Black HillsCorp. can now issue additional debt after shareholders agreed todouble the company's indebtedness limit to $8 billion.
With the acquisitionof SourceGas Holdings LLC, the company's actual indebtedness stood atapproximately $3.4 billion as of Feb. 29. "Because of our level of currentindebtedness, our future growth plans, our strategic objective to continue toevaluate potential future acquisitions and the unique and outdated nature ofthis provision, our board of directors is recommending that the shareholdersauthorize an increase in our authorized debt level to $8 billion," thecompany had said in a proxy statement to shareholders.
Shareholders authorized an increase in the company'sindebtedness limit during their April 26 annual meeting. During that samemeeting, Gary Pechota, Mark Schober and Thomas Zeller were elected to servethree-year terms expiring at the 2019 annual meeting, according to a Form 8-Kfiled April 28.