NiSource Inc. (NYSE: NI) (“NiSource”) announced today that it
will redeem all outstanding shares of its 6.50% Series B Fixed-Rate
Reset Cumulative Redeemable Perpetual Preferred Stock, par value
$0.01 per share, liquidation preference $25,000 per share (the
“Series B Preferred Stock”) and Series B-1 Preferred Stock, par
value $0.01 per share, liquidation preference $0.01 per share (the
“Series B-1 Preferred Stock”), and the corresponding depositary
shares representing interests in the outstanding shares of the
Series B Preferred Stock and the Series B-1 Preferred Stock (the
“Depositary Shares”), on March 15, 2024 (the “Redemption
Date”).
All 20,000,000 Depositary Shares (NYSE: NI PR B) (CUSIP No.
65473P 881), each representing a 1/1,000th ownership interest in
one share of the Series B Preferred Stock and a 1/1,000th ownership
interest in one share of the Series B-1 Preferred Stock, will be
redeemed on the Redemption Date, simultaneously with the redemption
of the Series B Preferred Stock and the Series B-1 Preferred Stock,
at a redemption price of $25.00001 per Depositary Share.
The previously declared dividends of $406.25 per share of the
Series B Preferred Stock (equal to $0.40625 per Depositary Share)
for the full regular quarterly dividend period from, and including,
December 15, 2023 to, but excluding, March 15, 2024 will be paid
separately on March 15, 2024 to holders of record on February 23,
2024 in the customary manner. Accordingly, the redemption price of
$25.00001 per Depositary Share does not include any accumulated and
unpaid dividends. On and after the Redemption Date, dividends on
the redeemed Series B Preferred Stock and the corresponding
Depositary Shares will cease to accumulate.
The Depositary Shares are held through The Depository Trust
Company (DTC) and will be redeemed in accordance with the
procedures of DTC. Payment to DTC for the Depositary Shares will be
made by Computershare Inc. and Computershare Trust Company, N.A.,
collectively, as redemption agent, in accordance with the Deposit
Agreement governing the Depositary Shares. The address for the
redemption agent is as follows:
Computershare Trust Company, N.A.
Attn: Corporate Actions 150 Royall St. Canton, MA
02021
About NiSource
References in this press release to “NiSource” refer to NiSource
Inc. and “we,” “us” or “our” refer collectively to NiSource and its
subsidiaries.
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated
utility companies in the United States, serving approximately 3.3
million natural gas customers and 486,000 electric customers across
six states through its local Columbia Gas and NIPSCO brands. Based
in Merrillville, Indiana, NiSource's approximately 7,200 employees
are focused on safely delivering reliable and affordable energy to
our customers and communities we serve. NiSource is a member of the
Dow Jones Sustainability Index - North America. NI-F
Forward-Looking Statements
This press release contains “forward-looking statements,” within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”).
Forward-looking statements in this press release include, but are
not limited to, statements concerning the redemption and payment of
dividends and other statements that are other than statements of
historical fact. Investors and prospective investors should
understand that many factors govern whether any forward-looking
statement contained herein will be or can be realized. Any one of
those factors could cause actual results to differ materially from
those projected. Expressions of future goals and expectations and
similar expressions, including “may,” “will,” “should,” “could,”
“would,” “aims,” “seeks,” “expects,” “plans,” “anticipates,”
“intends,” “believes,” “estimates,” “predicts,” “potential,”
“targets,” “forecast,” and “continue,” reflecting something other
than historical fact are intended to identify forward-looking
statements. All forward-looking statements are based on assumptions
that management believes to be reasonable; however, there can be no
assurance that actual results will not differ materially.
Factors that could cause actual results to differ materially
from the projections, forecasts, estimates and expectations
discussed in this press release include, but are not limited to,
our ability to execute our business plan or growth strategy,
including utility infrastructure investments; potential incidents
and other operating risks associated with our business; our ability
to adapt to, and manage costs related to, advances in, or failures
of, technology; impacts related to our aging infrastructure; our
ability to obtain sufficient insurance coverage and whether such
coverage will protect us against significant losses; the success of
our electric generation strategy; construction risks and natural
gas costs and supply risks; fluctuations in demand from residential
and commercial customers; fluctuations in the price of energy
commodities and related transportation costs or an inability to
obtain an adequate, reliable and cost-effective fuel supply to meet
customer demands; the attraction and retention of a qualified,
diverse workforce and ability to maintain good labor relations; our
ability to manage new initiatives and organizational changes; the
actions of activist stockholders; the performance of third-party
suppliers and service providers; potential cybersecurity attacks;
increased requirements and costs related to cybersecurity; any
damage to our reputation; any remaining liabilities or impact
related to the sale of the Massachusetts Business; the impacts of
natural disasters, potential terrorist attacks or other
catastrophic events; the physical impacts of climate change and the
transition to a lower carbon future; our ability to manage the
financial and operational risks related to achieving our carbon
emission reduction goals, including our Net Zero Goal; our debt
obligations; any changes to our credit rating or the credit rating
of certain of our subsidiaries; any adverse effects related to our
equity units; adverse economic and capital market conditions or
increases in interest rates; inflation; recessions; economic
regulation and the impact of regulatory rate reviews; our ability
to obtain expected financial or regulatory outcomes; continuing and
potential future impacts from the COVID-19 pandemic; economic
conditions in certain industries; the reliability of customers and
suppliers to fulfill their payment and contractual obligations; the
ability of our subsidiaries to generate cash; pension funding
obligations; potential impairments of goodwill; the outcome of
legal and regulatory proceedings, investigations, incidents, claims
and litigation; potential remaining liabilities related to the
Greater Lawrence Incident; compliance with applicable laws,
regulations and tariffs; compliance with environmental laws and the
costs of associated liabilities; changes in taxation; and other
matters set forth in Item 1, “Business,” Item 1A, “Risk Factors”
and Part II, Item 7, “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2022,
and matters set forth in our Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2023, June 30, 2023 and September 30,
2023, some of which risks are beyond our control. In addition, the
relative contributions to profitability by each business segment,
and the assumptions underlying the forward-looking statements
relating thereto, may change over time.
All forward-looking statements are expressly qualified in their
entirety by the foregoing cautionary statements. We undertake no
obligation to, and expressly disclaim any such obligation to,
update or revise any forward-looking statements to reflect changed
assumptions, the occurrence of anticipated or unanticipated events
or changes to the future results over time or otherwise, except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240209021374/en/
Media Lynne Evosevich
Corporate Media Relations (724) 288-1611
levosevich@nisource.com
Investors Christopher
Turnure Investor Relations (614) 404-9426 cturnure@nisource.com
Nisource (NYSE:NI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nisource (NYSE:NI)
Historical Stock Chart
From Apr 2023 to Apr 2024