By Wendy Van Sickle
Columbus, Ohio, Sept. 16 – Otter Tail Power Co. priced a $175 million private placement of notes in seven tranches on Thursday, according to an 8-K filed Monday with the Securities and Exchange Commission.
The notes include
• $10 million of 3.07% series 2019A notes due Oct. 10, 2029;
• $26 million of 3.52% series 2019B notes due Oct. 10, 2039;
• $64 million of 3.82% series 2019C notes due Oct. 10, 2049;
• $10 million of 3.22% series 2020A notes due Feb. 25, 2030;
• $40 million of 3.22% series 2020B notes due Aug. 20, 2030;
• $10 million of 3.62% series 2020C notes due Feb. 25, 2040; and
• $15 million of 3.92% series 2020D notes due Feb. 25, 2050.
The series 2019A, 2019B and 2019C notes are expected to be issued on Oct. 10.
The series 2020A, 2020C and 2020D notes are expected to be issued on Feb. 25, 2020.
The series 2020B notes are expected to be issued on Aug. 20, 2020.
J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc. are the agents.
Proceeds will be used for general corporate purposes.
Otter Tail is a Fergus Falls, Minn.-based electric utility company.
| Issuer: | Otter Tail Power Co.
|
| Issue: | Senior notes
|
| Amount: | $175 million
|
| Agents: | U.S. Bank NA and Bank of America, NA
|
| Pricing date: | Sept. 12
|
| Distribution: | Private placement
|
|
|
| Series 2019A
|
| Amount: | $10 million
|
| Maturity: | Oct. 10, 2029
|
| Coupon: | 3.07%
|
| Call: | Make-whole call at Treasuries plus 50 bps on or after April 10, 2029
|
| Settlement date: | Oct. 10
|
|
|
| Series 2019B
|
| Amount: | $26 million
|
| Maturity: | Oct. 10, 2039
|
| Coupon: | 3.52%
|
| Call: | Make-whole call at Treasuries plus 50 bps on or after April 10, 2039
|
| Settlement date: | Oct. 10
|
|
|
| Series 2019C
|
| Amount: | $64 million
|
| Maturity: | Oct. 10, 2049
|
| Coupon: | 3.82%
|
| Call: | Make-whole call at Treasuries plus 50 bps on or after April 10, 2049
|
| Settlement date: | Oct. 10
|
|
|
| Series 2020A
|
| Amount: | $10 million
|
| Maturity: | Feb. 25, 2030
|
| Coupon: | 3.22%
|
| Call: | Make-whole call at Treasuries plus 50 bps on or after Aug. 25, 2029
|
| Settlement date: | Feb. 25, 2020
|
|
|
| Series 2020B
|
| Amount: | $40 million
|
| Maturity: | Aug. 20, 2030
|
| Coupon: | 3.22%
|
| Call: | Make-whole call at Treasuries plus 50 bps on or after Aug. 25, 2029
|
| Settlement date: | Aug. 20, 2020
|
|
|
| Series 2020C
|
| Amount: | $10 million
|
| Maturity: | Feb. 25, 2040
|
| Coupon: | 3.62%
|
| Call: | Make-whole call at Treasuries plus 50 bps on or after Aug. 25, 2039
|
| Settlement date: | Feb. 25, 2020
|
|
|
| Series 2020D
|
| Amount: | $15 million
|
| Maturity: | Feb. 25, 2050
|
| Coupon: | 3.92%
|
| Call: | Make-whole call at Treasuries plus 50 bps on or after Aug. 25, 2049
|
| Settlement date: | Feb. 25, 2020
|
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