HG bonds: Spire Missouri prints $300M of 2024 refinancing notes; terms

Spire Missouri Inc. today completed a $300 million offering of three-year (non-call six months) floating-rate first mortgage bonds due Dec. 2, 2024, at 50 basis points over the secured overnight financing rate. The issue was initially marketed at $350 million.

Proceeds will be used to repay a $250 million of borrowings under a 364-day unsecured term loan it incurred in March to repay short-term indebtedness, and for general corporate purposes, according to regulatory filings.

Spire Missouri last tapped the market in May when it placed a $305 million offering of 3.30% 30-year FMBs due June 2051 at T+90.

The company operates as a subsidiary of Spire Inc., a public utility holding company that purchases, distributes and sells natural gas through its regulated subsidiaries Spire Alabama Inc., Spire Missouri Inc., Spire Gulf Inc. and Spire Mississippi Inc.

Terms: