OTTR · Otter Tail Corporation

Summary

Otter Tail Power Company, a subsidiary of Otter Tail Corporation, entered into a Note Purchase Agreement on March 19, 2026, to issue $170 million aggregate principal of senior unsecured notes: $100 million 5.33% Series 2026A due 2036 (issued March 19, 2026) and $70 million 6.04% Series 2026B due 2056 (expected June 4, 2026). Proceeds will fund capital expenditures, refinance existing indebtedness, and general corporate purposes.

Key takeaways

• Note Purchase Agreement dated March 19, 2026, between Otter Tail Power Company and Purchasers
• Issued $100,000,000 5.33% Series 2026A Senior Unsecured Notes due March 19, 2036 on March 19, 2026
• Scheduled issuance of $70,000,000 6.04% Series 2026B Senior Unsecured Notes due June 4, 2056 on June 4, 2026
• Covenants limit Interest-bearing Debt to 65% of Total Capitalization and Priority Indebtedness to 20% of Total Capitalization
• Restrictions on mergers, asset sales, liens, affiliate transactions, and guarantees
• Prepayment allowed at 100% principal plus make-whole amount, with exceptions after specified dates
• Use of proceeds: capital expenditures, refinance existing indebtedness, general corporate purposes