Otter Tail Corporation's subsidiary, Otter Tail Power Company (OTP), has entered into a significant financing agreement as outlined in a recent Form 8-K filing. On March 27, 2025, OTP finalized a Note Purchase Agreement with various purchasers for a private placement transaction involving the issuance of $100 million in senior unsecured notes. This issuance is divided equally into two series: the 5.49% Series 2025A Notes, due March 27, 2035, and the 5.98% Series 2025B Notes, due June 5, 2055. The agreement imposes several business restrictions on OTP, including limitations on mergers, asset sales, and the incurrence of liens. Additionally, financial covenants are in place, restricting OTP's Interest-bearing Debt to 65% of Total Capitalization and Priority Indebtedness to 20% of Total Capitalization as of each fiscal quarter's end.
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