By Devika Patel
Knoxville, Tenn., Nov. 16 – Otter Tail Power Co. priced a $100 million private placement of 4.07% series 2018A senior unsecured notes due Feb. 7, 2048 on Nov. 14, according to an 8-K filed Monday with the Securities and Exchange Commission.
J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc. are the agents.
Proceeds will be used to refinance debt under the company’s revolving credit facilities.
Otter Tail is a Fergus Falls, Minn.-based electric utility company.
| Issuer: | Otter Tail Power Co.
|
| Issue: | Series 2018A senior unsecured notes
|
| Amount: | $100 million
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| Maturity: | Feb. 7, 2048
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| Agents: | J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc.
|
| Coupon: | 4.07%
|
| Call: | Make-whole call until Aug. 7, 2047, then a par call
|
| Pricing date: | Nov. 14
|
| Settlement date: | Feb. 7
|
| Distribution: | Private placement
|
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