ST. LOUIS, March 9, 2017 /PRNewswire/ -- Spire Inc.
(NYSE: SR) ("Spire") and its Laclede Gas Company subsidiary today
finalized the terms of private placements with institutional
investors for Laclede Gas first mortgage bonds totaling
$170 million and Spire senior
unsecured notes totaling $100
million. The companies intend to use the net proceeds
primarily to repay other debt as well as for general corporate
purposes.
The Laclede Gas debt consists of three tranches that can be
funded with certain agreed upon restrictions at any point from the
completion of final documentation up to September 15, 2017. The final interest rate on
each tranche will be set at the date of funding:
- $50 million of 15-year bonds to
bear interest between 3.58 percent
and 3.68 percent per annum
- $70 million of 30-year bonds to
bear interest between 4.17 percent
and 4.23 percent per annum
- $50 million of 40-year bonds to
bear interest between 4.32 percent
and 4.38 percent per
annum.
The Spire senior unsecured notes have a ten-year maturity and
will bear interest at 3.93 percent
per annum, with funding expected to occur on March 15, 2017.
The offer and sale of these debt securities has not been
registered under the Securities Act of 1933, as amended, and the
securities may not be offered or sold in the United States or to U.S. persons absent
registration or an applicable exemption from registration
requirements. This news release shall not constitute an offer to
sell or the solicitation of any offer to buy any securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful.
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
Spire's control, including weather conditions, economic factors,
the competitive environment, governmental and regulatory policy and
action, and risks associated with recent and pending acquisitions.
For a more complete description of these uncertainties and risk
factors, see Spire's Annual Report on Form 10-K for the fiscal year
ended September 30, 2016 and Spire'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
Scott.Dudley@SpireEnergy.com
Media Contact:
Jessica B. Willingham
314-342-3300
Jessica.Willingham@SpireEnergy.com
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SOURCE Spire Inc.