ST. LOUIS, Feb. 22, 2017 /PRNewswire/ -- Spire Inc.
(NYSE: SR) announced today that it has priced a registered
underwritten public offering (the "Offering") of an aggregate
principal amount of $150 million of
its 3.543 percent senior notes due 2024 (the "2024 Notes"), of
which $6.25 million will be sold by
Spire and $143.75 million will be
sold by certain selling securityholders.
Spire intends to use the net proceeds from its sale of the
$6.25 million of 2024 Notes to repay
short-term debt. Spire will not receive any proceeds from the sale
of the 2024 Notes by the selling securityholders. The Offering is
expected to close on February 27,
2017, subject to customary closing conditions.
In addition, Spire announced today that it has successfully
remarketed $143.75 million principal
amount of its 2014 Series A 2.00 percent remarketable junior
subordinated notes due 2022 (the "Junior Notes") originally issued
as a part of Spire's offering of its corporate units (the
"Corporate Units") on June 11, 2014
(the "Remarketing"). As a result of the Remarketing, the annual
interest rate on the Junior Notes was reset to 3.424 percent.
Proceeds from the Remarketing will be used to purchase U.S.
Treasury securities that will be pledged to secure the stock
purchase obligations of the holders of the Corporate Units. The
Remarketing is expected to close on February
27, 2017, subject to customary closing conditions.
Credit Suisse and Wells Fargo Securities are acting as
book-running managers of the Offering.
The Offering will be made only by means of a prospectus
supplement and accompanying prospectus, copies of which may be
obtained from:
Credit Suisse Securities (USA)
LLC
One Madison Avenue
New York, NY 10010-3629
Attn: Credit Suisse Prospectus Department
800-221-1037
newyork.prospectus@credit-suisse.com
or
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
Attn: WFS Customer Service
800-645-3751
wfscustomerservice@wellsfargo.com
A shelf registration statement relating to the securities in the
Offering has been filed previously with the Securities and Exchange
Commission and is effective.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction
to any person to whom it is unlawful to make an offer, solicitation
or sale in such jurisdiction.
About Spire
At Spire Inc. (NYSE: SR) we believe energy exists to help make
people's lives better. It's a simple idea, but one that's at the
heart of our company. Every day we serve 1.7 million customers,
making us the fifth-largest publicly traded natural gas company in
the country. We help families and business owners fuel their daily
lives through our gas utilities—Alagasco, Laclede Gas, Missouri Gas
Energy, Mobile Gas and Willmut Gas. Our non-utility operations
include Spire Marketing, which provides natural gas marketing and
related services. We are committed to transforming our business and
pursuing growth by 1) growing our gas utility business through
prudent infrastructure upgrades and organic growth initiatives, 2)
acquiring and integrating gas utilities, 3) modernizing our gas
assets and 4) investing in innovation.
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Spire's future operating results may be affected by
various uncertainties and risk factors, many of which are beyond
the Company's control, including weather conditions, economic
factors, the competitive environment, governmental and regulatory
policy and action, and risks associated with acquisitions. For a
more complete description of these uncertainties and risk factors,
see the Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 2016 and the
Company's Quarterly Report on Form 10-Q for the quarter ended
December 31, 2016, each as filed with
the Securities and Exchange Commission.
Investor Contact:
Scott W. Dudley Jr.
314-342-0878
Media Contact:
Jessica B. Willingham
314-342-3300
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SOURCE Spire Inc.