Otter Tail Corp Files 8-K on Definitive Agreement

TL;DR

OTTR filed an 8-K for a new financial obligation - details TBD.

AI Summary

On March 28, 2024, Otter Tail Corporation entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Minnesota, filed an 8-K report detailing this event. The filing does not specify the exact nature of the agreement or any associated dollar amounts.

Why It Matters

This filing indicates a significant financial commitment or obligation for Otter Tail Corporation, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, suggesting potential financial risk or opportunity that is not yet fully disclosed.

Key Players & Entities

• Otter Tail Corporation (company) — Registrant
• Minnesota (location) — State of incorporation
• March 28, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $5.00 — ch registered Common Shares, par value $5.00 per share OTTR The Nasdaq Stock Market
• $120,000,000 — rs, in a private placement transaction, $120,000,000 aggregate principal amount of the Compa
• $60,000,000 — 's senior unsecured notes consisting of $60,000,000 in aggregate principal amount of its 5.

Filing Documents

• ottr-20240328.htm (8-K) — 24KB
• ottertailpowercompanynotep.htm (EX-4.1) — 599KB
• imagea.jpg (GRAPHIC) — 33KB
• 0001466593-24-000061.txt ( ) — 893KB
• ottr-20240328.xsd (EX-101.SCH) — 2KB
• ottr-20240328_lab.xml (EX-101.LAB) — 22KB
• ottr-20240328_pre.xml (EX-101.PRE) — 13KB
• ottr-20240328_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On March 28, 2024, Otter Tail Power Company (the "Company"), a wholly owned subsidiary of Otter Tail Corporation ("OTC"), entered into a Note Purchase Agreement (the "Note Purchase Agreement") with the purchasers named therein (the "Purchasers"), pursuant to which the Company issued to the Purchasers, in a private placement transaction, $120,000,000 aggregate principal amount of the Company's senior unsecured notes consisting of $60,000,000 in aggregate principal amount of its 5.48% Series 2024A Senior Unsecured Notes due April 1, 2034 (the "Series 2024A Notes") and $60,000,000 in aggregate principal amount of its 5.77% Series 2024B Senior Unsecured Notes due April 1, 2054 (the "Series 2024B Notes") (collectively, the "Notes"). The Note Purchase Agreement allows the Company to prepay all or any part of the Notes (in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment) at 100% of the principal amount so prepaid, together with unpaid accrued interest and a make-whole amount; provided that if no default or event of default exists under the Note Purchase Agreement, any prepayment made by the Company of all of the (a) Series 2024A Notes then outstanding on or after January 1, 2034, or the Series 2024B Notes then outstanding on or after October 1, 2053, will be made without any make-whole amount. The Note Purchase Agreement also requires the Company to offer to prepay all outstanding Notes at 100% of the principal amount together with unpaid accrued interest in the event of a Change of Control (as defined in the Note Purchase Agreement) of the Company. The Note Purchase Agreement contains a number of restrictions on the business of the Company that are effective upon execution of the Note Purchase Agreement. These include restrictions on the Company's abilities to merge, sell substantially all assets, create or incur liens on assets, guarante

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits 4.1 Note Purchase Agreement dated as of March 28, 2024, between Otter Tail Power Company and the Purchasers named therein 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE 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. OTTER TAIL CORPORATION Date: April 2, 2024 By: /s/ Todd R. Wahlund Todd R. Wahlund Vice President and Chief Financial Officer