Black Hills Corp. on Oct. 3 issued and sold $700 million of senior unsecured notes in a public offering.
The offering comprised $400 million of 3.050% notes due Oct. 15, 2029, and $300 million of 3.875% notes due Oct. 15, 2049. Interest on the notes is payable April 15 and Oct. 15 of each year, starting April 15, 2020.
Black Hills plans to use net proceeds from the offering to repay its outstanding $400 million term loan, retire its $200 million of 5.875% senior unsecured notes due July 15, 2020, repay part of its outstanding commercial paper and for general corporate purposes.
BofA Securities Inc., U.S. Bancorp Investments Inc., BMO Capital Markets Corp. and MUFG Securities Americas Inc. acted as joint book-running managers of the offering. Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC served as senior co-managers.
