Spire talks $150 million three-year equity units to yield 7.5%-8%, up 17.5%-22.5%

By Abigail W. Adams

Portland, Me., Feb. 8 – Spire Inc. plans to price $150 million three-year $50-par equity units after the market close on Tuesday with price talk for a dividend of 7.5% to 8% and a threshold appreciation premium of 17.5% to 22.5%, according to a market source.

Credit Suisse Securities (USA) LLC, BofA Securities Inc. and Wells Fargo Securities LLC are bookrunners for the registered offering, which carries a greenshoe of $15 million.

The units consist of a stock purchase contract and a 1/20th interest in the company’s $1,000-par series A senior notes due 2026.

The units will be listed for trade on the New York Stock Exchange under the symbol “SREU.”

Proceeds will be used for general corporate purposes.

Spire is a St. Louis-based natural gas company.

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