Item 1.01 Entry into a Material Definitive Agreement.

On June 12, 2020, Black Hills Corporation (the "Company" or "we") entered into an Underwriting Agreement by and between the Company and the several underwriters named in Schedule A thereto (the "Underwriting Agreement"). On June 17, 2020, we entered into the New Supplemental Indenture (as defined below). Each of the Underwriting Agreement and the New Supplemental Indenture is further described below under Item 8.01 of this Current Report on Form 8-K, and such disclosure is incorporated by reference into this Item 1.01.

Each of the Underwriting Agreement and the New Supplemental Indenture contains representations and warranties, covenants and other terms that are customary for such kinds of agreements. In addition, the Company has agreed to indemnify the underwriters against certain liabilities on customary terms. Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings, including but not limited to commercial lending services, with the Company, its direct or indirect subsidiaries or its affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

Copies of the Underwriting Agreement and the New Supplemental Indenture are attached hereto as Exhibits 1.1 and 4.1 and are expressly incorporated by reference herein and into our Registration Statement on Form S-3 (Registration No. 333-219705) (the "Registration Statement"). Our description of such agreements is qualified in its entirety by reference to the actual terms thereof.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an


          Off-Balance Sheet Arrangement of a Registrant.

The disclosure under Item 8.01 of this Current Report on Form 8-K is incorporated herein by reference.




Item 8.01 Other Events.




Completion of Debt Offering

On June 17, 2020, pursuant to the Underwriting Agreement, the Company issued and sold an aggregate principal amount of $400 million of its 2.500% Notes due 2030 (the "Notes"). The aggregate gross consideration received by the Company (taking into account original issue discount and underwriting discounts) for the sale of the Notes is $396.0 million.

The Notes were offered pursuant to the Company's Registration Statement, and the related Prospectus dated August 4, 2017 and Prospectus Supplement dated June 12, 2020. We intend to apply the net proceeds from our sale of Notes, after payment of the costs and expenses of the offering, for repayment of short-term debt, working capital and general corporate purposes, which may include, among other things, capital expenditures, investments, other business opportunities and repayment or refinancing of outstanding debt.

Copies of opinions related to the Notes are attached hereto as exhibits and are expressly incorporated by reference herein and into the Registration Statement.





Terms of the Notes

The Notes were issued pursuant to the Indenture dated as of May 21, 2003 (the "Base Indenture"), between the Company and Wells Fargo Bank, National Association (as successor to LaSalle Bank National Association), as trustee (the "Trustee"), as previously supplemented and as further supplemented by an Ninth Supplemental Indenture entered into by the Company on June 17, 2020 (the "New Supplemental Indenture" and together with the Base Indenture, the "Indenture"). The Notes bear interest at a rate per annum of 2.500%, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2020. The stated maturity for the Notes is June 15, 2030. The Notes are the unsecured senior obligations of the Company and will rank equally with all of our existing and future unsecured and unsubordinated indebtedness and senior to all of our existing and future subordinated indebtedness.

The Indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include among other things nonpayment, breach of covenants in the Indenture and certain events of bankruptcy and insolvency. If an event of default occurs and is continuing with respect to a series of Notes, the Trustee or holders of at least 25% in principal amount outstanding of such series of Notes may declare the principal and the accrued and unpaid interest, if any, on all of the outstanding Notes of such series to be due and payable. These events of default are subject to a number of important qualifications, limitations and exceptions that are described in the Indenture.

A copy of the form of the Notes is attached hereto as Exhibit 4.2 and is expressly incorporated by reference herein and into the Registration Statement. The foregoing descriptions are qualified in their entirety by reference to the actual terms of the Notes.





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Item 9.01 Financial Statements and Exhibits.






(d)    Exhibits

The following exhibits are furnished or filed herewith:





Number                                     Exhibit

  1.1        Underwriting Agreement dated as of June 12, 2020 between Black Hills
           Corporation and the underwriters named therein.
  4.1        Ninth Supplemental Indenture dated as of June 17, 2020 between Black
           Hills Corporation and Wells Fargo Bank, National Association (as
           successor to LaSalle Bank National Association), as trustee.
  4.2        Form of 2.500% Notes due 2030 (included in Exhibit 4.1)
  5.1        Opinion of Brian G. Iverson, Esq.
  5.2        Opinion of Faegre Drinker Biddle & Reath LLP
  23.1       Consent of Brian G. Iverson, Esq. (included in the opinion filed as
           Exhibit 5.1)
  23.2       Consent of Faegre Drinker Biddle & Reath (included in the opinion
           filed as Exhibit 5.2)
104.1      Cover Page Interactive Data File (embedded within the Inline XBRL
           document)




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