NiSource Issues 6.50% Series B Preferred Stock Depositary Shares
Ticker: NI · Form: 8-K · Filed: Feb 20, 2024 · CIK: 1111711
Sentiment: neutral
Topics: debt, preferred-stock, capital-raise
TL;DR
**NiSource just issued new 6.50% Series B preferred stock depositary shares, signaling a capital raise!**
AI Summary
NiSource Inc. filed an 8-K on February 20, 2024, reporting an event that occurred on February 19, 2024. The filing details the issuance of 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. This indicates a new financing arrangement for the company.
Why It Matters
This filing signals NiSource's move to raise capital through preferred stock, which can impact its financial structure and future dividend obligations.
Risk Assessment
Risk Level: medium — Issuing preferred stock adds to the company's financial obligations, potentially impacting common shareholders.
Key Numbers
- 6.50% — Series B Preferred Stock Rate (Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock)
- 1/1,000th — Ownership Interest (Per Depositary Share in Series B Preferred Stock)
Key Players & Entities
- NiSource Inc. (company) — Registrant
- February 19, 2024 (date) — Date of earliest event reported
- February 20, 2024 (date) — Filing date
- 6.50% (dollar_amount) — Interest rate of Series B Preferred Stock
- 1/1,000th (dollar_amount) — Ownership interest per Depositary Share
FAQ
What type of security did NiSource Inc. issue?
NiSource Inc. issued 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 is the interest rate associated with the Series B Preferred Stock?
The Series B Preferred Stock has a 6.50% fixed-rate reset cumulative redeemable perpetual interest.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 19, 2024.
What is the ownership interest represented by each Depositary Share?
Each Depositary Share represents a 1/1,000th ownership interest in a share of the 6.50% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock.
What is the full name of the registrant as specified in its charter?
The exact name of the registrant as specified in its charter is NiSource Inc.
Filing Stats: 489 words · 2 min read · ~2 pages · Grade level 10.8 · Accepted 2024-02-20 08:00:58
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
Filing Documents
- d774196d8k.htm (8-K) — 27KB
- 0001193125-24-039384.txt ( ) — 178KB
- ni-20240219.xsd (EX-101.SCH) — 4KB
- ni-20240219_def.xml (EX-101.DEF) — 13KB
- ni-20240219_lab.xml (EX-101.LAB) — 21KB
- ni-20240219_pre.xml (EX-101.PRE) — 14KB
- d774196d8k_htm.xml (XML) — 6KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 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: February 20, 2024 By: Kimberly S. Cuccia Kimberly S. Cuccia Senior Vice President, General Counsel and Corporate Secretary