Otter Tail prepays in full $50 million Cascade note with premium

By Tali David

Minneapolis, July 16 - Otter Tail Corp. prepaid in full the $50 million senior note due Nov. 30, 2017 issued under a purchase agreement in 2007 with Cascade Investment, LLC, according to an 8-K filed with the Securities and Exchange Commission.

The company paid $63,030,931, which includes the principal amount of the note plus accrued interest to July 13 of $530,931 and a negotiated premium of $12.5 million.

The company used funds drawn on its existing credit facility to fund the prepayment.

Otter Tail is a Fergus Falls, Minn.-based diversified company with operations in electric utility, manufacturing, health services, food ingredient processing and infrastructure businesses, which include plastics, construction and transportation.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.