NiSource prices junior subordinated notes due 2057 with 10-year optional interest deferral

Filed August 13, 2026 · ~2 min read

Key Changes

• high

  NiSource may defer interest payments for up to 10 years at its discretion, on multiple occasions. During deferral, interest accrues and compounds, but holders receive no cash while still owing taxes on accrued interest.

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• high

  Notes are subordinated to $15.2 billion of senior debt at NiSource and structurally subordinated to $0.3 billion of subsidiary debt. In a default or liquidation, noteholders are paid only after all senior and subsidiary creditors are paid in full.

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• medium

  NiSource can redeem the notes at par starting 90 days before April 15, 2032, and on any interest payment date thereafter. The company can also redeem at 100-102% following tax, rating, or tax credit events.

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