Spire Inc. Details 5.90% Series A Preferred Stock Offering

TL;DR

**Spire Inc. just dropped an 8-K on new 5.90% Series A preferred stock.**

AI Summary

Spire Inc. filed an 8-K on February 6, 2024, announcing the entry into a material definitive agreement related to its Depositary Shares, each representing a 1/1000th interest in a share of 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock. This matters to investors because it details the terms of a new preferred stock offering, which impacts the company's capital structure and provides a new income-generating security for investors, potentially diluting common stock earnings or increasing debt-like obligations.

Why It Matters

This filing outlines the terms of Spire Inc.'s new preferred stock, which affects the company's financing strategy and offers a fixed-income investment opportunity for shareholders.

Risk Assessment

Risk Level: low — This filing is primarily informational regarding a new security offering and does not indicate immediate financial distress or significant operational changes.

Analyst Insight

Investors interested in fixed-income opportunities from a utility company should research the terms of Spire Inc.'s new 5.90% Series A Preferred Stock for potential investment.

Key Numbers

• 5.90% — Dividend Rate (annual dividend rate for the Series A Cumulative Redeemable Perpetual Preferred Stock)
• 1/1000th — Interest per Depositary Share (fractional interest in a share of preferred stock represented by each Depositary Share)

Key Players & Entities

• Spire Inc. (company) — the registrant filing the 8-K
• 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock (company) — the type of preferred stock being offered
• $1.00 (dollar_amount) — par value per share of Common Stock
• February 6, 2024 (date) — date of earliest event reported

Forward-Looking Statements

• Spire Inc. will successfully issue the 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock. (Spire Inc.) — high confidence, target: 2024-03-31

FAQ

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share SR New York Stock Exchang
• $25.00 — le Perpetual Preferred Stock, par value $25.00 per share SR.PRA New York Stock Exc
• $271.2 million — ng an aggregate offering price of up to $271.2 million from time to time through, at the Compa
• $253.3 million — llers or acting as principals, of which $253.3 million had been issued as of February 5, 2024.
• $200,000,000 — istribution Agreement has been reset to $200,000,000. The above summary is qualified in its

Filing Documents

• d639957d8k.htm (8-K) — 32KB
• d639957dex11.htm (EX-1.1) — 44KB
• d639957dex51.htm (EX-5.1) — 10KB
• 0001193125-24-024873.txt ( ) — 248KB
• sr-20240206.xsd (EX-101.SCH) — 3KB
• sr-20240206_def.xml (EX-101.DEF) — 13KB
• sr-20240206_lab.xml (EX-101.LAB) — 21KB
• sr-20240206_pre.xml (EX-101.PRE) — 13KB
• d639957d8k_htm.xml (XML) — 6KB

Financial Statements and Exhibits

Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 1.1 Third Letter Agreement 5.1 Opinion of Matthew Aplington, Esq. 23.1 Consent of Matthew Aplington, Esq. (included in Exhibit 5.1) 104 Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101)

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. Spire Inc. Date: February 6, 2024 By: /s/ Steven P. Rasche Steven P. Rasche Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR