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NiSource Prices Offering Of 7.5 Mln Series A Equity Units

Utility company NiSource Inc. (NI) announced Wednesday that it has priced its offering of 7. 50 million Series A Equity Units, initially consisting of 7.50 million Series A Corporate Units, each with a stated amount of $100.

The company has granted to the underwriters an option to purchase up to an additional 1.13 million Corporate Units to cover over-allotments. The offering is expected to close on April 19.

Each Corporate Unit consists of a contract to purchase shares of NiSource common stock in the future and a 1/10th, or 10 percent, undivided beneficial ownership interest in one share of NiSource Series C Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share.

Total annual distributions on the Corporate Units will be 7.75 percent, consisting of certain contract adjustment payments.

The company said the purchase contracts which are part of the Corporate Units are expected to settle on December 1, 2023.

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