New Issue: Otter Tail completes $140 million of $230 million three-part note sale

By Devika Patel

Knoxville, Tenn., Dec. 1 – Otter Tail Power Co. sold $140 million of senior notes on Nov. 29 as part of a $230 million private placement, according to an 8-K filed with the Securities and Exchange Commission. The deal priced on June 10.

The notes sold on Nov. 29 include $40 million of 2.74% series 2021A notes due Nov. 29, 2031 and $100 million of 3.69% series 2021B notes due Nov. 29, 2051. The company will issue $90 million of 3.77% series 2022A notes due May 20, 2052 on May 20, 2022.

J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC were the agents.

Proceeds will be used to refinance debt and for general corporate purposes.

Otter Tail is a Fergus Falls, Minn.-based electric utility company.

Issuer:	Otter Tail Power Co.
Issue:	Senior notes
Amount:	$230 million
Agents:	J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC
Pricing date:	June 10
Settlement date:	Nov. 29 (for $140 million series 2021A and series 2021B notes), May 20, 2022 (for $90 million series 2022A notes)
Distribution:	Private placement
Series 2021A notes
Amount:	$40 million
Maturity:	Nov. 29, 2031
Coupon:	2.74%
Call:	Make-whole call until May 29, 2031, then a par call
Settlement date:	Nov. 29
Series 2021B notes
Amount:	$100 million
Maturity:	Nov. 29, 2051
Coupon:	3.69%
Call:	Make-whole call until May 29, 2051, then a par call
Settlement date:	Nov. 29
Series 2022A notes
Amount:	$90 million
Maturity:	May 20, 2052
Coupon:	3.77%
Call:	Make-whole call until Nov. 20, 2051, then a par call
Settlement date:	May 20, 2022

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