Otter Tail to sell $100 million in senior unsecured notes

By Sheri Kasprzak

New York, Nov. 30 - Otter Tail Corp. is expected to sell $100 million in senior unsecured notes, according to a statement from the company.

The seven-year notes will be sold off of the company's shelf registration.

A market source said Monday that the company will likely sell the bonds when market conditions are ideal for them.

Bank of America Merrill Lynch and J.P. Morgan Securities Inc. are the joint bookrunners. The co-managers are U.S. Bancorp Investments Inc., BNP Paribas Securities Corp., KeyBanc Capital Markets and Wells Fargo Securities Inc.

Proceeds will be used to repay a revolving credit facility. The remainder will be used for general corporate purposes.

Otter Tail, based in Fargo, N.D., offers electric utility, manufacturing, health services, food ingredient processing and infrastructure businesses.

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