NiSource Inc. completed private placements of $350 million of 3.65% notes due 2023 and 400,000 of 5.65% series A fixed-rate reset cumulative redeemable perpetual preferred shares.
The shares represent an aggregate liquidation preference of $400 million, according to a June 11 news release. The company also entered an agreement with the initial purchasers of the notes and preferred shares to file registration statements for the future exchange or resale of the notes and preferred shares within 270 days.
NiSource plans to use net proceeds to fund a cash tender offer to purchase up to $760.2 million of three series of its outstanding 6.80% notes due 2019, 5.45% notes due 2020 and 6.125% notes due 2022.
