New Issue: Otter Tail Power places $230 million senior notes due 2031, 2051, 2052

By Devika Patel

Knoxville, Tenn., June 14 – Otter Tail Power Co. priced $230 million of senior notes in three tranches on June 10, according to an 8-K filed with the Securities and Exchange Commission.

The notes include $40 million of 2.74% series 2021A notes due Nov. 29, 2031, $100 million of 3.69% series 2021B notes due Nov. 29, 2051 and $90 million of 3.77% series 2022A notes due May 20, 2052.

The series 2021A notes and the series 2021B notes are expected to be issued on Nov. 29. The series 2022A notes are expected to be issued on May 20, 2022.

J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC were the agents.

Proceeds will be used to refinance debt and for general corporate purposes.

Otter Tail is a Fergus Falls, Minn.-based electric utility company.

Issuer:	Otter Tail Power Co.
Issue:	Senior notes
Amount:	$230 million
Agents:	J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC
Pricing date:	June 10
Settlement date:	Nov. 29 (for $140 million series 2021A and series 2021B notes), May 20, 2022 (for $90 million series 2022A notes)
Distribution:	Private placement
Series 2021A notes
Amount:	$40 million
Maturity:	Nov. 29, 2031
Coupon:	2.74%
Call:	Make-whole call until May 29, 2031, then a par call
Settlement date:	Nov. 29
Series 2021B notes
Amount:	$100 million
Maturity:	Nov. 29, 2051
Coupon:	3.69%
Call:	Make-whole call until May 29, 2051, then a par call
Settlement date:	Nov. 29
Series 2022A notes
Amount:	$90 million
Maturity:	May 20, 2052
Coupon:	3.77%
Call:	Make-whole call until Nov. 20, 2051, then a par call
Settlement date:	May 20, 2022

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