OTTER TAIL CORPORATION Otter Tail Corporation has announced that it has entered into a Note Purchase Agreement with the purchaser and issued senior unsecured notes for the gross proceeds of $120,000,000 on March 28, 2024. 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 and $60,000,000 in aggregate principal amount of its 5.77% Series 2024B Senior Unsecured Notes due April 1, 2054. 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 of the Company.
The transaction included participation from new lenders Teachers Insurance and Annuity Association of America, Thrivent Financial For Lutherans, Asset Management Arm, CoBank, ACB, Transamerica Life Insurance Company, Genworth Life Insurance Company, Modern Woodmen of America, State Farm Life Insurance Company, State Farm Insurance Companies, Employee Retirement Trust, State Farm Life and Accident Assurance Company, United of Omaha Life Insurance Company, Mutual of Omaha Insurance Company, American Family Mutual Insurance Company, S.I. and Southern Farm Bureau Life Insurance Company.
