By Devika Patel
Knoxville, Tenn., Oct. 11 – Otter Tail Power Co. settled a $100 million initial tranche of a $175 million private placement of notes on Thursday, according to an 8-K filed with the Securities and Exchange Commission. The deal priced on Sept. 12 and is being completed in seven tranches.
The notes include
• $10 million of 3.07% series 2019A notes due Oct. 10, 2029, which were issued on Thursday;
• $26 million of 3.52% series 2019B notes due Oct. 10, 2039, which were issued on Thursday;
• $64 million of 3.82% series 2019C notes due Oct. 10, 2049, which were issued on Thursday;
• $10 million of 3.22% series 2020A notes due Feb. 25, 2030, which will be issued on Feb. 25;
• $40 million of 3.22% series 2020B notes due Aug. 20, 2030, which will be issued on Aug. 20, 2020;
• $10 million of 3.62% series 2020C notes due Feb. 25, 2040, which will be issued on Feb. 25; and
• $15 million of 3.92% series 2020D notes due Feb. 25, 2050, which will be issued on Feb. 25.
U.S. Bank NA and Bank of America, NA 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
|
| Settlement dates: | Oct. 10 (for $100 million), Feb. 25 (for $35 million), Aug. 20, 2020 (for $40 million)
|
| Distribution: | Private placement
|
|
|
| Series 2019A
|
| Amount: | $10 million
|
| Maturity: | Oct. 10, 2029
|
| Coupon: | 3.07%
|
| Call option: | 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 option: | 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 option: | 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
|
|
|
| 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
|
|
|
| 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
|
|
|
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