AI English summary of an SEC filing — figures as filed
NiSource NINiSource said it entered into a Terms Agreement with the representatives of the underwriters on May 13, 2024 and issued $500,000,000 of 6.950% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054. The sale closed on May 16, 2024.
Key points
AI summaryNiSource said it entered into a Terms Agreement with the representatives of the underwriters on May 13, 2024 and issued $500,000,000 of 6.950% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054. The sale closed on May 16, 2024.
The company said the notes bear interest at 6.950% per year from May 16, 2024 to, but excluding, November 30, 2029, and thereafter reset to a per-annum rate equal to the Five-year U.S. Treasury Rate plus a spread of 2.451%. Interest is payable semi-annually in arrears on May 30 and November 30, with the first interest payment due on November 30, 2024.
The company said the notes mature on November 30, 2054 and may be redeemed at its option in whole or in part during specified periods, or upon certain ratings or tax events. The notes were issued under a Subordinated Indenture dated as of May 16, 2024 with The Bank of New York Mellon as trustee, as supplemented by the First Supplemental Indenture.
The company said it intends to use the aggregate net proceeds from the sale of the notes for general corporate purposes, including financing capital expenditures, working capital and repaying existing indebtedness. It also stated that this use of proceeds is a forward-looking statement in the filing.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
NiSource Closes $500,000,000 Junior Subordinated Notes Offering
NiSource said it entered into a Terms Agreement with the representatives of the underwriters on May 13, 2024 and issued $500,000,000 of 6.950% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054. The sale closed on May 16, 2024.
Source · Based on the filing body and exhibits
Interest Rate and Payment Terms
The company said the notes bear interest at 6.950% per year from May 16, 2024 to, but excluding, November 30, 2029, and thereafter reset to a per-annum rate equal to the Five-year U.S. Treasury Rate plus a spread of 2.451%. Interest is payable semi-annually in arrears on May 30 and November 30, with the first interest payment due on November 30, 2024.
Source · Based on the filing body and exhibits
Maturity, Redemption and Indenture Terms
The company said the notes mature on November 30, 2054 and may be redeemed at its option in whole or in part during specified periods, or upon certain ratings or tax events. The notes were issued under a Subordinated Indenture dated as of May 16, 2024 with The Bank of New York Mellon as trustee, as supplemented by the First Supplemental Indenture.
Source · Based on the filing body and exhibits
Use of Net Proceeds
The company said it intends to use the aggregate net proceeds from the sale of the notes for general corporate purposes, including financing capital expenditures, working capital and repaying existing indebtedness. It also stated that this use of proceeds is a forward-looking statement in the filing.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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