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 November 23, 2015 - 6:03 PM EST
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Black Hills Corp. Completes Common Stock and Equity Units Offerings

  •  Reaffirms 2015 Earnings Guidance
  •  Adjusts 2016 Earnings Guidance for New Common Shares Dilution and Interest Expense for New Equity Units

 RAPID CITY, S.D. - Nov. 23, 2015 - Black Hills Corp. (NYSE: BKH) (the "Company") today announced the successful completion of its offerings of common stock and equity units, initially consisting of corporate units. The offering of common stock resulted in the issuance of 6.325 million shares of Company common stock that were priced on Nov. 18, 2015. The proceeds from the offerings will be used to partially fund the purchase of SourceGas Holdings LLC, which is expected to close in the first half of 2016.

The common stock and equity units offerings are not expected to impact the Company's previously announced earnings guidance for 2015. The company reaffirms its guidance for 2015 earnings, as adjusted, to be in the range of $2.90 to $3.10 per share. The Company is revising its guidance for 2016 earnings, as adjusted, to be in the range of $2.65 to $2.85 per share. The revised 2016 earnings guidance reflects the dilution from the new shares of Company common stock that were issued today, and the future interest expense associated with the new equity units that were also issued today.  

All assumptions for the earnings guidance previously announced on Nov. 3, 2015, remain unchanged except for the issuance today of 6.325 million shares of common stock and the future interest expense associated with the equity units. As previously announced, the earnings guidance for 2015 and 2016 excludes the SourceGas acquisition, associated transaction costs and any additional related financing activity.

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, S.D., 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. More information is available at

Investor Relations Contact
Jerome E. Nichols

24-Hour Media Assistance

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 our 2015 and 2016 earnings guidance and the expected closing date of the SourceGas acquisition. 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, without limitation, 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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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Black Hills Corporation via Globenewswire


Source: Thomson Reuters ONE (November 23, 2015 - 6:03 PM EST)

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