Otter Tail, Otter Tail Power extend two revolvers to 2026

By Wendy Van Sickle

Columbus, Ohio, Oct. 4 – Otter Tail Corp. amended its credit agreement on Sept. 30, extending the maturity date of the $170 million facility to Sept. 30, 2026 from Oct. 31, 2024, according to an 8-K filing with the Securities and Exchange Commission.

The company can increase the amount of the facility to $290 million, subject to some terms and conditions, and made some immaterial changes consistent with provisions in similar agreements.

The company must maintain a total debt to capitalization ratio of 0.6 to 1.

Otter Tail Power Co., a wholly owned subsidiary of the company, also extended its $170 million revolver to Sept. 30, 2026 from Oct. 31, 2024.

U.S. Bank, NA is the administrative agent for the revolvers.

At closing, $36.6 million and $13.2 million was outstanding under the Otter Tail and Otter Tail Power credit agreements, respectively.

Otter Tail is a Fergus Falls, Minn.-based company that operates in six segments: electric, plastics, manufacturing, health services, food ingredient processing and other business operations.

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