NiSource Issues 6.50% Series B Preferred Stock Depositary Shares
Ticker: NI · Form: 8-K · Filed: Feb 22, 2024 · CIK: 1111711
| Field | Detail |
|---|---|
| Company | Nisource INC. (NI) |
| Form Type | 8-K |
| Filed Date | Feb 22, 2024 |
| Risk Level | low |
| Pages | 7 |
| Reading Time | 8 min |
| Key Dollar Amounts | $0.01, $25,000, $900,000,000 |
| Sentiment | neutral |
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 22, 2024, to report the entry into a material definitive agreement concerning Depositary Shares. Each share represents a 1/1,000th ownership interest in a share of 6.50% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock. This filing indicates a new financial instrument being offered by NiSource.
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: low — The filing primarily reports a new financial instrument, which is a standard corporate action and does not inherently indicate high risk.
Key Numbers
- 6.50% — Interest Rate (Rate for Series B Preferred Stock)
- 1/1,000th — Ownership Interest (Fractional ownership per Depositary Share)
Key Players & Entities
- NiSource Inc. (company) — Registrant
- February 22, 2024 (date) — Date of earliest event reported
- 6.50% (dollar_amount) — Interest rate on Series B Preferred Stock
- Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock (company) — Type of security issued
- 001-16189 (company) — SEC File Number
FAQ
What is the exact name of the registrant as specified in its charter?
The exact name of the registrant as specified in its charter is NiSource Inc.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is February 22, 2024.
What type of security is represented by the Depositary Shares mentioned in the filing?
The Depositary Shares represent 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 state of incorporation for NiSource Inc.?
NiSource Inc. is incorporated in DE (Delaware).
What is the SEC File Number for NiSource Inc.?
The SEC File Number for NiSource Inc. is 001-16189.
Filing Stats: 2,050 words · 8 min read · ~7 pages · Grade level 14 · Accepted 2024-02-22 07:39:03
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
- $900,000,000 — up to an aggregate gross sales price of $900,000,000 of its Common Stock (including shares o
Filing Documents
- d473461d8k.htm (8-K) — 41KB
- d473461dex11.htm (EX-1.1) — 155KB
- d473461dex12.htm (EX-1.2) — 234KB
- d473461dex51.htm (EX-5.1) — 17KB
- d473461dex991.htm (EX-99.1) — 19KB
- g473461g0221222217015.jpg (GRAPHIC) — 4KB
- g473461g0222031042100.jpg (GRAPHIC) — 6KB
- 0001193125-24-042105.txt ( ) — 739KB
- nix-20240222.xsd (EX-101.SCH) — 4KB
- nix-20240222_def.xml (EX-101.DEF) — 13KB
- nix-20240222_lab.xml (EX-101.LAB) — 21KB
- nix-20240222_pre.xml (EX-101.PRE) — 14KB
- d473461d8k_htm.xml (XML) — 6KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 1.1 Form of Equity Distribution Agreement 1.2 Form of Master Forward Sale Confirmation 5.1 Opinion of McGuireWoods LLP regarding the legality of the Shares 23.1 Consent of McGuireWoods LLP (included in Exhibit 5.1) 99.1 Press release, dated February 22, 2024, issued by NiSource Inc. 104 Cover page Interactive Data File (embedded within the Inline XBRL document) Cautionary Statement Concerning Forward-Looking Statements This current report on Form 8-K contains forward-looking statements that are not historical facts, including statements about the anticipated use of proceeds from any sales of Shares. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and its subsequent filings with the Securities and Exchange Commission ("SEC"), which are available on the Company's website at www.nisource.com and on the SEC's website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
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 22, 2024 By: /s/ Shawn Anderson Shawn Anderson Executive Vice President and Chief Financial Officer