Otter Tail Power closes $70M senior note offering at 6.04% to fund capex and refinance debt

Filed June 5, 2026 · Period ending June 4, 2026 · ~1 min read

Key Changes

• medium

  Otter Tail Power issued $70 million of 6.04% senior unsecured notes due 2056, completing the second tranche of a $170 million offering. Proceeds will fund capital expenditures, refinance existing debt, and support general corporate purposes.

  Item 2.03 — Creation of a Direct Financial Obligation verify on EDGAR →
• medium

  The note agreement caps interest-bearing debt at 65% of total capitalization and priority indebtedness at 20%, both measured quarterly. These covenants limit OTP's ability to take on additional leverage.

  Item 2.03 — Creation of a Direct Financial Obligation verify on EDGAR →
• low

  OTP can prepay the notes at par plus accrued interest and a make-whole premium, waived for Series 2026B after December 2055. A change of control triggers a mandatory prepayment offer at par plus accrued interest.

  Item 2.03 — Creation of a Direct Financial Obligation verify on EDGAR →