Spire Inc. launched a public offering of 2 million shares of its common stock to help support investments in infrastructure upgrades, aid spending on its planned Spire STL pipeline and for recently acquired storage assets.
The company also gave underwriters a 30-day overallotment option to purchase up to 300,000 additional shares, according to a May 7 news release. The company plans to use proceeds from the offering to repay short-term debt, which were used for its recent investments and for general corporate purposes.
Wells Fargo Securities, Credit Suisse and RBC Capital Markets are acting as joint bookrunners for the offering. Stifel and Ramirez & Co. Inc. are serving as co-managers.
