MERRILLVILLE, Ind., June 8, 2023
/PRNewswire/ -- NiSource Inc. (NYSE: NI) ("NiSource") closed
today on its issuance of $750 million
aggregate principal amount of notes in two series. NiSource issued
an additional $300 million of its
5.250% notes due March 30, 2028. The
5-year senior, unsecured notes priced at 100.280% of the
incremental principal amount, plus accrued interest from
March 24, 2023 (the original issuance
date of the initial $750 million of
5.250% notes due 2028) to, but excluding, June 8, 2023, with a coupon rate of 5.250%. The
additional notes will accrue interest from and including
March 24, 2023 payable semi-annually
in arrears on March 30 and
September 30 of each year, beginning
September 30, 2023. With the
incremental principal amount issued today, the aggregate principal
amount of outstanding 5.250% notes due 2028 is $1.05 billion.
NiSource also issued $450 million
of new 10-year notes due June 30,
2033. The 10-year senior, unsecured notes priced at 99.627%
of the aggregate principal amount, with a coupon rate of 5.400%.
The 10-year notes will accrue interest payable semi-annually in
arrears on June 30 and December 30 of each year, beginning December 30, 2023.
The net proceeds from the sale of the notes will be used for
general corporate purposes, including the full redemption of the
outstanding shares of NiSource's 5.65% Series A Fixed-Rate Reset
Cumulative Redeemable Perpetual Preferred Stock, repayment of
existing indebtedness, including repayment of a portion of our
outstanding commercial paper, to finance capital expenditures and
additions to working capital.
About NiSource
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated
utility companies in the United
States, serving approximately 3.3 million natural gas
customers and 500,000 electric customers across six states through
its local Columbia Gas and NIPSCO brands. The mission of our
approximately 7,200 employees is to deliver safe, reliable energy
that drives value to our customers. NiSource is a member of the Dow
Jones Sustainability - North America Index and is on Forbes lists
of America's Best Employers for Women and Diversity. Learn more
about NiSource's record of leadership in sustainability,
investments in the communities it serves and how we live our vision
to be an innovative and trusted energy partner at www.NiSource.com.
NI-F
The content of our website is not incorporated by reference into
this document or any other report or document NiSource files with
the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains "forward-looking statements," within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). Investors
and prospective investors should understand that many factors
govern whether any forward-looking statement contained herein will
be or can be realized. Any one of those factors could cause actual
results to differ materially from those projected. These
forward-looking statements include, but are not limited to,
statements concerning our plans, strategies, objectives, expected
performance, expenditures, recovery of expenditures through rates,
stated on either a consolidated or segment basis, and any and all
underlying assumptions and other statements that are other than
statements of historical fact. Expressions of future goals and
expectations and similar expressions, including "may," "will,"
"should," "could," "would," "aims," "seeks," "expects," "plans,"
"anticipates," "intends," "believes," "estimates," "predicts,"
"potential," "targets," "forecast," and "continue," reflecting
something other than historical fact are intended to identify
forward-looking statements. All forward-looking statements are
based on assumptions that management believes to be reasonable;
however, there can be no assurance that actual results will not
differ materially.
Factors that could cause actual results to differ materially
from the projections, forecasts, estimates and expectations
discussed in this release include, among other things, our ability
to execute our business plan or growth strategy, including utility
infrastructure investments; potential incidents and other operating
risks associated with our business; our ability to adapt to, and
manage costs related to, advances in, or failures of, technology;
impacts related to our aging infrastructure; our ability to obtain
sufficient insurance coverage and whether such coverage will
protect us against significant losses; the success of our electric
generation strategy; construction risks and natural gas costs and
supply risks; fluctuations in demand from residential and
commercial customers; fluctuations in the price of energy
commodities and related transportation costs or an inability to
obtain an adequate, reliable and cost-effective fuel supply to meet
customer demands; the attraction and retention of a qualified,
diverse workforce and ability to maintain good labor relations; our
ability to manage new initiatives and organizational changes; the
actions of activist stockholders; the performance of third-party
suppliers and service providers; potential cybersecurity attacks;
increased requirements and costs related to cybersecurity; any
damage to our reputation; any remaining liabilities or impact
related to the sale of the Massachusetts Business; the impacts of
natural disasters, potential terrorist attacks or other
catastrophic events; the physical impacts of climate change and the
transition to a lower carbon future; our ability to manage the
financial and operational risks related to achieving our carbon
emission reduction goals, including our Net Zero Goal; our debt
obligations; any changes to our credit rating or the credit rating
of certain of our subsidiaries; any adverse effects related to our
equity units; adverse economic and capital market conditions or
increases in interest rates; inflation; recessions; economic
regulation and the impact of regulatory rate reviews; our ability
to obtain expected financial or regulatory outcomes; continuing and
potential future impacts from the COVID-19 pandemic; economic
conditions in certain industries; the reliability of customers and
suppliers to fulfill their payment and contractual obligations; the
ability of our subsidiaries to generate cash; pension funding
obligations; potential impairments of goodwill; the outcome of
legal and regulatory proceedings, investigations, incidents, claims
and litigation; potential remaining liabilities related to the
Greater Lawrence Incident; compliance with applicable laws,
regulations and tariffs; compliance with environmental laws and the
costs of associated liabilities; changes in taxation; and other
matters set forth in Item 1, "Business," Item 1A, "Risk Factors"
and Part II, Item 7, "Management's Discussion and Analysis of
Financial Condition and Results of Operations," of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2022 and our Quarterly Report on
Form 10-Q for the quarter ended March 31, 2023, some of which
risks are beyond our control. In addition, the relative
contributions to profitability by each business segment, and the
assumptions underlying the forward-looking statements relating
thereto, may change over time.
All forward-looking statements are expressly qualified in their
entirety by the foregoing cautionary statements. We undertake no
obligation to, and expressly disclaim any such obligation to,
update or revise any forward-looking statements to reflect changed
assumptions, the occurrence of anticipated or unanticipated events
or changes to the future results over time or otherwise, except as
required by law.
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SOURCE NiSource Inc.