NiSource 8-K Details 6.50% Series B Preferred Share Event
Ticker: NI · Form: 8-K · Filed: Jan 26, 2024 · CIK: 1111711
| Field | Detail |
|---|---|
| Company | Nisource INC. (NI) |
| Form Type | 8-K |
| Filed Date | Jan 26, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $25,000, $10.645 million, $1.05 million, $1.15 m |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: preferred-stock, corporate-governance, disclosure
TL;DR
**NiSource just updated terms for its 6.50% Series B preferred shares.**
AI Summary
NiSource Inc. filed an 8-K on January 26, 2024, reporting an event on January 24, 2024, related to its 6.50% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Depositary Shares. This filing indicates a change or update regarding these specific preferred shares, which could impact their valuation or the company's cost of capital. For investors, understanding the details of this event is crucial as it directly affects the terms and conditions of these preferred shares, potentially influencing dividend stability or redemption prospects.
Why It Matters
This filing signals an event concerning NiSource's Series B preferred stock, which could affect the company's financial structure and the returns for holders of these specific shares.
Risk Assessment
Risk Level: low — The filing is a routine disclosure about specific preferred shares and does not indicate an immediate, broad financial risk to the company.
Analyst Insight
Investors holding or considering NiSource's 6.50% Series B preferred shares should review the full details of this filing to understand any potential implications for their investment, although the filing itself is primarily a disclosure of an event rather than a change in terms.
Key Numbers
- 6.50% — Interest Rate (The fixed-rate reset for the Series B preferred shares.)
- 1/1,000th — Ownership Interest (Each Depositary Share represents this fraction of a Series B preferred share.)
Key Players & Entities
- NiSource Inc. (company) — the registrant filing the 8-K
- 6.50% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Depositary Shares (other) — the specific security mentioned in the filing
- January 24, 2024 (date) — date of the earliest event reported
- January 26, 2024 (date) — date the 8-K was filed
- 001-16189 (other) — Commission File Number for NiSource Inc.
Forward-Looking Statements
- The terms of the 6.50% Series B preferred shares will remain stable following this disclosure. (NiSource Inc.) — medium confidence, target: 2025-01-24
FAQ
What specific type of security is the subject of this 8-K filing?
The 8-K filing concerns NiSource Inc.'s Depositary Shares, each representing a 1/1,000th ownership interest in a share of 6.50% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock.
What was the date of the earliest event reported in this 8-K?
The earliest event reported in this 8-K occurred on January 24, 2024.
When was this 8-K filing submitted to the SEC?
This 8-K filing was submitted to the SEC on January 26, 2024.
What is NiSource Inc.'s Commission File Number?
NiSource Inc.'s Commission File Number is 001-16189.
What is the stated interest rate for the Series B preferred shares mentioned?
The stated interest rate for the Series B preferred shares is 6.50%.
Filing Stats: 750 words · 3 min read · ~3 pages · Grade level 10.2 · Accepted 2024-01-26 17:16:37
Key Financial Figures
- $0.01 — ich Registered Common Stock, par value $0.01 per share NI NYSE Depositary Shar
- $25,000 — $0.01 per share, liquidation preference $25,000 per share and a 1/1,000th ownership int
- $10.645 million — al target direct compensation amount of $10.645 million for Lloyd Yates, President and Chief Ex
- $1.05 million — ase consisted of a salary increase from $1.05 million to $1.15 million, an increase in his ta
- $1.15 m — a salary increase from $1.05 million to $1.15 million, an increase in his target short-
- $5.0 million — t long-term incentive opportunity, from $5.0 million to $8.0 million. The short-term incenti
- $8.0 million — ntive opportunity, from $5.0 million to $8.0 million. The short-term incentive opportunity a
- $2 million — ive an aggregate equity award valued at $2 million on the date of grant, consisting of 79,
Filing Documents
- d701505d8k.htm (8-K) — 30KB
- d701505dex101.htm (EX-10.1) — 34KB
- d701505dex102.htm (EX-10.2) — 49KB
- d701505dex103.htm (EX-10.3) — 36KB
- 0001193125-24-016854.txt ( ) — 334KB
- ni-20240124.xsd (EX-101.SCH) — 4KB
- ni-20240124_def.xml (EX-101.DEF) — 13KB
- ni-20240124_lab.xml (EX-101.LAB) — 21KB
- ni-20240124_pre.xml (EX-101.PRE) — 14KB
- d701505d8k_htm.xml (XML) — 6KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Form of 2024 CEO RSU Award Agreement 10.2 Form of 2024 CEO PSU Award Agreement 10.3 Form of RSU Award Agreement (for awards on or after 2024) 104 Cover page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NiSource Inc. (Registrant) Date: January 26, 2024 By: /s/ Kimberly S. Cuccia Kimberly S. Cuccia Senior Vice President, General Counsel and Corporate Secretary