Private Placement Calendar

Upcoming Closings

September 5

FARMLAND PARTNERS INC.:

• $20.7 million of 2.4% three-year interest-only notes under a $30 million secured note purchase facility;

• Issued to Federal Agricultural Mortgage Corp.;

• Secured by mortgage loans on agricultural real estate;

• Proceeds to be used to acquire farmland and for general corporate purposes;

• Denver-based real estate investment trust.

September 15

FORTIS INC.:

• $287 million of senior notes priced on March 28;

• Weighted average term to maturity of about 11 years;

• Weighted average coupon rate of 3.85%;

• Via Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC as joint placement agents;

• Proceeds to refinance debt, including the $150 million of 5.74% senior notes maturing on Oct. 30, 2014 and C$125 million of 5.56% debentures of a subsidiary maturing on Sept. 15, 2014, and for general corporate purposes, including the repayment of U.S.-dollar drawings on the company’s committed credit facility;

• St. John’s, Newfoundland-based investor-owned gas and electric distributor.

September 16

ALLETE, INC.:

• $60 million of 3.02% bonds due Sept. 15, 2021;

• $50 million of 3.74% bonds due Sept. 15, 2029;

• $50 million of 4.39% bonds due Sept. 15, 2044;

• Proceeds to fund utility capital expenditures and/or for general corporate purposes;

• Duluth, Minn.-based energy services provider.

September 19

METTLER-TOLEDO INTERNATIONAL INC.:

• $125 million of 3.84% series 2014-A notes due Sept. 19, 2024;

• The notes have a make-whole call exercisable at any time at Treasuries plus 50 basis points;

• Proceeds may be used to refinance debt and for other general corporate purposes;

• Purchasers include Teachers Insurance and Annuity Association of America, Massachusetts Mutual Life Insurance Co., Banner Life Insurance Co., MassMutual Asia Ltd., Connecticut General Life Insurance Co., Cigna Life Insurance Co. of New York, Life Insurance Co. of North America and HealthSpring of Tennessee, Inc.;

• Columbus, Ohio-based supplier of precision instruments and services.

September 26

SOUTH JERSEY INDUSTRIES, INC.:

• $50 million of 3.05% senior notes, series 2014A-3, due Sept., 26. 2019;

• $60 million of floating-rate senior notes, series 2013B-2, due Sept., 26. 2019;

• Purchasers include Metropolitan Life Insurance Co., Axis Reinsurance Co., Northwestern Mutual Life Insurance Co. and Woodmen of the World Life Insurance Society;

• Hammonton, N.J.-based publicly held energy services holding company for a natural gas utility and other non-regulated companies.

Fourth Quarter

UNITIL CORP. SUBSIDIARY NORTHERN UTILITIES, INC.:

• $50 million of 4.42% senior notes due 2044;

• Proceeds to repay short-term debt and for general corporate purposes;

• Subsidiary of Unitil, a Hampton, N.H.-based gas and electric utility.

October 1

BLACK HILLS CORP. SUBSIDIARY BLACK HILLS POWER INC.:

• $85 million of 4.43% first mortgage bonds series AG, due Oct. 22, 2024;

• Proceeds to provide permanent financing for the construction of the Cheyenne Prairie Generating Station;

• Purchasers include New York Life Insurance Co., New York Life Insurance and Annuity Corp., Teachers Insurance and Annuity Association of America, John Hancock Life Insurance Co. (U.S.A.), John Hancock Life & Health Insurance Co., John Hancock Life Insurance Co. of New York and United of Omaha Life Insurance Co.;

• Rapid City, S.D.-based energy company.

BLACK HILLS CORP. SUBSIDIARY CHEYENNE LIGHT, FUEL AND POWER CO.:

• $75 million of 4.53% first mortgage bonds series 2014, due Oct. 22, 2024;

• Proceeds to provide permanent financing for the construction of the Cheyenne Prairie Generating Station;

• Purchasers include New York Life Insurance Co., New York Life Insurance and Annuity Corp., Teachers Insurance and Annuity Association of America, John Hancock Life Insurance Co. (U.S.A.), John Hancock Life & Health Insurance Co., John Hancock Life Insurance Co. of New York, Mutual of Omaha Insurance Co., United of Omaha Life Insurance Co. and American Equity Investment Life Insurance Co.;

• Rapid City, S.D.-based energy company.

STAG INDUSTRIAL, INC.:

• $50 million of 4.98% 10-year senior notes, series A

• The notes have a make-whole call at Treasuries plus 50 basis points;

• Purchasers include American Republic Insurance Co.; United Insurance Co. of America; Mutual Savings Life Insurance Co.; Catholic United Financial; Catholic Life Insurance Union; Colorado Bankers Life Insurance Co.; Farm Bureau Life Insurance Co. of Michigan; Fidelity Life Association; Dearborn National Life Insurance Co.; Great Western Insurance Co.; MTL Insurance Co.; Trustmark Insurance Co.; Vantis Life Insurance Co.; Allianz Life Insurance Co. of North America; AXA Equitable Life Insurance Co.; MONY Life Insurance Co. of America; The Guardian Life Insurance Co. of America; The Guardian Insurance & Annuity Co., Inc.; and Prima Mortgage Investment Trust, LLC.

• Boston-based real estate company.

October 15

PORTLAND GENERAL ELECTRIC CO.:

• $100 million 4.44% first mortgage bonds due 2046;

• Sold to institutional investors;

• Sale subject to company meeting certain earnings coverage and security provisions;

• Portland, Ore.-based energy provider.

October 22

MULLEN GROUP LTD.:

• C$400 million of senior notes;

• Average term of about 11 years;

• Weighted average fixed interest rate of 3.95%;

• Proceeds to repay portions of existing debt and for general corporate purposes;

• Okotoks, Alta.-based owner of a network of independently operated businesses that provide transportation and related services to the oil and natural gas industries.

November 17

PORTLAND GENERAL ELECTRIC CO.:

• $80 million 3.51% first mortgage bonds due 2024;

• Sold to institutional investors;

• Sale subject to company meeting certain earnings coverage and security provisions;

• Portland, Ore.-based energy provider.

November 25

AUCKLAND INTERNATIONAL AIRPORT LTD.:

• $250 million loan transaction with a 12-year maturity and a 3.61% coupon;

• Proceeds will be used to repay the company’s remaining NZ$130 million bridge loan borrowings and a NZ$125 million fixed-rate bond maturity on Nov. 27;

• A New Zealand airline hub.

December

MEDICX FUND LTD.:

• £35 million of five-year loan notes with an all-in fixed rate of 3.8%;

• Proceeds will be invested;

• Citigroup Global Markets Inc. acted as the placement agent;

• Guernsey-based primary care infrastructure investor in U.K. health-care properties.

June 25, 2015

METTLER-TOLEDO INTERNATIONAL INC.:

• $125 million of 4.24% series 2014-A notes due June 25, 2025;

• The notes have a make-whole call exercisable at any time at Treasuries plus 50 basis points;

• Proceeds may be used to refinance debt and for other general corporate purposes;

• Purchasers include Teachers Insurance and Annuity Association of America, Massachusetts Mutual Life Insurance Co., Banner Life Insurance Co., MassMutual Asia Ltd., Connecticut General Life Insurance Co., Cigna Life Insurance Co. of New York, Life Insurance Co. of North America and HealthSpring of Tennessee, Inc.;

• Columbus, Ohio-based supplier of precision instruments and services.

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