. Treasury note due Jan. 15, 2019 plus 50 basis points;
• $1,055.78 for the 5.45% notes, the 1.375% U.S. Treasury note due Sept. 15, 2020 plus 30 bps; and
• $1,102.30 for the 6.125% notes, the 1.875% U.S. Treasury note due Feb. 28, 2022 plus 45 bps.
As announced June 4, each series of notes was originally issued by the company's former wholly owned finance subsidiary NiSource Finance Corp. and then became obligations of the company on Nov. 30, 2017 after the company’s merger with NiSource Finance.
The tender offer was scheduled to end at 5 p.m. ET on June 11.
Holders will also receive accrued interest up to but excluding the settlement date of June 12.
The offers are conditioned upon the company securing proceeds of at least $350 million from one or more capital markets issues.
None of the offers is conditioned upon a minimum amount of notes being tendered.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 325-2476) is the dealer manager. D. F. King & Co., Inc. (866 342-1635 or 212 269-5550) is the tender agent.
NiSource is a Merrillville, Ind., company with businesses in natural gas transmission, storage and distribution and electricity generation, transmission and distribution.
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