Black Hills Corp. Announces Pricing of $550 Million Debt Offering
RAPID CITY, S.D. - Jan. 8, 2016 - Black Hills Corp. (NYSE: BKH) today announced the pricing of a registered public debt offering of $550 million in senior unsecured notes. The debt offering consists of $300 million of 3.950 percent senior notes due 2026, priced at 99.697 percent of their principal amount, and $250 million of 2.500 percent senior notes due 2019, priced at 99.877 percent of their principal amount. Black Hills expects the offering to close on Jan. 13, 2016, subject to customary closing conditions.
The company plans to use net proceeds from the debt offering to partially fund the pending acquisition of SourceGas Holdings LLC, which is expected to close in the first quarter of 2016.
Credit Suisse Securities (USA) LLC, U.S. Bancorp Investments, Inc., Mitsubishi UFJ Securities (USA), Inc. and Scotia Capital (USA) Inc. are serving as joint book-running managers for the offering.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission, and the offering will be made only by means of a prospectus supplement for such offering and an accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained by writing or calling the joint book-running managers for the offering as follows: Credit Suisse Securities (USA) LLC at One Madison Avenue, New York, NY 10010-3629, Attn: Prospectus Department, by calling toll free 1-800-221-1037 or by e-mail at firstname.lastname@example.org; from U.S. Bancorp Investments, Inc. by calling toll-free at 1-877-558-2607; from Mitsubishi UFJ Securities (USA), Inc. at 1221 Avenue of the Americas, 6th Floor, New York, NY 10020-1001 or by calling toll free 1-877-649-6848; or from Scotia Capital (USA) Inc. at 250 Vesey Street, New York, NY 10281, or by calling toll free 1-800-372-3930. An electronic copy of the prospectus supplement is available on the website of the Securities and Exchange Commission at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any state or jurisdiction in which it is unlawful to make an offer, solicitation or sale.
Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a growth-oriented, vertically-integrated energy company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 792,000 natural gas and electric utility customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company also generates wholesale electricity and produces natural gas, oil and coal. Black Hills Corp.'s more than 2,000 employees form partnerships and produce positive results for our customers, communities and shareholders.
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Caution Regarding Forward-Looking Statements
This news release includes "forward-looking statements" as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward looking statements, including statements regarding the expected proceeds from the offering and the expected closing date of the acquisition of SourceGas Holdings LLC. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including the factors discussed above, the risk factors described in Item 1A of Part I of our 2014 Annual Report on Form 10-K, as amended by Form 10-K/A filed on August 7, 2015, Item 1A of Part II of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, and other reports that we file with the SEC from time to time.
New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
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Source: Black Hills Corporation via Globenewswire