Successfully Remarkets Senior Notes
ST.
LOUIS, Feb. 5, 2024 /PRNewswire/ -- Spire Inc.
(NYSE: SR) announced today that it has priced a registered
underwritten public offering (the "Offering") of an aggregate
principal amount of $350 million of
its 5.300% Senior Notes due 2026 (the "2026 Notes"), of which
$175 million will be sold by Spire
and $175 million will be sold by
certain selling securityholders.
Spire intends to use the net proceeds from its sale of the
$175 million of 2026 Notes to repay
existing debt and for general corporate purposes. Spire will not
receive any proceeds from the sale of the 2026 Notes by the selling
securityholders. The Offering is expected to close on February 12, 2024, subject to the satisfaction of
customary closing conditions.
In addition, Spire announced today that it has successfully
remarketed $175 million principal
amount of its 2021 Series A 0.75 percent Remarketable Senior Notes
due 2026 (the "Remarketable Notes") originally issued as a part of
Spire's offering of its corporate units (the "Corporate Units") in
February 2021 (the "Remarketing"). As
a result of the Remarketing, the annual interest rate on the
Remarketable Notes was reset to 5.195%. Proceeds from
the Remarketing will be used to purchase short-term U.S.
Treasury securities that will be pledged to secure the stock
purchase obligations of the holders of the Corporate Units. The
Remarketing is expected to close on February
12, 2024, subject to the satisfaction of customary closing
conditions.
Wells Fargo Securities, Mizuho, and Morgan Stanley are acting as
joint book running managers of the Offering.
The Offering will be made only by means of a prospectus
supplement and an accompanying prospectus, copies of which may be
obtained from:
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, Minnesota 55402
Attn: WFS Customer Service
1-800-645-3751
wfscustomerservice@wellsfargo.com
or
Mizuho Securities USA LLC
1271 Avenue of the Americas
New York, New York 10020
Attn: Debt Capital Markets
1-866-271-7403
or
Morgan Stanley & Co. LLC
180 Varick Street
New York, New York 10014
Attn: Prospectus Department
A shelf registration statement relating to the securities in the
Offering has been filed previously with the Securities and Exchange
Commission and is effective.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in any state or
jurisdiction to any person to whom it is unlawful to make an offer,
solicitation or sale in such state or jurisdiction.
About Spire
At Spire Inc. (NYSE: SR) we believe energy exists to help make
people's lives better. It's a simple idea, but one that's at the
heart of our company. Every day we serve 1.7 million homes and
businesses making us one of the largest publicly traded natural gas
companies in the country. We help families and business owners fuel
their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses
include Spire Marketing and Spire Midstream. We are committed to
transforming our business through growing organically, investing in
infrastructure, and advancing through innovation.
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Spire's future operating results may be affected by
various uncertainties and risk factors, many of which are beyond
the Company's control, including weather conditions, economic
factors, the competitive environment, governmental and regulatory
policy and action, and risks associated with acquisitions. For a
more complete description of these uncertainties and risk factors,
see the Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 2023 and the
Company's Quarterly Report on Form 10-Q for the quarter ended
December 31, 2023, each as filed with
the Securities and Exchange Commission.
Investor Contact:
Megan L. McPhail
314-309-6563
Megan.McPhail@SpireEnergy.com
Media Contact:
Jason Merrill
314-342-3300
Jason.Merrill@SpireEnergy.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/spire-prices-350-million-debt-offering-302053805.html
SOURCE Spire Inc.
