Spire plans to sell cumulative redeemable perpetual preferreds

By James McCandless

San Antonio, May 14 – Spire Inc. plans to price an offering of $25-par series A cumulative redeemable perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities, LLC are the joint bookrunners.

J.P. Morgan Securities LLC is the lead manager.

The preferreds are redeemable on or after Aug. 15, 2024 at par. Prior to that, they are redeemable within 120 days after a ratings event at $25.50.

Spire plans to use the proceeds to refinance long-term and short-term holding company debt and fund capital expenditures at both its utility and gas-related businesses.

The company plans to list the preferreds on the New York Stock Exchange.

Spire is a St. Louis-based natural gas utility company.

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