By Devika Patel
Knoxville, Tenn., Dec. 13 – Allete, Inc. will sell $80 million of 3.11% 10-year senior notes in a private placement, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced on Dec. 8.
The notes have a make-whole call provision and may be prepaid.
Proceeds will be used to redeem debt, for corporate growth opportunities and for general corporate purposes.
The energy company is based in Duluth, Minn.
| Issuer: | Allete, Inc.
|
| Issue: | Senior notes
|
| Amount: | $80 million
|
| Maturity: | June 1, 2027
|
| Coupon: | 3.11%
|
| Call option: | Make-whole call provision
|
| Pricing date: | Dec. 8
|
| Settlement date: | June 1
|
| Distribution: | Private placement
|
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