Spire Inc. Secures $500M Credit Facility

TL;DR

Spire Inc. just inked a new $500M credit line, replacing the old one, to fund operations and growth.

AI Summary

Spire Inc. reported on March 5, 2024, that it entered into a new unsecured revolving credit facility with a maximum aggregate principal amount of $500 million. This facility matures on March 5, 2029, and replaces its previous credit agreement dated March 10, 2021. The company intends to use borrowings under the new facility for general corporate purposes, including working capital needs and capital expenditures.

Why It Matters

This new, larger credit facility provides Spire Inc. with enhanced financial flexibility to fund its ongoing operations and capital projects, potentially supporting future growth and stability.

Risk Assessment

Risk Level: low — The filing details a routine credit facility renewal and increase, which is a standard financial operation for a company of this size and industry.

Key Numbers

• $500.0M — New Credit Facility Amount (Provides significant financial flexibility for general corporate purposes.)
• 5 years — Maturity Term (The new facility matures on March 5, 2029, offering a medium-term funding source.)

Key Players & Entities

• Spire Inc. (company) — Registrant
• $500 million (dollar_amount) — Maximum aggregate principal amount of the new credit facility
• March 5, 2029 (date) — Maturity date of the new credit facility
• March 10, 2021 (date) — Maturity date of the previous credit agreement
• 700 Market Street, St. Louis, MO 63101 (location) — Principal executive offices address

FAQ

Key Financial Figures

• $1.00 — hange on which registered Common Stock $1.00 par value SR New York Stock Exchange
• $25.00 — le Perpetual Preferred Stock, par value $25.00 per share SR.PRA New York Stock Exch
• $160.0 m — ts"), for an aggregate stated amount of $160.0 million, as more fully described below, p
• $50 — h Corporate Unit had a stated amount of $50 and was comprised of (i) a purchase con
• $1,000 — ivided beneficial ownership interest in $1,000 principal amount of the Company's 2021
• $78 — ertain adjustments, equaled or exceeded $78.6906, 0.6354 shares of common stock if
• $78.6906 b — e applicable market value was less than $78.6906 but greater than $64.24, a number of shar
• $64 — was less than $78.6906 but greater than $64.24, a number of shares of common stock
• $58 — cable market value was calculated to be $58.6809, and after adjustment the holders
• $175 m — of 2,745,750 shares of Common Stock for $175 million, which purchase was settled on Ma

Filing Documents

• spre20240307_8k.htm (8-K) — 40KB
• 0001437749-24-007176.txt ( ) — 186KB
• sr-20240305.xsd (EX-101.SCH) — 4KB
• sr-20240305_def.xml (EX-101.DEF) — 13KB
• sr-20240305_lab.xml (EX-101.LAB) — 17KB
• sr-20240305_pre.xml (EX-101.PRE) — 13KB
• spre20240307_8k_htm.xml (XML) — 4KB

02 Unregistered Sales of Equity Securities

Item 3.02 Unregistered Sales of Equity Securities As disclosed in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on February 16, 2021 (the "February 16 Form 8-K"), Spire Inc. (the "Company") consummated the issuance and sale of 3,200,000 Equity Units, initially consisting of Corporate Units (the "Corporate Units"), for an aggregate stated amount of $160.0 million, as more fully described below, pursuant to an underwriting agreement, dated February 9, 2021 (the "Underwriting Agreement"), with the several Underwriters named in Exhibit A thereto (the "Underwriters"), for whom Credit Suisse Securities (USA) LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC acted as representatives. The Company granted an option pursuant to the Underwriting Agreement to the Underwriters to purchase, within the 13-day period beginning on (and including) February 16, 2021, up to an additional 300,000 Corporate Units, and such option was exercised. The Corporate Units were issued pursuant to the Company's Registration Statement on Form S-3 (Registration No. 333-231443) (as amended, the "Registration Statement"), which became effective upon filing with the Securities and Exchange Commission (the "SEC"), and the related Prospectus contained therein, as supplemented by the Prospectus Supplement dated February 9, 2021. Copies of the Underwriting Agreement and opinions related to the Corporate Units were attached to the February 16 Form 8-K as Exhibits 1.1, 5.1, 5.2, 23.1 and 23.2. Each Corporate Unit had a stated amount of $50 and was comprised of (i) a purchase contract obligating the holder to purchase from the Company for a price in cash of $50, on the purchase contract settlement date, or March 1, 2024, subject to earlier termination or settlement, a certain number of shares of the Company's common stock and (ii) a 1/20th, or 5%, undivided beneficial ownership interest in $1,000 principal amount of the Company's 2021 Series A 0.75% R

Forward-Looking Statements

Forward-Looking Statements

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: March 8, 2024 By: /s/ Steven P. Rasche Steven P. Rasche Executive Vice President, Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR