On July 9, 2025, ALLETE, Inc. entered into a significant financing agreement by issuing $250 million in first mortgage bonds to institutional buyers in the private placement market. The bonds were sold under an exemption from registration, specifically targeting institutional accredited investors. The issuance includes four series of bonds with varying maturity dates and interest rates: $50 million at 5.37% maturing in 2032, $75 million at 5.69% maturing in 2035, $50 million at 5.79% maturing in 2037, and $75 million at 6.34% maturing in 2055. Interest is payable semi-annually, starting January 15, 2026. The proceeds from this issuance will support ALLETE's utility capital expenditures. The company retains the option to prepay the bonds, subject to a make-whole provision, with specific redemption conditions near the maturity dates.