By James McCandless
San Antonio, June 12 – NiSource, Inc. completed a $400 million sale of $1,000-par series A fixed-rate reset cumulative redeemable perpetual preferred stock (Ba1/BBB-) with a 5.65% dividend, according to a news release.
NiSource held investor calls for the offering last Tuesday.
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and MUFG are the managers for the Rule 144A sale.
The company plans to use the proceeds to help fund a tender offer for its 6.8% notes due 2019, 5.45% notes due 2020 and 6.125% notes due 2022.
As further funding, it also priced $350 million of 3.65% notes due 2023.
NiSource is a Merrillville, Ind.-based natural gas and electric utility company.
| Issuer: | NiSource, Inc.
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| Description: | Series A fixed-rate reset cumulative redeemable perpetual preferred stock
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| Amount: | $400 million
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| Maturity: | Perpetual
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| Managers: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and MUFG
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| Dividend: | 5.65%
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| Trade date: | June 5
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| Settlement date: | June 12
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
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| Distribution: | Rule 144A
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